Balance Transfer Credit Card Sbi

Take control of your account wherever you are with the SBI Card Mobile App. Easily manage your finances on the move.

Pay your other bank credit card balances at lower rate of interest. Avail Balance Transfer in 3 simple ways

The processing fee for the balance transfer credit card from SBI is either 2% of the transferred amount or a minimum of Rs. 199, whichever is greater.

Transferring funds between two SBI credit cards: A step-by-step guide

Once logged in, there are three ways to initiate the balance transfer process. The first option is by sending an SMS with the text “BT” to 56767 from your registered mobile number. This will notify SBI Card about your request.

The second option is by calling their helpline at 39 02 02 02 (prefix local STD code) or 1860 180 1290 (from BSNL/MTNL lines). You can speak with a customer service representative who will guide you through the balance transfer booking process.

Lastly, if you prefer a digital approach, you can use Chatbot ILA. Login to ILA and ask any query related to booking a Balance Transfer. The chatbot will provide step-by-step instructions for completing the process.

SBI Card Offers Balance Transfer Facility

Characteristics and commonly asked questions (FAQs)

Move your outstanding balances from other bank credit cards to an SBI Credit Card and benefit from a reduced interest rate. Save money and easily repay using convenient payment methods.

  • Consolidate your multiple balances into one by transferring all of them to SBI Card
  • Avail easy payment options
  • Enjoy lower interest rates
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The payment for the balance transfer will be sent through NEFT (National Electronic Funds Transfer) and will be credited to your other bank credit card account within 2-3 working days.

The Balance Transfer feature offered by SBI Credit Card allows customers to transfer their existing credit card debt from another bank to their SBI Card at a reduced interest rate.

You have the option to make a balance transfer in four easy ways, depending on what suits you best.

Contact our helpline for SBI Card at 1860 180 1290 / 39 02 02 02 (remember to include your local STD code).

Can balance transfers negatively impact your credit score?

A balance transfer has the potential to negatively impact your credit score. When you apply for a new credit card in order to transfer your balance, it triggers a hard inquiry on your credit report. This hard inquiry can cause a slight decrease in your score initially and remains on your credit report for up to two years.

1. Balance transfers may harm your credit score.

2. Applying for a new credit card leads to a hard inquiry on your credit report.

3. A hard inquiry can result in a temporary reduction of points from your score.

4. The hard inquiry stays on your credit report for up to two years.

SBI Credit Card: Explore Lower Interest Alternatives

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Transferring my credit card balance to a different credit card

Generally, you can log onto your account and request a balance transfer through the issuer’s online portal. Be prepared to provide information about the debt you’re looking to move, including the issuer name, the amount of debt and the account information.

The balance transfer interest rate in SBI

In simpler terms, if you have outstanding dues on your current credit card and want to save money on high-interest charges, SBI provides a solution called balance transfer. This means that you can move your existing debt from one credit card to an SBI credit card at a much lower interest rate.

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SBI offers two plans for balance transfers: Plan A and Plan B. In Plan A, you will be charged either 2% of the transferred amount or ₹199 as a processing fee, whichever is higher. On the other hand, in Plan B, you get a longer repayment period of 180 days but with an interest rate of 1.7% per month (or 20.4% per annum). These options give you flexibility in managing your debt and saving on interest payments.

– Balance transfer helps reduce high-interest charges on outstanding dues.

– SBI provides two plans: Plan A with a processing fee based on the transferred amount and Plan B with a longer repayment period but slightly higher monthly interest.

– Choosing the right plan depends on your financial situation and preferences for paying off debts efficiently while minimizing costs.

Fate of old credit card post balance transfer

Closing an old credit card account can have both positive and negative implications on your overall financial situation. On one hand, closing unused accounts may help simplify your finances and reduce the risk of potential fraud or identity theft associated with having multiple open accounts. Additionally, closing an old credit card could potentially improve your debt-to-credit ratio by reducing the total available credit limit.

On the other hand, there are certain factors that should be taken into consideration before deciding to close an old credit card account. Firstly, canceling a long-standing credit card may impact your average length of credit history which plays a significant role in determining your credit score. If this particular card has been in good standing for many years and holds a positive payment history, keeping it open might contribute positively towards building strong creditworthiness.