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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SBI is providing an option for balance transfer but never used it. I have 2 credit cards, FBB Style up card and Simply Click. The annual fees are applicable but Simply click has given voucher for the first year alone and it has other benefit of 2.5% cash back at e-commerce sites. I use this card from last 2months and it was taken for online purchase and buying grocery.
SBI services are higher though the facility they provided i am satisfied with it. The annual charges are Rs. 3000 because i have a prime card. I have option of converting EMI and balance transfer facility is available. In SBI, i got the limit of Rs. 2.5 lakhs.
In SBI, i get a rewards points on my purchase.Its been 4 months since i'm having the card. Balance transfer facility is available on this card but i haven't tried it. The given limit is affordable and they are charging me a annual fee of Rs. 199 and if i made a purchase of more than Rs. 2000 in 60 days after received the card, it will get waived off.
SBI is taking yearly charges around Rs.600 including gst its not fair. Its not easy to get this card like HDFC, SBI has lots of verification based on other card experience. But the rate of interest is high but still balance transfer is really great to make other card payment. However they are talking 20% of interest and processing fee its not beneficial.
SBI is a good card to use and they are user friendly and they do not charge any unwanted fee. 1 year back, i bought the card because its Government undertaken bank. They have increased my credit limit on a time to time basis. I am not availed their balance transfer facility.
From SBI I have taken elite card it has good balance transfer, flexi pay and attractive feature. Twice I converted the amount into emi with the rate of interest of 15% per annum and the payment gateway is very friendly, once I make the payment the amount is reflecting immediately.
SBI has given me a good credit limit and the best thing is balance transfer option is available nowadays all the bankers are providing this option. The rate of interest is little bit higher when compared to my remaining cards. I use Simply Save card and the annual fee is Rs.499.
8 years ago, purchased the credit card from SBI and the customer care service is not that much. I have a variant of Gold card. They have provided me a limit of Rs. 75000. There is no yearly charges for this card. They won't increase the limit so far. Even if i keep a balance for Rs. 10 also, they will charge the interest rate of Rs. 500. I can use the card overlimit but they will charge for that.
In SBI, i am holding a Chennai metro card. If i book a train in online, i get more rewards points. More than 2 years, I'm having this card. I got the limit of Rs. 2.02 lakhs. I have a balance transfer facility but i haven't tried it so far. SBI customer care service is excellent.
2 years before, i have purchased the credit card from SBI and i have never faced any issue till now and they have given me a limit of Rs. 88000 and there is enhancement till now even though i didn't expect because of the other cards. SBI is provided me a variant SBI simplysave benefit. I never tried the balance transfer because the rate of interest is high.
I am holding a Simplysave credit card from State Bank of India. I don't get any offers till now. They have offered me a credit limit of Rs. 53000. Their balance transfer facility is really good and they are charging me 0.75%. 6 months ago, i got this credit card.
If i want to do a easy EMI in SBI, it would be good because i can able to convert all transaction into single EMI. Balance transfer facility is good in SBI and the charges are nominal. I have a simplysave credit card. I can redeem the rewards points into cash. The website designed friendly to the user. I suggest every bank to design the facilities like SBI.
SBI is also giving vouchers for my usage. I like their balance transfer option and moreover the rate of interest is very cheaper. I am using SBI Gold card for nearly 8 years. I got reward points and which can be redeemed easily on e-commerce sites. Its a life time free card. The credit limit is good.
Whatever they told me its not met. When i purchased the SBI card, they have informed me about the balance transfer facility like i can make the payment for other cards but they are charging some amount for that. In this card, EMI conversion charges are high.
I am using SBI credit card from last 15 days. I got the card directly from the bank. I am satisfied with the credit limit. They are informed me joining fee of Rs.500 as one time. I can use this card everywhere but I could give a better opinion after my usage. It has option for flexi pay and balance transfer.
3 years back, i bought the SBI card. Once i visited the FBB centre, the executive has just offered me this card. They have provided me a limit of Rs. 50000. I can convert my transaction into EMI. I used to get an message for the redemption and balance transfer but i haven't availed those offer.
In SBI, i am using the simplysave credit card. I have purchased this card 1 year before. They have offered me a credit limit of Rs. 60000 which is fine for me. I haven't tried the balance transfer facility. I can able to access the credit card in all the places.
Last six months I am using SBI card, they offered best limit around Rs. 1.11 lakh but there is no much offers only I get reward points for my transactions. I am using Visa credit card it has the annual fee of Rs. 3000 with good features like flexi pay and balance transfer facilities.
Was this review helpful?
DHANEKULA PRAVEEN KUMAR
Reviewed on Aug 24, 2019
I am having a FBB style up card from State bank of India. I get a benefits in Bigbazaar, Amazon, flipkart. They have facility of balance transfer and EMI conversion. I am unable to do covert my purchase into Flexi EMI regarding this when i contact the customer care, they said, i don't have any eligibility to convert.
I do have SBI card for past 10 years but I felt the interest is more. In my experience they have enhanced the balance transfer and easy emi option . They keep upgrading the limit as well but it would be great if they reduce the interest. Its a good card for daily today life.