SBI Credit Card Balance Transfer facility helps you transfer the amount you owe on a different bank’s credit card and pay back the same in easy EMIs. You can also consolidate outstanding dues on different credit cards into one and convert them into one single balance with SBI. The bank also offers lower interest rates and introductory benefits to the cardholders. A minimal processing fee is charged for transferring your credit card balance to SBI and after that you can enjoy the benefits of lower rates and in some cases, an interest-free period.
Benefits of SBI Balance Transfer
SBI Balance Transfer can help you in the following ways-
- Reducing your burden- For a middle class individual, it can be very hard to manage too many credit card payments at one time. This may result in overdue which will have negative impact on your credit score. SBI Balance Transfer consolidates and reduces your burden. Where you were paying interests to several banks, paying to only one bank will be a lot less burdensome.
- Improving Your Credit Score- You may not realize that it is crucial to utilize your credit limit wisely in order to maintain a good credit score. When you pay a number of outstanding balances at a time, the chances of missing out on the payment is higher. So transferring your balances to one card will be very helpful in improving your credit score.
- Enjoy Extra Benefits- SBI also offers some introductory benefits when you choose to transfer your balance to the bank. These perks may come in the form of interest-free period, lower rates or some other incentives.
Fee and Charges related to SBI Balance Transfer
SBI has different plans to offer to the customers so that they can choose the one that gives them maximum benefits.
Interest-free 6 Months Plan- If you choose to transfer your balance under this plan, you will not have to pay any interest up to 6 months of the transfer. However, a processing fee will be charged at 2% of the outstanding amount or Rs 199, whichever is higher.
Interest @1.7% for 6 Months- Under this plan, you will have to pay interest at 1.7% only. Also, there is no processing fee charged.
How to apply for SBI Balance Transfer?
SBI has made it really simple if one wants to do credit card balance transfer in India. There are three ways in which you can do that-
Go to SBI Website and login to your SBI Card online account. From the left-hand navigation panel, select ‘Benefits’ and select ‘Balance Transfer’ from the next column. Enter the details of your existing card and click on confirm. This is the easiest and quickest way to SBI Balance Transfer.
Just SMS BT to 56767 and your request will be registered with SBI. You will later get a call from one of their executives who will guide you through the balance transfer procedure.
You can also give a call directly at SBI Customer Care at 1860-180-1290 or 39020202 (prefixing it with STD code). The executive on the other end will give you complete details about SBI Balance Transfer and assist you throughout the process.
How to cancel SBI Balance Transfer?
SBI Balance Transfer (BT) can be cancelled by calling on the helpline mentioned above, but only for the Balance Transfer of non-Visa cards. If the amount is transferred through Visa Money Transfer, the booked Balance Transfer cannot be cancelled. Note that once you book SBI Balance Transfer, you are required to pay the processing fee and other charges. If you cancel the Balance Transfer within 45 days of booking, these charges paid by you will be reversed. However, if cancellation is initiated after 45 days of booking, these amount will not be refunded.
What is the easiest way to avail SBI Balance Transfer Facility?
You can login to SBI Cards on their website and book for SBI BT. You can also call at SBI Customer Care at 1860-180-1290 or 39020202 (prefixing it with STD code). You can also send an SMS to 56767.
What is the benefit of SBI Balance Transfer?
SBI BT helps you consolidate your diversified credit card overdue and convert it into one single balance payable in EMIs. You will also get a lower rate for the same.
Is it possible to book SBI BT on another SBI Credit Card?
No, this facility is not offered by the bank.
Can I avail SBI BT on non-Visa credit cards?
Yes you can book a balance transfer for cards other than Visa credit card but the amount will not be directly transferred. Instead, you will get a cheque for the amount within 3 working days.
Can I cancel SBI Balance Transfer booking?
Yes. It can be cancelled within 45 days from the date it has been booked. But the processing charges will not be refunded. Cancellation cannot be done if the BT is for Visa Card and the amount has been transferred through Visa Money Transfer.
What is the maximum amount of balance transfer I can avail through SBI?
You can avail up to 75% of your credit limit.
Is this facility available on an add-on card?
No, you cannot avail the facility if you have an add-on card. It is only for primary cardholders.
Can I pay the amount before the EMI tenure?
Yes, you can. But fee will be charged at 3%+ GST.
Can I transfer the balance on my relatives’ credit card?
No. You must be the primary holder of the credit card.
What type of BT plans are offered by SBI?
There are two plans- 0% for 6 months and 1.7% for 6 months. In the first case, the processing fee is charged at 2% of the outstanding amount or Rs 199, whichever is higher. There is no processing fee in the latter case.