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.

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SBI Credit Card Cash Back Offers – They’re Every Where!

Today the world is customer centric. Thanks to the influx of technology that allows literally every customer to be savvy about each product in the market, the customer is truly king! With the growing use of credit cards in India, there is a positive pressure from the customers on banks to issue credit cards that do more than just allow them to pay for what they buy at a later date. It is in this atmosphere of heightened competition and public expectation that the SBI Credit Card thrives.

In the parlance of electronics and consumer technology, ‘single function devices’ are now obsolete. A watch is not merely for keeping time. A mobile device is not just for taking calls and sending SMS’s. Even the television at home doubles as a gaming device, a streaming hub and a conduit that allows the resident to browse the World Wide Web.

This being the case, why should Credit Cards be single function devices? After all, they too, have been driving transactions towards digital money for decades. The SBI Credit Card Cash Back Offers have cashed in on this theme, to come up with multiple discount solutions that cater to the multifarious needs of customers across the length and breadth of the country.

Travel

Whether for business or on a well-deserved holiday, there has been a surprisingly steep rise in the number of people who travel in the country. Destinations beyond the seas and outside India are now more accessible and hence more inviting. The SBI Card offers its customers numerous discounts on ticket bookings, shopping, choice of hotels and destination packages. For example, through the YQ meet and assist, one may avail up to 20% discount on published prices, with an SBI signature card. Alternately, with an SBI Platinum card, one can avail 15% discount on published prices, till the end of this year.

In the case of flywidus.com, an online travel services provider, one can avail a flat discount of Rs. 400 on one way domestic flights and Rs. 800 on two way domestic flights. This offer is valid till 15^th August, 2014.

Both British Airways and the travel services provider Cox and Kings offer 10% and 11% cash back respectively to all SBI credit card holders. While the former offer will last till the end of the year, the latter offer will end on August 31^st.

Shopping

With an SBI credit card, the market place of the world, as well as the virtual market is literally full of cash back offers on every conceivable category of consumer goods. Discounts from 5%, up to and over 50% can be availed based on the validity of the offer across the country in multiple stores both online and in the real world.

An SBI bank credit card offers unlimited possibilities, whether the requirements are business and profession oriented or for the family.

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Best Credit Cards for Balance Transfers in India 2014

If you have been using credit cards regularly, you may sometimes develop a tendency to over-spend. If over-spending has become your habit, you are certain to exceed your financial capabilities. This may strain your finances and so, you may look for ways to come out of this quagmire. One of the best options that can help you surmount this situation is balance transfer on your credit cards. Balance transfer is a convenient option also because you will get time for arranging funds. Further, the interest will also be much less than that on the original credit card.

 To explain the situation more elaborately, if you have a tendency to over-spend and if you are also in the habit of making only partial payments, you will be forced to pay a very high interest on the unpaid amounts of your credit card bills. Some of the banks may levy 30 per cent per annum or even more on the unpaid amounts. If there are delays in your payments, there will be penalties and interests on interests also. All these things may push your debts up and there are chances of you getting into an irretrievably awkward financial situation.

It is in this context you are advised to use the option of balance transfers so that the interest you pay may get reduced even to 0%. This will continue for a while, may be few months, before which you can arrange the required funds. Another benefit from the option of balance transfer is that almost all the banks that offer this facility levy only a nominal fee for processing your application.

You should opt for the balance transfer scheme only if you think that the cash crunch you are facing is temporary. In other words, you must be certain of arranging funds very soon so that you can rectify your financial situation. Another point is that if you have all along been reckless in your credit card spending, you should jettison that habit and try to be more organized and disciplined in your financial matters.

Financial experts are of the unanimous view that opting for a balance transfer scheme is a very wise decision if the tenure you choose is one year or less than that. This is because the savings you can make on the interests will be substantial. So, this makes this option much better than all other avenues.

