No one enjoys the feeling of staring
at credit card dues that need to be cleared and that too, with an
added interest of up to 18%, which is the norm in most cases.
Especially for a cash strapped consumer, the difference between
paying the premium and the additional high rate of interest can
change a manageable scenario into one that bites deeply into the
pocket. As far as credit card companies go, deferring payment will
only worsen the situation for the consumer. The best solution, in
these circumstances is to transfer the balance to a more reliable
bank, which also offers a lower rate of interest.
Through the SBI Balance Transfer
option, one can be assured of the fulfillment of both the criteria
mentioned above.
As per the scheme, a customer may
transfer the high rate credit card balances of other credit cards
onto the SBI credit card, wherein the interest payable is as low as
0%, thus creating a circumstance of complete convenience.
The entire procedure is a matter of
six steps, in case of a new user and just three steps in case of a
customer already registered on the SBI card website.
If one is a first time visitor to
the SBI card portal, all one needs to do is fill up the registration
form with the appropriate details of the SBI credit card. Once this
is done, an OTP will be generated and instantly sent to the
registered mobile number. After logging in with the Card number and
the OTP, one can then create an appropriate user ID and password. On
entering the portal, the option ‘Book Balance Transfer’ can be
found to the left of the screen. Hereon, it is just a matter of
filling the balance transfer form and clicking ‘submit’.
The SBI
Balance Transfer options bestows multiple advantages. For one, once
the balance is transferred, the interest payable for the first two
months is 0%. A 2% service charge may be levied, which, compared to
the monstrous 18% is almost negligible. Therefore the opportunity to
save on the high rate of interest in other credit cards in wide open.
The second advantage is that the
interest rates post the 60 day period is also extremely low in
comparison. It rises from 0% to just 1.7%. This again, is valid up to
six months, during which time the customer also does not need to pay
any service charges.
Third, by transferring balances from
all other cards into the SBI card, one creates a single, unified,
savings-driven payment option that is dependable and hassle free.
And finally, convenience. The
request for Balance Transfer will be processed within just three
working days through Visa Credit Card Pay for all Visa cards. What is
more, the cheque will be delivered within a mere 3 working days if
the customer is located in a metro. Even otherwise, the duration if
delivery is limited to just 5 working days.
