Balance Transfer Cards are used widely to handle credit card dues. If you are worried about your credit card dues and looking for method to address it, you should use balance transfer credit cards. A balance credit card can help you to reduce your credit burden slowly. As the name indicates, balance transfer credit cards are card in which you can transfer your previous credit dues and lower the interest rate. It is one of the method to lower down payment dues. Apart from reducing debt balance transfer credit cards offers multiple other benefits. The benefits of balance transfer credit card are given below.
Balance Transfer Credit Card – Benefits
Saving on Interest
You can transfer your outstanding balance from your current credit card to new card with lower rate of interest. The lower interest rate will help you in paying dues easily.
It is convenient way to reduce your outstanding credit card debt. It is easy to use option, you just need to opt for good card and transfer balance.
You can transfer balance of multiple cards to single card. It is known as multiple transfer. By using this you can consolidate and reduce debt at single go.
You can get buffer time to pay outstanding due and make it zero or extremely low. It will help you to reduce debt at affordable rate of interest.
From above you must have understood that Balance Transfer Credit Card is best tool to reduce credit card debt. If you are looking good balance transfer card, here is list of Top 5 Best Balance Transfer Credit Cards in India.
Top 5 Best Balance Transfer Credit Cards in India
ICICI Bank offers balance transfer service for existing credit card holders. This facility is given subject to mandatory policy checks. Key features offered by ICICI on balance transfer is given below.
- You can transfer debt up to 3 Lakh using this facility.
- The repayment tenure can be 3 months or 6 months installments.
- Documentation required for balance transfer is NIL as you are already holding another credit card.
- You can save on interest rate as balance transfer interest is low.
You can avail ICICI Balance Transfer Credit Card Facility by calling ICICI customer care executive or sending SMS BT to 5676766.
State Bank of India
State Bank of India also offers balance transfer credit card facility. You can select the plan that suits you the most. Key Features offered by State Bank of India Balance Transfer Credit Cards are given below.
- 0% Interest for 60 days.
- 7% Interest rate per month for 180 days.
- You can consolidate multiple balances to one by transferring all cards to SBI card.
- You can do balance transfer for a minimum amount of Rs.5000 to a maximum of 75% of your available credit limit.
To avail SBI Balance Transfer facility you can SMS BT to 56767.
HSBC Bank also offers balance transfer credit card facility. The key features and facility offered by HSBC on balance transfer card are given below.
- You can avail balance transfer EMI facility.
- You can choose between loan tenure of 3,6,9,12,18 and 24 months.
- You need to pay 1% of the Balance Transfer value as processing fees.
Kotak Mahindra Bank
Kotak Mahindra Bank is next in the list of balance transfer credit card service provider. Key features offered by Kotak Mahindra Bank balance transfer is given below.
- You can make a minimum Credit Card balance transfer of Rs. 2,500.
- There is no maximum amount you can transfer, provided you don’t exceed 75% of the limit on your Credit Card.
- Depending on the amount you transfer, a processing fee will be charged.
- You can initiate the Credit Card balance transfer via net banking,
Axis Bank credit card balance transfer facility is next in the list. Key features of this facility is given below.
- You can make a minimum Credit Card balance transfer of Rs. 5,000.
- Repayments needs to be done in instalment of 3 months or 6 months.
- The interest rate and processing fees are variable in nature.
Points to consider before opting for Credit Card Balance Transfer
- You should look at interest rate offered by new card. The interest rate offered by new card should be lower compared to old card.
- You will get this facility on new card only. It is given only if credit card is not issued by same bank.
- You should look at maximum and minimum amount of outstanding balance that can be transfer at new card.
- You should carefully look at terms and condition before opting for new balance transfer credit card.