To put it differently, balance transfers are nothing but refinancing loans that are extended for clearing credit card dues. In general, those who have two credit cards from two issuing banks are eligible to opt for the balance transfer scheme of either of the banks.

Balance transfer is certainly an excellent scheme but people should not opt for it just with an intention of delaying their credit card payments. The best way to avoid such awkward situations is to have a disciplined approach towards personal finances and avoid over-spending. 

Some of the Best Balance Transfer Schemes In India

SBI Balance Transfer Credit Cards

According to SBI, their scheme makes things easy for those who opt for it. They add that their schemes are the best among the schemes available in the market.

HSBC Balance Transfer Schemes

HSBC says that the interest rate on their balance transfer schemes is very low and so, those who opt for them will benefit immensely. 

Standard Chartered Bank Balance Transfers

Standard Chartered Bank, that is one of the oldest international banks operating in India offers attractive balance transfer schemes for those who want to save on their interest payments.

Kotak Mahindra Bank Schemes

Kotak Mahindra Bank, one of the renowned banks in the private sector, also offers these schemes for the benefit of credit card holders.

CitiBank Schemes

Card holders can opt for CitiBank schemes also for transferring their credit card loans so that they can save substantially on their interest payments.

HDFC Bank Credit Card Balance Transfers

HDFC Bank that has been a pioneer for several schemes is also offering balance transfer schemes to benefit card holders who want to save on their interest payments.

In addition to the above banks, there are several nationalized and private sector banks that offer these schemes. If you visit reputed sites like BankBazaar.com, you can have all the details. You can compare the features of various schemes and make the right choice. You can use the "Credit Card Apply online" feature of the bank you choose and submit your application. You can apply through sites like BankBazaar.com also.

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Bad Credit Cards - 10 Things You Need To Know

Bad Credit Cards : 

A credit card can be a blessing in disguise when you have no cash in your pocket. It is also a convenient way to carry money and is much easier to make payments with credit cards. But there are instances when credit cards can become bad for you. In fact, if not used with proper care, a credit card can ruin your finances completely. Here are 10 things you should know to recognize that your credit card is bad:

1. When you do not pay your bills on time: The first rule of using credit cards is to pay before the due date. If you fail to do this, you will be charged an exorbitant interest on the unpaid amount, which can be as high as 3.5% per month. Continuing this will not only entangle you in a financial mess, but it will also harm your credit score significantly. Further, late payment fees can harm you as well.
2. When you exceed your credit limit: Banks set the credit limit based on your credit standing, spend patterns etc. It is advisable not to spend more than 75% of the credit limit. If the credit limit is breached, it will again harm your credit score. Some banks stop usage of card when this happens.
3. When you regularly pay only the minimum amount payable: Paying the minimum amount can allow you to continue using the card. But remember that the unpaid amount goes into revolving credit and attracts interest. This ballooning of credit can definitely land you in trouble.
4. When you spend excessively albeit within the credit limit: Some credit card users take care not to exceed the credit limit, but do not think much about spending prudently. Remember that spending too close to the credit limit can also harm your credit score. Further, when you spend excessively, your finances can be greatly harmed, because at the end of the day, you will be the one to pay the bill.
5. When you use it to regularly withdraw cash: Credit cards allow you to withdraw cash. This feature should be used in an emergency. However, when this is made a habit, it can burn a hole in your pocket, as the charges for cash withdrawal are quite steep.
6. When you use your card only to get reward points: Sometimes, one uses the credit card only to gather reward points. If this becomes a habit, then you may end up spending excessively on unnecessary things.
7. When you use multiple cards: Using multiple cards can again land you in trouble. You may end up paying bills throughout the month as the payment becomes due for the different cards on different dates.
8. When you spend excessively while traveling abroad: Almost all major credit cards allow you to use them when you are traveling abroad. While this looks convenient, remember to check on the charges for such usage. Also don’t forget the exchange rate differential. It may be less expensive to use other payment modes when traveling abroad like using prepaid cards or travelers cheques.
9. When you are not careful about your CVV and PIN: Carelessness on the CVV or PIN of your credit card can again make your credit card ‘bad’ for you. This means you are giving an opportunity for someone else to use your card. This is disastrous and therefore you must be extremely careful of such passwords.
10. When you constantly transfer your balance to new cards: Some people transfer their unpaid balance to a new card or another existing card, if they are unable to pay it. You may save on the interest temporarily, but the interest will start to accrue after the initial period. Further, you will also have to pay balance transfer charges.

