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  • Credit Card BYTES FROM OUR KITCHEN

    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 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.
    Tenure Interest rate Processing fee
    3 months 0.75% per month  1.5% or Rs.199
    6 months 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

    1. Which credit cards are eligible for SBI balance transfer on EMI?
    2. Ans: All the credit cards issued by various banks are eligible for BT on EMI option.

    3. What is the minimum and maximum amount eligible for balance transfer?
    4. Ans: The minimum amount transferable is Rs.5000 and maximum is up to 75% of available credit limit on the card.

    5. Is my add-on credit card eligible for balance transfer?
    6. Ans: No, you cannot book balance transfer on add-on cards. It is applicable only to primary cards.

    7. Where do I find EMI of balance transfer?
    8. Ans: The EMI of your transferred amount will be added to your minimum amount due payable every month.

    9. What happens if I fail to repay my EMI on balance transfer?
    10. 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.

    Process to Check Credit Card Balance for:

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