Credit Cards usage has become quite common in the current era. As the usage has increased among account holders, the banks have enhanced the privileges that come along with credit cards. One such provision is Credit Card Balance Transfer. Individuals can easily transfer their outstanding amount available on other bank credit cards to SBI Credit Card. This procedure is referred to as a Balance Transfer. Some people might have credit cards from different banks. As a result, the interest rates of different banks might become a lumpsum amount at the end of the month.
To evade this problem, banks have introduced the credit card balance transfer facility to the customers. To diminish the overall interest gathered on your credit card, you can utilize the SBI Card Balance Transfer service. Balance transfer aids you in transferring your outstanding credit card balance from one credit card to another thereby reducing the higher interest rates on your previous credit card. In this article, we have explained SBI credit card balance transfer interest rate, charges, and more. Have a look!
Table of Contents
- SBI Credit Card Balance Transfer Interest Rates & Processing Fee
- SBI Credit Card Balance Transfer Eligibility
- How to Apply SBI Credit Card Balance Transfer
- 1. Book SBI Credit Card Balance Transfer through SBI Card Website
- 2. Apply SBI Card Balance Transfer through SBI Card Mobile App
- 3. Apply SBI Credit Card Balance Transfer by Sending SMS
- 4. Book SBI Credit Card Balance Transfer via SBI Card Customer Care
- 5. Book SBI Credit Card Balance Transfer Using ILA
- How to Cancel Balance Transfer in SBI Credit Card
- SBI Credit Card Balance Transfer FAQs
SBI Credit Card Balance Transfer Interest Rates & Processing Fee
State Bank of India offers a unique feature to all credit card holders so that you can easily transfer the outstanding balance from one bank to the SBI credit card. Through this balance transfer service, the customers can easily repay the outstanding balance of credit cards at low-interest rates. Mostly, SBI offers convenient repayment options to cardholders. Based on the customer’s requirement, SBI provides two Balance Transfer plans. In terms of the SBI credit card balance transfer charges and interest rates, the bank levies a processing fee for utilizing the balance transfer facility. However, the processing fee depends on the tenure you select for repaying the due on the balance transfer amount.
For instance, if you select an EMI option that has a repayment tenure of 2 months, the bank levies a processing fee of 2% of the transaction amount or Rs. 199. No processing fee will be levied for a repayment tenure of 6 months. For the repayment tenure of 2 months, the interest rate will be ‘0’. For the repayment tenure of 6 months, the interest rate will be 1.7%. These are the 2 key plans offered by SBI for Balance Transfer to the credit cardholders. Both these plans have different rates of interest, processing charges, and tenures.
1st Plan: Zero Percent for 2 Months
This plan charges a rate of interest of 0 percent for a tenure of 60 days. It’s an impressive facility given by SBI for those who are seeking a significant reduction in credit debt over a short time period. It charges a processing fee of 2% or Rs. 199.
2nd Plan: 1.7 Percent for 6 Months
This plan charges a rate of interest of 1.7% per month for a tenure of 6 months. The rate of interest is higher and the period is more compared to the previous plan. The main benefit of this plan is that it doesn’t charge any processing fee.
|Tenure||Rate of Interest [Per Month]||Processing Charges|
|2 Months/ 60 Days||0%||2% or Rs 199, whichever is higher|
|3 Months||0.75%||1.5% or Rs. 199|
|6 Months/ 180 Days||1.7%||0|
SBI Credit Card Balance Transfer Eligibility
Both plans offered by SBI to the Credit Cardholders help them save a significant amount by paying less without much interest rates for a specific period. Before choosing any of the SBI card balance transfer plans, you need to make sure that you have understood the eligibility criteria. Here are the eligibility guidelines for the cardholders.
- Cardholders must have a decent credit history and good credit scores. Mostly, the cardholders are advised to maintain a credit score of at least 700 and above.
- The SBI Credit Cardholder must be a citizen of India.
- Salaried and Self-Employed individuals are eligible to apply for the SBI Credit Card Balance Transfer service.
- The cardholders need to submit some of the important documents to apply for SBI Card Balance Transfer. It includes Income Proof, Address Proof, Identity Proof, and Existing Credit Card Proof.
Once you are eligible for all the aforementioned criteria, you can proceed to apply for the SBI card balance transfer facility.
How to Apply SBI Credit Card Balance Transfer
There are 5 different ways to apply for the SBI Credit Card Balance Transfer. We have explained all the ways in a detailed manner in this post. Just take a look!
1. Book SBI Credit Card Balance Transfer through SBI Card Website
Follow the simple steps provided below to apply for SBI Credit Card Balance Transfer provision through net banking:
- At first, go to the official website of SBI.
- Log into your account by entering the crucial login credentials such as the User ID and Password.
- On the left-hand side of the screen, you can find the ‘Benefits’ link. Click the link and then select the ‘Balance Transfer’ option.
- Fill in some of the fields prompted on the screen and go through the verification process.