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Check out the Best Credit Cards in India 2014

The world has been swept by the plastic money wave, and India is no different. Although the use of credit cards in India is much lower than other developed countries, there are several options to choose from various leading banks in the country. There are cards catering to specific needs like shopping, travel, entertainment, etc. and also catering to specific individuals like salaried class, women, doctors, etc. Here we list the best credit cards in India across different categories:

Citibank Rewards Card: A rewards-focused card, the rewards earned are high at 10 points for every Rs. 125 spent at partner outlets. Beyond this, you can earn 1 point on all other purchases. There is no joining fee, but annual fee is Rs. 1000. This can be waived if total annual spend exceeds Rs. 30000. You earn bonus points on special occasions, on crossing certain amount of expenses and on renewal. The points earned do not expire. Interest rate is 3.25% per month.

HDFC Bank Titanium Times Card: You can earn reward points of 2 points for every Rs. 150 spent. The joining fee and annual fee on this card is Rs. 500 each. There are welcome benefits in the form of gift vouchers across shopping, apparel and dining and discount offers on movie and dining and fuel surcharge waiver. Interest rate is at 3.15% per month. Interest free credit facility of upto 50 days is available from the date of purchase.

Corporation Bank CorpBank Gold Card: At an interest rate of 2.25% per month, this card scores well on account of the cost. There is no joining fee or renewal fee. You should however be a customer of the bank for atleast 3 months with a minimum net annual income of Rs. 2 lakhs. The free credit period is upto 50 days. The card gives you reward points of 1 point for every Rs. 150 spent.

SBI Platinum Card: SBI’s Platinum card is expensive with a joining fee of Rs. 2,999 and annual fee of Rs. 2,999. However, reward points earned are high at 10 points for every Rs.100 spent on dining, department stores and international spends and 2 points for every Rs. 100 spent on other transactions. There are a whole host of other benefits like welcome gift worth Rs. 3000, spend rewards worth Rs.3000, Rs. 3000 worth anniversary gift, airport lounge access, specialized concierge facilities for various services and fuel surcharge waiver. Interest rate is 3.35% per month.

American Express Payback Credit Card: This card is good for shopping purposes and focuses on rewarding payback points. You can get 3 payback points for every Rs. 100 spent on behalf of American Express plus multiple points from more than 40 payback partners, thus giving you extra earning benefit. You can also get welcome benefits in the form of discount vouchers and bonus payback points depending on your expenses in the initial 60 days. There are offers on dining, movie ticket and travel spend as well. However, the annual fee is Rs. 750 in the first year and Rs. 1500 from second year onwards.

ICICI Bank Instant Titanium Credit Card: This card is issued against your fixed deposit and can be got instantly. The card gives you Rs. 200 worth movie tickets every month. You also get minimum 15% discount on dining through the bank’s Culinary Treats program. You can earn 3 payback points for every Rs. 100 spent and also enjoy a fuel surcharge waiver in select HPCL petrol pumps. Interest rate is comparatively low at 2.49% per month.

For more information visit the given link hope that helps you -  http://www.bankbazaar.com/credit-card.html

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Best Credit Card Offers in India 2014

In the present day world, credit cards, also referred to as plastic money, have become an indispensable part of everyday life, especially among the upper middle and high class of the society. Of late, people have stopped stashing their wallets with actual money, and prefer carrying a couple of credit cards instead, which, apart from making day-to-day transactions easy, also serve the purpose of a status symbol for the owners.

