SBI Credit Card Balance Transfer

The processing fee and interest rate associated with various SBI credit card balance transfer plans are:

Tenure	Interest Rate (Per Month)	Processing Fee
60 Days	0%	2% / Min. Rs. 199
180 Days	1.7%	Rs. 0
3 Months	0.75%	1.5%/Min. Rs. 199
6 Months	1.27%	1.5%/Min. Rs. 199

Do note that if the customer closes the facility before the end of tenure then they will have to pay pre-closure charge at 3% of the outstanding principal amount.

Customers who already have an SBI credit card can readily apply for the balance transfer.

However, customers who seek a new SBI credit card to avail balance transfer facility must meet the eligibility criteria set for the said credit card variant. The details of SBI credit card eligibility can be found here.

Ways through which one can apply for SBI credit card balance transfer are:

Netbanking

SBI Card Mobile App

SMS

Customer Care

Booking SBI Credit Card Balance Transfer through Netbanking

To apply for SBI credit card balance transfer via net banking follow the steps shown below:

• Log in to SBI Card online account
• Click on Benefits link on left-hand side and then select Balance Transfer
• Enter the required details and confirm

Through SBI Card Mobile App

To apply for SBI credit card balance transfer via SBI Card Mobile App follow the steps below:

• Download the SBI Card mobile app form Google Play or Apple’s App Store
• Log in to the app
• Click on Benefits option in the main menu and select Balance Transfer
• Provide the required details and confirm

Through SMS

To apply for SBI credit card balance transfer, you can also send an SMS.

• SMS – BT to 56767

Through SBI Card Customer Care

Suggested Read – Credit Card Debt: How to Get Out of It

Reduced Financial Burden – Balance transfers charge a lower rate of interest compared to credit card interest rates that may go as high as 3.5% per month. So, availing balance transfer will reduce the overall interest burden significantly.

Improved Credit Score – If you make timely payment of your balance transfer EMIs, you can repair your credit score and even improve it. This is possible because you get relief in the form of a low interest rate and interest-free period. Also, consolidating outstanding amount from many credit card accounts into one will make regular payment easier and organized.

Interest Free Periods – Customers continue to get interest-free period on new purchases even when they have availed credit card balance transfer. T&C Apply.

Additional Benefits – SBI Card also offers certain teaser rates or introductory offers from time to time. These benefits may include interest-free periods, lower rates of interest, and so on.

How soon can I get the payment for my Balance transfer?
Customers who transfer the amount from Visa credit card can get the amount within 3 working days. Non-Visa cardholders will get a cheque of the amount within 5 working days. Due to COVID-19 Lockdown, balance transfer payments are currently being made via NEFT instead of cheques.

What is the minimum & maximum amount for which I can apply for Balance Transfer?
You may apply for a minimum of Rs. 5,000 as statement balance. The maximum amount for which you can get a balance transfer is 75% of the credit limit of the SBI credit card.

Can I cancel the Balance Transfer facility post booking?
Yes, you can cancel the Balance Transfer facility post booking. If you place the cancellation request within 45 days of the Balance Transfer getting booked, then all the fees and interest will be reversed. However, the charges won’t be reversed once the issued cheque has been cleared. Also, if you cancel the Balance Transfer after 45 days then the fees won’t be reversed.

It has been 3 working days and I still haven’t got the issued amount?
Visa cardholders in metro cities receive the cheque within 3 days. If you are not a Visa cardholder or don’t live in a metro city then you may get the cheque within 5 working days. There might be other reasons for the delay as well. You may contact SBI Card customer care number by dialling 1860 180 1290 / (Local STD Code) 39 02 02 02 to track your cheque.

Is it possible to book SBI Balance Transfer facility for the outstanding amount on other SBI Credit Card?
No, you may transfer outstanding amount from other banks’ credit card to SBI credit card only.