- Confirm all your details and you’re done.
- Your requirest for a balance transfer will be processed.
2. Apply SBI Card Balance Transfer through SBI Card Mobile App
The customers can apply for SBI Credit Card Balance Transfer easily through the mobile app. Most probably, this could be the convenient way to apply for the balance transfer online in the current technological epoch. Follow the easy steps given below for the SBI Card Balance Transfer application via the mobile app.
- Download and install the SBI Card mobile app on your phone.
- Once you have completed the installation procedure, you can open the app.
- Log into your SBI account on the app by entering the user id and password.
- After logging into the account, just click on the ‘Benefits’ section.
- Choose the option ‘Balance Transfer’.
- Provide some of the vital details and confirm your request for the application of SBI Credit Card Balance Transfer.
3. Apply SBI Credit Card Balance Transfer by Sending SMS
To apply for an SBI Credit Card Balance Transfer service, you can also utilize another way i.e., through SMS. All you need to do is just send an SMS in a specific format and request for an SBI balance transfer.
Type BT in the message box and send it to 56767.
4. Book SBI Credit Card Balance Transfer via SBI Card Customer Care
Another best way to apply for the SBI Credit Card Balance Transfer provision is by taking the help of the customer care service.
SBI Credit Card Balance Transfer Customer Care Numbers are given below:
Helpline Number: 39 02 02 02/ 1860 180 1290
5. Book SBI Credit Card Balance Transfer Using ILA
ILA is the SBI’s Interactive Live Assistant that assists customers regarding balance transfer, bank statements, and other banking options. You can chat with ILA to get your required information on SBI’s products and services.
One of the best ways to book or apply for an SBI Balance Transfer on the Credit Card is through ILA. Follow the given steps:
- Visit sbicard.com from your device.
- Click on the ILA displayed at the bottom right corner of the screen.
- It displays a chatbox where you can tap on ‘Balance Transfer’.
- Click on the ‘Login Here’ button and log into your account using the login credentials.
- Enter your SBI Card Number or User ID in the given fields.
- If you enter the card number, you need to tap the ‘Send OTP’ option.
- If you choose the user id option, enter the user id and password. Hit the submit button.
- After logging into your account, it asks you about the total amount you would like to transfer.
- Enter the amount you wish to transfer in the chatbox.
- You can transfer any amount ranging between Rs. 5000 and Rs. 9136 to your SBI Credit Card.
- Select the available offers displayed below i.e., 6 months or 3 months.
- Enter the other bank credit card details such as the bank card number, and the name of the issuing bank.
- Hit the Submit button.
- Your registered mobile number will get an OTP. Enter the same and hit the Submit button.
- That’s all! You have successfully finished the balance transfer booking.
How to Cancel Balance Transfer in SBI Credit Card
The customers can cancel the procedure for SBI Balance Transfer if required. Just call the SBI Card Helpling number to cancel your BT Booking.
To call from all phones: 39 02 02 02 (prefix local STD code) or 1860 180 1290
In case, you cancel the BT booked within 45 days of booking, all the fees and the interest charged by SBICPSL alongside the BT amount will be reversed. However, the fees and processing charges won’t be reversed if the cancellation is done after 45 days. The notable point is that the charges won’t be reversed once the cheque has been encashed by the customer.
Balance Transfer provision on SBI Credit Card allows the credit cardholders to transfer the outstanding credit balances from any other bank’s credit card to their SBI Card at a minimal interest.
SBI Credit Card Balance Transfer FAQs
People who still have any queries or doubts about the SBI Credit Card Balance Transfer facility can check this guide. We furnished some of the frequently asked questions on the SBI card balance transfer facility. Check it out!
- Can I book BT on EMI on my SBI Card for Friends/Relative?
No, the Balance Transfer on EMI on your SBI Card can only be booked on a primary card.
- What is the Minimum and Maximum Amount of Balance Transfer on SBI Card?
The minimum amount for balance transfer is Rs. 5000 whereas the maximum amount for the balance transfer is 75 percent of the credit limit available on your SBI Credit Card. On the other hand, the finance charges levied on the purchases made on the credit card will be 3.35 percent per month.
- Can add-on Card Holder allow to book BT on EMI?
No, the balance transfer provision will be applicable only on the primary credit card of the SBI cardholder.
- Which Credit Cards are eligible for SBI balance transfer on EMI?
State Bank of India provides the balance transfer provision for all credit cards.
- How long will it take to transfer the Credit Card balance SBI credit card?
It takes about 3 working days to finish the balance transfer of the outstanding amount on your credit card balance to your SBI Credit card from the other bank credit card account. In case, if your other bank credit card isn't a VISA card, you will receive a cheque within 5 working days in the place of online transfer.
That’s all! This is all you need to know about the SBI credit card balance transfer. We hope this article has given enough information on the SBI Credit Card Balance Transfer facility, interest rates, processing fees, and more. If you still have any doubts, just ask us in the comments space. For more related posts, visit this website frequently.