Despite the fact that credit card is, at present, one of the most sought after monetary instruments in India, a major chunk of the population apply for it without conducting much research and overlook the features and benefits offered by the service providers. There are several things that one must look into before selecting and applying for a credit card, including hidden charges, customer service, rewards and benefits, transaction charges and others. Based on such an analysis, here is a tally list of some of the best credit cards offered by several banks and financial institutions for salaried professionals in India.

1. Citibank Platinum Credit Card

Citibank platinum credit card is the talk of the day among several middle, upper middle and even upper class members of the society. With zero joining and annual fees, no person wouldn’t want to have such a credit card in their wallet. Subject to an interest rate of 3.25% per month on transactions not serviced with 55 days, this credit card offers 5x reward points at various restaurants, shopping outlets, travel, entertainment and other merchant partners, in addition to 1 point for every Rs. 125 spent anywhere.

2. HDFC Platinum Plus Credit Card

When talking about the best credit card in India, HDFC is the first name that pops up in mind. With an annual fee of Rs.299 (subject to full waiver if the annual retail spending crosses the Rs. 30000 mark) and an interest rate of 3.15% per month, this HDFC credit card offer scores of benefits to the users. Some of the prime highlights of the platinum plus credit card include 0% fuel surcharge, zero liability on lost card, free add-on cards, exclusive discounts and offers on shopping and dining, free credit period of up to 50 days and cash withdrawal limit of 40% of the credit limit.

3. SBI Gold and More Credit Card

Gold and More SBI Credit Card is yet another option worth considering for interested customers. As of now, this credit card is available at a joining fee of Rs.499 and is subject to an annual fee of Rs.499, which can be waived off if a user spends more than Rs. 75000 or more in the preceding year. As far as rewards and benefits are concerned, the bank is now offering 2.5% cash back at all grocery and departmental stores, 2.5% fuel surcharge waiver, 2000 bonus cash points on first purchase, Rs.100 cash back on first ATM withdrawal and lots of other benefits on merchant specific spending.

So, these are some of the best credit card options that are made available by various public and private sector banks this year. With the increasing demand of credit cards and amazing response towards the accompanying reward schemes, it is pretty evident that banks will come up with more attractive offers in the times to come. 

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Will a Balance Transfer on a Credit Card Help You Save Money ?

Since the credit card boom in India, shopping has been relatively easy for the middle class population. What people forget is the ‘buy now pay later’ option that a credit card provides, makes them pay it for a long time. They ignore the fact that credit card loans are probably the most expensive loan they can possibly incur (thanks to the spending power they get). It gets extremely difficult to make timely payments and coping up with the heavy interest.

The Vicious Circle of Credit Card Payments

Most people just pay the minimum due balance on the credit card along with the interest. What they don’t realize is paying the minimum due doesn’t help their credit situation at all. Rather, the outstanding amount stays as it is and if they still keep using your card for random purchases, the amount just keeps on getting intensified. One fine day they realize that they owe a huge sum to the credit card company and don’t have the means to pay it off.

Yes, the truth is credit card payments are a vicious circle, which entangles your finances in a bad way. Now if you see yourself in this position where the debt is going higher and the minimum payments are not helping in reducing the amount, what would be your first line of defense? Believe it or not, there are a lot many who take a personal loan or borrow money to pay off the credit card. What they are doing here is in fact incurring more debt.

The Role of Balance Transfer to pay Credit Card Bills

So how does one come out of this financial fiasco of credit card debt? Well the fact is there are some easy ways that can help in avoiding the high rate of interest and concentrating on knocking off the principle balance. But for that you need another credit card, with a balance transfer facility. Well of course it may sound a little lame when we say this, because superficially it looks like you are paying one credit card and still incurring debt on another. But the fact is balance transfer credit cards come with hordes of options that help you save money.

Here is how you can save some money for yourself in the bargain and manage your credit card fiasco.

