Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • SBI Credit Card Balance Transfer

    You can easily transfer the outstanding amount available on your other bank credit card to the SBI credit card. This unique feature is available to all SBI credit cardholders. With the Balance transfer facility, you can easily repay the credit outstanding at a lower interest rate. The repayment options are very flexible and convenient. SBI offers two Balance transfer plans for the customers to choose from, as per their requirement.

    SBI Credit Card Balance Transfer Interest Rates & Processing Charges

    The State Bank of India charges a processing fee for the balance transfer transaction. The processing fee depends on the tenure you choose to repay the balance transfer amount due.

    If you choose an EMI with a repayment tenure of 2 months, the processing fee is 2% of the transaction amount or Rs.199 (whichever is higher). For a repayment tenure of 6 months, there will be no processing fee charged.

    The interest rate for repayment tenure of 2 months will be zero and the rate of interest applicable for a repayment tenure of 6 months will be 1.7% per month.

    Features of SBI Credit Card Balance Transfer

    • With the SBI Credit Card Balance Transfer facility, the consolidation of all your credit card outstanding amount is made possible and hence repayment is easier.
    • The payment options are very flexible and convenient.
    • The interest rates are attractively low, therefore, you can save more money while repaying your credit card outstanding amount.
    • It takes only 3 working days to complete the transfer of the outstanding amount from the other bank VISA credit card account to the SBI credit card account.
    • If your other Bank credit card is not a VISA card, then you will receive a Cheque for the same within 5 working days.

    Features of SBI Credit Card Balance Transfer Facility

    • The minimum amount set for the balance transfer is Rs. 5,000 and the maximum amount that can be transferred is 75% of the credit limit available on the SBI credit card.
    • The finance charges applicable on purchases made on the card subsequently will be 3.35% per month.
    • If the customer wishes to cancel the Balance Transfer process, the request should be placed within 45 days of booking the same. Fees and charges paid for the Balance Transfer process will be reimbursed to the customer. However, if the customer has received the Cheque and it has been cleared and credited to the cardholder’s account, the charges will not be reversed.
    • Balance Transfer that has been processed via VISA Money Transfer also cannot be reversed after the request has been processed.
    • This option is available only to the primary cardholder and does not extend to any additional or supplementary cardholder.
    • The Balance Transfer Cheque issued to the customer will be payable at any branch of State Bank of India available across India.
    • Visa Money Transfer facility will be available only to those who hold a Visa Credit Card.
    • Among the fees and charges levied for the Balance Transfer process, Swachh Bharat Cess will be levied at 0.5% and government service tax will be levied at 14%.
    • For those who have opted for a standing instruction or Auto Debit facility to repay the outstanding amount due on your SBI credit card, the Total Amount Due on the card which includes the Balance Transfer Amount as well as other applicable charges will be debited from the customer’s bank account on the due date.

    How to Apply for SBI Credit Card Balance Transfer?

    • Netbanking: Log in to your net banking account, select the option of ‘benefits’ and click on ‘balance transfer’. Enter your details and your request will be processed.
    • Mobile App: Log in to your mobile banking account and select ‘balance transfer’ from the ‘benefits’ section. Enter the required details in 3 steps and the request will be processed.
    • SMS: SMS BT to 56767.
    • Customer Care: You can call the SBI Credit Card customer care at 1860 180 1290/ 39020202 (prefix to be added).

    FAQs on SBI Credit Card Balance Transfer

    1. Which credit cards are eligible for SBI balance transfer on EMI?

      The balance transfer facility will be applicable for all credit cards by the State Bank of India.

    2. What is the amount of Balance Transfer I can avail with BT service?

      The balance transfer facility can be availed for a minimum amount of Rs.5,000 and a maximum of up to 75% of the credit limit.

    3. Can I ask for a cheque for the BT amount?

      For all credit cards other than VISA, a cheque will be given for the balance transfer amount. For VISA credit cards, the amount will be transferred through VISA money transfer.

    4. Within how many days will I get the cheque for BT amount that I have booked?

      For metro cities, the cheque for the balance transfer amount will be sent within 3 working days. For other cities, it may take up to 5 working days.

    5. I am an Add-on cardholder, can I book BT on my card?

      No, the balance transfer facility will be applicable only on the primary credit card.

    6. I have already taken BT for the amount that I was eligible for. Now I want to book another BT, how can I do it?

      Only after your current balance transfer amount has been paid in full, you can avail the balance transfer facility for the second time.

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