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Balance Transfer (BT) facility on SBI Card enables the cardholders to transfer their outstanding credit balances from any other credit card, issued by a different bank, to their SBI Card at lower rates of interest.
You can book BT in 3 simple ways, as per your convenience:
Currently there are 2 plans available for BT:
|Tenure||Rate of Interest||Processing Fee|
|60 days||0% per month||2% or ₹ 199,
whichever is higher
|6 months||1.7% per month||Nil|
No, you cannot book BT for another SBI Card that you own.
You can avail balance transfer for all credit cards, issued by different banks in India.
You can book balance transfer for a minimum amount of ₹ 5,000 to a maximum of 75% of your available credit limit. Your maximum limit available for BT booking will be communicated to you at the time of booking.
For Balance Transfer booked for VISA Credit Cards, the BT amount will be transferred online through Visa Money Transfer.For all credit cards other than VISA, you will get a cheque for the BT amount.
If you reside in a metro, your cheque will be delivered in 3 working days. For other locations, the delivery may take 5 working days.
No, BT on EMI can only be booked on a primary card.
No, Balance Transfer facility can only be availed for cards that the primary cardholder owns in his/her name.
If you have availed the BT for maximum eligible amount, then you cannot book the service again till you have paid the BT booked on your SBI Card in full or parts OR your existing credit limit gets extended. If you repay the BT booked in parts, you can book another BT for this amount (Please refer to the Order of Payment Settlement to understand how the amount paid by you against your SBI Card outstanding is settled). Do note that at any given point in time, BT booking on your account cannot exceed 75% of your available Credit Limit.