See All About Balance Transfer Credit Card Of SBI- Charges(interest Rates & more), Benefits, Downsides & How To Apply (Step by Step Process)

What is an SBI Credit Card Balance Transfer?

The balance transfer is for credit cardholders, this facility enables the users to transfer their card loans to other SBI credit cards at lower interest rates. This is very useful for the customers who struggle to pay their outstanding amount and are facing high charges or late fees in their SBI Credit Card transactions.

Customers who have an SBI credit card beforehand can apply for the balance transfer(balance transfer credit card) readily. The Balance Transfer Cheque issued to the customer is payable for any branch of State Bank OF India which is present in PAN India.

Must Read: The 5 Shocking Reality of Credit card Loans Exposed! Read Now

Benefits Of SBI Balance Transfer Credit Card

1. Improved credit score: Policies created by SBI banks such as interest-free periods and low-interest rates can stabilize your credit score as well as improve it.
2. Additional benefits: SBI has some introductory offers for new credit card users, which is very attractive.
3. Interest-free period: SBI continues to offer interest-free periods for new users and is very considerate for their customers, and continues making offers for them. For the first time, the interest-free period of a credit card of SBI is 50 days.
4. Special deals: The interest rate for repayment tenure of 2 months is 0 and the interest rate which is applicable for payment in 6 months is 1.7% per month.
5. Easy Consolidation: With the SBI Credit Card Balance Transfer facility, consolidation of all credit card outstanding amounts is possible, and hence repayment gets easier.
6. Flexibility in payment: The applicable payment options are convenient and flexible.
7. Visa supporting: If your Bank credit card is not a VISA card, then also you can apply, and you can receive a Cheque for the amount in 5 working days.

SBI Balance Transfer Credit Card Limits & Downsides:

1. Can’t Pay SBI Card Bills: You can’t use the balance transfer credit card facility with SBI Bank’s credit card. your one card must be of another bank then you can use the balance transfer credit card facility.
2. Limit on daily transfer: SBI has set a limit of 10,000 per transaction and a 25,000 per day limit.
3. High processing fees: SBI charges a  processing fee for every balance transfer transaction. The processing fee is dependent on the tenure, and you can choose to repay the balance transfer amount due.
4. Limit of 75%: The minimum amount set for balance transfer is 5,000 rupees, and the maximum amount transferrable is 75% of the credit limit, which is available on the SBI credit card.
5. Longer waiting period: Once you have applied, you have to wait for about 3 to 5 days for the application to get processed and the amount to get transferred. It takes only three working days for the bank to complete the transfer of any outstanding amount from the other bank’s VISA credit card account.
6. Only primary cardholders are eligible: This option is available to the primary cardholders and does not apply to any supplementary or additional cardholder.

Helpful For You: See The 3 Simple Ways To Use SBI Reward Points. 

Charges Of Balance Transfer Credit Card SBI

1. Interest Rate: SBI offers a much lesser rate of interest than other banks, which can go as much as 3.8% per month.
2. Processing Fee: The processing fees of SBI balance transfer(credit card) is a maximum of 2% or 199 Rupees.

How To Apply For SBI Balance Transfer Credit Card

Credit Card Balance Transfer in SBI is not a big task, you can transfer balance in SBI in a very low time. Even, we have covered 1 method by which you can do balance transfer credit ard in 2 minutes. So keep reading below.

SBI Credit Card Balance Transfer through Netbanking:

Below are the steps to be followed while applying through net banking:

• Log in to your SBI Card online account or click on this link & go to the login page directly.
• After logging in, click on the Benefits link on the left-hand side of your dashboard.
• Select the Balance Transfer option available there.
• Enter the required details and confirm.

Balance Transfer Through SBI Card App:

Here are the steps which are applicable while using the SBI app.

• Download the SBI Card mobile app from Google Play or Apple’s App Store or click on this link to go to the app directly.
• After downloading, Log in to the App by entering your username & password. If you don’t have a username & password click here & see step by step process by clicking here.
• After logging in, click on the Benefits option in the main menu
• Here you can see the submenu, here find the Balance Transfer option & click on it.
• On this page, put required details like details of the other credit card(in which you at transferring balance), verification & more. After, your credit card balance transfer will be done.

Must Read: Step By Step! How To Close SBI Credit Card- Don’t Miss!

Balance Transfer Credit Card Through SMS:

You can apply for SBI Balance Transfer Credit Card through SMS too. Below are the steps to apply for an SBI credit card balance transfer through SMS.

SMS – BT to 56767

Send this SMS to the given number & If you have saved a card for Credit Card Balance Transfer, they will automatically send the balance to the card (after verification). Otherwise, you can find & select a card & send the balance.