• As long as the outstanding amount on your credit card is under 80% of the new card limit, you can do a balance transfer from one card to another.
• There may be a small processing fee in some case (usually 2% or less), while some other offer free balance transfers.
• Once you transfer your balance, your outstanding credit card gets paid off. Of course you have to pay the new card but most of these cards come with a 0% interest for three months. So whatever you pay on these cards will go purely towards the principle amount
• Some companies don’t offer a 0% for 3 months but a 1.5% for six months, which is a fair deal as opposed to paying the high APR on your other credit card.
• So now instead of struggling with interest + minimum due, you are purely paying the principle amount, which will be much easy to manage as opposed to the previous situation.

This option will work best for those who can pay lump-sums towards the new balance transfer card because only the first 3 months are at 0% interest (in some cases 1.5% for 6 months). The bottom line, you should be able to pay the entire outstanding amount on the new credit card within the stipulated period or you may get entangled again in the interest and credit debt web.

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Apply for Credit Card and Make Payments Conveniently

Vikram was a little hesitant while applying for his first credit card because he knew that even a small mistake could cost him a lot of money. For this reason, he decided to wait and research regarding the best credit cards available in the market. This is actually what a user needs to do as acquiring a credit card can prove to be one of the most intimidating tasks ever. When you apply for credit card, the bank does a complete background check on you and ensures that you have a good credit history. If they find your creditworthiness and credit score to be good, you can get your credit card in no time. In case you fail to fulfill the eligibility requirements, you might have to start afresh which will cost you a lot of time and money.

In actuality, there are various things to know about credit card application and a user needs to ensure that he/she keeps a track of all the essential pointers so that a good credit card can be acquired.

Information and Documents Required

Anyone who wants to apply for credit card needs to provide certain information and documents to the bank so that their application can be processed smoothly. 

• Full name and birth date

• Email address, home address and address proof

• Information on present and previous employers

• Key information on other cards you hold (If any)

• Income proof

• Salary slips

• Bank account statements

• ID proof

The photocopies of all such documents are to be submitted along with the application form. 

These documents must be duly attested by the borrower and any failure in this may result in the application getting rejected.

Comparing the Interest Rates and Special Features

The process of applying for credit cards usually starts when you choose a bank for granting you credit card services. This is also the most significant step that you’ll take because you have to share all your personal details with the bank that offers you a credit card. There are innumerable factors which are to be taken into consideration such as the reward points offered by the bank, the cash back discounts and the processing charges levied by the bank. As a smart user, you must apply for credit card only when you’ve thoroughly gone through the different credit card schemes available in the market. 

Have a closer look at the top features being offered by the banking institutions providing credit cards.

Banking Institution	Special Features
HSBC Credit Card	Domestic flight ticket vouchers, movie ticket vouchers, enhanced rewards program
American Express Credit Card	5X membership points, exclusive dining offers, exceptional reward point programs
ING Vysya Credit Card	No annual fee, 0% fuel surcharge, double reward points for international expenditures
SBI Credit Card	Discount deals on hotels, best airfare deals, car rental deals
ICICI Credit Card	Discount on airfare, exclusive reward points programs

As on 18th March, 2014

Go for a credit card that offers a moderate limit :

Some credit card companies offer the kind of credit history required to get approved for the listed credit cards. If you’re planning to get your first credit card, it is crucial for you to choose a card which offers a moderate purchase limit. Usually, people tend to spend unabashedly when they get credit cards for the first time. Avoiding such a situation will help you in not just choosing the right card but also using it in the right manner.

Don’t take denials too seriously

Anyone who applies for a credit card must stay aware for the impending rejection. So, you should never take such denials seriously, but instead you must focus hard on improving your credit score so that you don’t get rejected the next time. Find a secured credit card which comes along with innumerable reward points and exclusive programs such as free airline and movie tickets.

The process of applying for a credit card can be made much more convenient if you already know the different schemes being offered in the market.

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