Best Balance Transfer Credit Cards India

Best Balance Transfer Credit Cards 2024

What Is Balance Transfer on EMIs?

Balance transfer on EMIs is a facility offered by some card issuers including SBI and HDFC. It enables you to pay the transferred outstanding amount in EMIs

What is Perpetual Balance Transfer?

The perpetual balance transfer facility offered by HSBC Bank enables you to transfer the outstanding balance on another bank’s credit card to your HSBC credit card. You can repay this balance in monthly instalments. It differs from balance transfer on EMIs in that there is no specific tenure for repaying the balance transferred. However, a least amount of 5% of the balance transferred must be paid every month.

SBI Cards Balance Transfer

Some SBI Credit Cards enabling balance transfer include SBI ELITE Credit Card, BPCL SBI Card Octane, Club Vistara SBI Card, etc.

SBI Cards offers two plans for balance transfer.

• First Plan: The interest to be paid under the first plan is Nil or 0%. However, a processing fee equal to 2% of the transferred amount or 199, whichever is greater.
• Second Plan: Under the second plan, the amount can be transferred or repaid within 6 months or 180 days. An interest of 1.7% is charged in this plan. However, the processing fee is Nil.

How to Apply for the SBI Balance Transfer?

SBI Balance transfer can be done in 4 ways SBI cards mobile app

• Through the SBI Cards website
• Through the SBI Cards mobile app
• Through SMS: SMS BT to 56767
• By calling the SBI Cards helpline at 1860 180 1290 or 39 02 02 02 (prefix local STD code)

SBI Cards Balance Transfer on EMI

SBI Cards also enable you to convert the amount outstanding on your old credit card into EMIs. You can pay the EMIs either in 3 months or 6 months.

• For the 3-month plan, the interest rate is 0.75% of the transferred amount. A processing fee of 1.5% of the transferred amount with a minimum of Rs. 199 has to be paid.
• For the 6-month plan, if you choose to repay the transferred amount in 6 monthly instalments, the interest rate is 1.27%. The processing fee is 1.5% of the transferred amount, subject to a minimum of Rs. 199.

HDFC Bank Balance Transfer

HDFC Bank facilitates balance transfer from another bank’s credit card to your HDFC credit card. You have to pay an interest rate of 1.1% per month on the transferred amount. You can pay the transferred amount in easy monthly instalments of 9 to 48 months. A processing fee of 1% of the transferred amount or Rs. 250, whichever is higher must be paid on the transferred amount. Some HDFC Cards that enable balance transfer are HDFC Infinia Credit Card, HDFC Regalia Gold Card, HDFC Diners Club Black Credit Card, and HDFC Millennia Credit Card.

Standard Chartered Bank Balance Transfer

You can transfer the outstanding amount on another credit card to your Standard Chartered Bank Credit Card. The following conditions will hold good.

• You can do a balance transfer of upto Rs. 5 lakhs to your Standard Chartered Credit Card.
• You can repay the transferred amount in monthly instalments equal to a minimum of 5% of the transferred amount.
• You are eligible to get a buffer period of 6 months. During this period, an interest rate of 0.99% per month is applicable on the amount due. After this period, you can pay the regular interest rate applicable on your Standard Chartered Credit Card.

How to Apply for the Standard Chartered Bank Balance Transfer?

To apply for a balance transfer to Standard Chartered Bank, you can SMS BT Now to +91 9223010121 or dial Standard Chartered Bank’s helpline number at 080-39401166/080-66011166.

Kotak Mahindra Bank Balance Transfer

Another bank’s credit card to which you can do balance transfer is the Kotak Mahindra Bank credit card. The following are the features.

• The maximum amount that can be transferred is 75% of your credit limit. The minimum amount is Rs. 2,500.
• The netbanking facility can be used to initiate Kotak Mahindra Bank balance transfer.
• You will be levied a processing fee of Rs. 349 plus GST per Rs. 10,000 transferred to this card.

