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 card holders. 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 requirements.
Eligibility Criteria for Availing SBI Balance Transfer Facility
In order to be eligible to avail the SBI balance transfer facility, the customer has to fulfil the following criteria:
Must be Indian Residents who holds a valid SBI credit card. Those who are involved in illegal acts/ disputes or are marked as ineligible by the SBICPSL cannot avail this facility.
Only the primary cardholder can request a balance transfer from a credit card in his/her name.
Methods of Availing Balance Transfer Facility
Logging in to the SBI credit card account online and requesting balance transfer
Sending an SMS from the registered mobile number to 56767 with the message text “BT”.
Calling the Bank’s support center at 1860 180 1290 for BSNL/MTNL customers and at 39 02 02 02 for others.
Balance Transfer Plans and Charges
Two different plans are available under SBI balance transfer on EMI. The bank will apply reducing rate of interest for all the plans.
0.75% interest for 3 months - Under this plan, the processing fee charged is 1.5% or Rs.199, whichever is the highest.
1.27% interest per month for 6 months – Under this plan, processing fee is 1.5% or Rs.199, whichever is the highest.
0.75% per month
1.5% or Rs.199
1.27% per month
1.5% or Rs.199
Benefits 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 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.
SBI Credit Card Balance Transfer On EMI Foreclosure
If you want to foreclose the balance transfer before the end of the tenure, you will be charged a pre-closure fee of 3% of the outstanding principal plus GST.
FAQs on SBI Credit Card Balance Transfer on EMI
Which credit cards are eligible for SBI balance transfer on EMI?
Ans: All the credit cards issued by various banks are eligible for BT on EMI option.
What is the minimum and maximum amount eligible for balance transfer?
Ans: The minimum amount transferable is Rs.5000 and maximum is up to 75% of available credit limit on the card.
Is my add-on credit card eligible for balance transfer?
Ans: No, you cannot book balance transfer on add-on cards. It is applicable only to primary cards.
Where do I find EMI of balance transfer?
Ans: The EMI of your transferred amount will be added to your minimum amount due payable every month.
What happens if I fail to repay my EMI on balance transfer?
Ans: As EMI will be included in your minimum amount due (MAD), non-payment of MAD will lead to levying normal late payment fee and a credit card charge of 3.35% on the unpaid amount.
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I am using SBI credit card for past 6 months. I have a credit limit of 30K, which is not sufficient. I have a credit period of 50 days which is a good benefit. EMI conversion and balance transfer options are available, interest rate is slightly high.
Balance transfer options are available in SBI credit card. I am using this card only for last 6 months. I use to get discount on online. Customer support and the response is very good. EMI conversion are available, the rate of interest is normal. It is annual chargeable card around Rs.500.
I am using SBI credit card for more than 1 years. I have a credit limit of 52K which is not increased. EMI conversion and balance transfer options are available but the interest rate is high. I use to get good discounts on online. Customer support response is very good.
My SBI credit card feature is really good and they are sending the reminder to make the payment through mails and messages. Their customer care people are responsive. I'm not getting any offers. Purchased my SBI credit card 1 year back and its a simply save card but i have tried their balance transfer facility and there is no charges for that.
I am using SBI credit card for more than 1 year. I have a credit limit of 60K,which is good. Balance transfer options is available. I have opted for EMI conversion, the rate of interest was normal. The annual charges is Rs.500. Customer support response is very good.
I am using SBI credit card for past 9 to 10 months. The credit limit offered from bank is 37K which is sufficient. There is balance transfer options are available which is the good option. It is a annual fee chargeable card around Rs.500 + 18% GST. I have availed buy 1 get 1 movie ticket offer for twice a month.
The credit limit offered from SBI is too low only of Rs.50K , they have not increase the limit it been almost 4 years. Soon I am going to close the card due to low limit. Balance transfer options are available without processing fee and no interest rate for 60 days. The rate of interest rate for EMI conversion is around 16%.
I had applied SBI credit card through online. I get cash bank and also instant discount of 10% online shopping. EMI conversion and balance transfer options are available the low rate of interest compared with other bank. The credit limit offered from bank is only 69K, which is not sufficient. The charges are high for cash withdrawal.
I had a credit card from SBI but i have closed it because the card is not useful for me and they are charging me a annual fee even though the benefits are not good. I never got any good offers apart from Balance transfer. I was having a simply save credit card. Whatever the amount i use it, i pay it on a due date.
I applied for SBI credit card through online. I get more discounts and cashback on online shopping like Flip kart and amazon. EMI conversion and balance transfer options are available but interest rate is little bit high compared with other bank. I have a credit period of 45 days. I have a credit limit of Rs. 35,000 which is sufficient
I get good offers during festive season in my SBI credit card like 10% discount in online portal. The best option on the card is balance transfer with the low rate of interest. I have a credit limit of Rs.1.5L which is sufficient and I am using this card for past 2 years. The annual fee is Rs.499. I want to convert my outstanding amount into EMI.
I opted for SBI credit card has they offered me with high limit, it is around 3.56L. I am using this card only for past 3 to 4 months. The rate of interest is only around 12 to 13% for EMI conversion and balance transfer, it is low compared with other bank. The annual charge is Rs.499, it can be waived off on the annual spend of 50K and above.
SBI is a good card to use and I purchased this FBB style up card before 5 years ago. I'm getting the offers in Bigbazaar and I receive 10% cashbacks. They have provided me a limit of Rs. 75000. I didn't tried the balance transfer facility yet but totally, I'm satisfied with the services provided by them.
Holding FBB Style up card from State Bank of India. They have provided me a balance transfer facility and i have tried the same. I am getting 10% cashback on Fashion Bigbazaar. They are giving 2 rewards points for every spend of Rs.100. If i do a purchase of home accessories with the amount Rs. 10000, i get Rs. 2000 instant cashback.
I have SBI credit card which is taken through Online .I am using this credit card for the last 1 month, it has balance transfer facility is good on this credit card .The credit limit was 75000 ,I have not checked cash back offers as well as reward points .I am satisfied with the overall service.
SBI card is a life time free because if i use the card for more than a lakh, there is no annual fee. I'm using this card for fuel filling purpose. They have provided me a credit limit of Rs. 1.84 lakhs. I have not tried the balance transfer. One time i called the customer care for converting my purchase into EMI. From the call center, they have called me lot of times for converting my declined purchase into EMI.
I used to hear from people that Government sector will not provide proper service but SBI service is very nice even i have tried the balance transfer facility twice on my credit card and it went very well. They have charged me 1.25% for the duration of 60 days. I am using the Simply Click credit card. On a spent of Rs. 100, i get a reward points. They are waiving off the fuel sur charges also.
I am using SBI credit card only for last 7 months. I get good options like balance transfer and cash withdrawal with the nominal interest rate compared with other banks. They have provided me a credit limit around Rs.2,50,000 which is sufficient.
Its because of the good offers, i have selected SBI Simply card and i do get the offers on petrol bunks and movie tickets. The credit limit which is they have offered to me was really good when i compared to other cards. I haven't experienced the balance transfer facility. I do not have a Savings account in SBI hence i feel its quite difficult to repay the credit card bill.
Using my SBI credit card for almost 5 years. I get lots of benefits like cashbacks and discounts. Since its a Government based so am just holding it. I have not yet tried the balance transfer facility. Customer care service is nice. At the time of purchase the card the limit was Rs. 25000 so far only once they have enhanced my limit.