If you’re struggling to pay off your credit card dues, Balance Transfer (BT) can be a lifesaver. It allows you to transfer your outstanding balance from one credit card to another at a lower interest rate, often with easy EMI repayment options. Here are some Balance Transfer offers from top banks:
SBI Card Balance Transfer Options
- 0% interest for 60 days: Processing fee of 2% or Rs. 199 (whichever is higher).
- 1.7% interest per month for 180 days: No processing fee.
- EMI options (3/6 months): Interest rates from 0.83% to 1.27% per month (depending on your credit score).
- Foreclosure Fee: 3% on the outstanding principal amount.
HSBC Balance Transfer
- Repayment tenure: 3 to 24 months (Interest rate: 10.99% to 15.99% per annum).
- Processing fee: 1.5%, minimum Rs. 200.
- Maximum BT amount: Up to 95% of your credit limit.
Kotak Bank Balance Transfer
- Minimum transfer: Rs. 2,500.
- Maximum transfer: Up to 75% of your credit limit.
- Interest: 0% for the first 90 days, 18% per annum for EMI transfer.
- Processing fee: Rs. 349 + GST per Rs. 10,000 BT.
ICICI Bank Balance Transfer
- Minimum transfer: Rs. 15,000.
- Maximum transfer: Up to Rs. 3 lakhs.
- EMI repayment options: 3 or 6 months.
RBL Bank Balance Transfer
- EMI tenures: 3, 6, or 12 months.
- Processing fee: 2.99% (for 3 months) and Rs. 499 (for 6 and 12 months).
- Interest: 21% per annum (reducing balance method).
- Foreclosure Fee: 3% on the outstanding principal.
Standard Chartered Bank Balance Transfer
- 0.99% interest per month for the first 6 months.
- After 6 months, regular interest rate applies.
- Maximum BT amount: Rs. 5 lakhs.
Is Balance Transfer Right for You?
If you’re unable to pay your credit card bills, the high-interest charges (3.5% to 3.75% per month) can really add up. Instead of paying such high interest, check if your current bank offers a Balance Transfer option to convert your outstanding dues into easy EMIs. You can also explore other banks offering better rates and terms.