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.