4 Balance Transfer Credit Cards in India for 2024: Key Details

Why Consider Balance Transfers?

  • Lower Borrowing Costs: Save on interest, which can be as high as 36-48% annually.
  • Extended Interest-Free Period: Get more time to manage payments.
  • Temporary Relief: Helps you clear dues without immediate high costs.

Points to Remember

  • Fees Apply: Most issuers charge a balance transfer fee or monthly interest.
  • Credit Score Impact: Balance transfers usually result in a hard inquiry on your credit score.
  • Do the Math: Ensure your savings exceed any fees for the transfer to be worth it.

Top 4 Balance Transfer Cards for 2024

1. SBI Credit Cards

  • Plan 1: 2% flat processing fee, 60-day payment window with no interest.
  • Plan 2: 6-month period with 1.7% monthly interest.
  • Cards Offering Transfer: SBI Elite, Octane, Club Vistara, and more.

2. RBL Bank

  • Cheapest Option: 3-month repayment with a 2.99% processing fee (min ₹750).
  • Applicable Cards: Available for all RBL credit cards.

3. Kotak Mahindra Bank

  • No Interest Cost: Only ₹349 per ₹10,000 transferred.
  • Limit: Transfer up to 75% of your card’s credit limit.
  • Eligibility: Active cardholders for 6+ months.

4. ICICI Bank

  • Transfer Amount: Minimum ₹15,000, max ₹3 lakhs.
  • Fees: Charges shared during application.
  • Applicable Cards: Available across all ICICI credit cards.

Before You Transfer

  • Check the fees, compare them with potential savings.
  • Ensure you already hold a credit card with the provider—getting a new card can delay the process.