ICICI Bank Balance Transfer

The outstanding amount on your other credit cards can be transferred to your ICICI Bank Credit Card. The following are the conditions for the same

• A minimum amount of Rs. 15,000 should be transferred to the ICICI Credit Card.
• The upper limit on the amount that can be transferred is Rs. 3 lakhs.
• The outstanding amount can be paid in monthly installments of 3 to 6 months.
• Some of the best ICICI credit cards to which you can do balance transfers are ICICI Bank Sapphiro Credit Card, ICICI Bank Emerald Credit Card, and ICICI Bank HPCL Super Saver Credit Card, etc.

How to Apply for ICICI Bank Balance Transfer?

SMS to 5676766 to apply for a balance transfer on your ICICI Bank credit card

RBL Bank Balance Transfer

The RBL Credit card offers some essential benefits as follows:

• You can opt for a repayment tenure of 3, 6, or even 12 months.
• RBL credit card comes with nil documentation.
• RBL Bank balance transfer enables you to transfer the balance due of another credit card to an RBL credit card.
• Interest rates on balance transfers start from 11.73% p.a.
• Zero interest EMI for 3 months.
• A processing fee of Rs. 499 to 2.99% will be charged.
• A prepayment penalty of 3% on the outstanding principal plus GST will be charged.

HSBC Bank Balance Transfer

• The credit card balance can be transferred and repaid in monthly instalments.
• Customers can choose between loan tenures of 3, 6, 9, 12, 18, and 24 months
• The transfer can be done at a low cost of 1% of the balance transfer amount, subject to a minimum of Rs. 200.
• Customers can either do a balance transfer on EMI or a perpetual balance transfer.
• The interest rate falls in the range of 1.17% per month to 1.33% per month for balance transfer on EMI. The interest rate on the perpetual balance transfer is between 1% to 1.2% per month.
• The processing fee for balance transfer on EMIs is 1.5% of the transferred amount, subject to a minimum of Rs. 200.
• You can apply for the Balance Transfer on the EMI facility by sending the SMS to 575750.

Benefits of Credit Card Balance Transfer

• Lower interest rate: Balance transfer credit cards charge a lower interest rate. Thus, they help you save interest payments on accumulated debts. Some card providers may also offer 0% interest rate.
• Enables the improvement of credit score: Since it is cheaper to pay the debt on the balance transfer credit card, you will make timely payments and not default on your debts. Thus, you can build, maintain, and even improve your credit score with a balance transfer credit card.
• Multiple debt transfer: Debts from one or more cards can be transferred to another credit card.
• Other Benefits: Credit card providers sometimes offer introductory rates to customers. These benefits may include 0% introductory APR, longer interest-free periods, low interest rates, etc.
• Fast processing: Quick processing for balance transfer makes it easy for customers to avail and get rid of their pending dues.

Important Things to Keep in Mind for Credit Card Balance Transfer

Before you avail of a credit card balance transfer, it is important to keep certain things in mind. Here are some of the important things.

• When you do a balance transfer, then the credit limit of your credit card is the currently available credit limit minus the transferred balance. For instance, say you have a credit card limit of Rs. 100,000 and you have transferred a balance of Rs. 75,000, then the effective credit limit available to you for all other credit card transactions is just Rs. 25,000.
• When you do a balance transfer, it is best to pay off all your debt within the period of Nil or low-interest rate. After this introductory period, standard credit card rates will be applicable. So, higher payments have to be made which nullifies the effect of the balance transfer.
• The new purchases that you make on your credit card do not attract lower interest rates. Instead, only standard interest rates of the credit card issuer will be applicable.
• Balance transfer option is generally given to those credit card holders of a particular company who have been customers for at least one year.
• It is always good to pay off all your balance transfer payments and then start using your credit card. This way all charges and debts will be cleared.

FAQs on Balance Transfer Credit Cards: