SBI Credit Card Balance Transfer Procedure – Five steps to get stress free

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.