Credit Card Balance Transfer: Disciplined use of credit card is always beneficial. You get discounts/cashback on purchases made with credit card, interest-free credit period up to 50 days, airport lounge access, reward points etc.
At the same time, most of the banks provide balance transfer facility, in which credit card holders can transfer their outstanding amount from one credit card to another at low interest rate and easy installments. Today we are telling you about the top 6 banks, which have made credit card balance transfer easy and cheap.
SBI Card Balance Transfer
SBI offers its cardholders the facility of balance transfer at 0% interest rate for 60 days. At the same time, a processing fee is 2% of the transfer amount or Rs 199, whichever is higher. Interest of 1.7% per month or 20.4% per annum has to be paid for 6 months. No processing fee is charged. The monthly interest rate for balance transfer on EMI for 3 months is 0.83% to 0.96% (10% to 11.50% per annum). The interest rate depends on the credit score of the cardholder. The higher the credit score, the lower the interest rate. The processing fee is 1%.
Kotak Bank Balance Transfer
With Kotak Bank, you can avail the balance transfer facility for a minimum of Rs 2,500. The maximum allowed amount on Kotak Bank credit card is up to 75% of the credit limit. The processing fee is Rs 349 + GST per Rs 10,000. Balance transfer can be availed for a period of 90 days. If the balance transfer payment is made within 90 days, no interest will be charged. Balance transfer facility can also be availed on EMI basis for 6 months. The interest rate on ‘Balance Transfer on EMI’ is 18% per annum (reducing).
ICICI Bank Balance Transfer
ICICI Bank offers balance transfer facility for a minimum of Rs 15,000. The maximum allowed amount is up to Rs 3 lakh. Payment plans include 3 and 6 month installments.
RBL Bank Balance Transfer
RBL Bank offers balance transfer facility under the ‘Transfer ‘n’ Pay’ facility. The cardholder can choose to transfer the balance in EMI repayment tenure of 3, 6 or 12 months. The processing fee for 3 months tenure is 2.99% or Rs 750, whichever is higher.
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