Credit card
Credit Card Balance Transfer: It is always beneficial to use credit cards disciplined. You get a discount/cashback on purchasing from credit card, interest-free credit period, airport lounge access, reward points etc. At the same time, most banks provide balance transfer facilities, in which credit card holders can transfer their outstanding amount to low interest rate and easy installments from one credit card to another credit card. Today we are telling you about the top 6 banks, which has made credit card balance transfer easier and cheaper.
SBI Card Balance Transfer
The SBI allows its card holder the balance transfer at a 0% interest rate for 60 days. At the same time, 2% of the transfer amount or Rs 199, whichever is higher, is charged a processing fee. Interest of 1.7% per month or 20.4% per year is to be paid for 6 months. No processing fee is charged. The monthly interest rate for balance transfer on EMI for 3 months is 0.83% to 0.96% (10% to 11.50% per year). The interest rate depends on the credit score of the cardholder. The higher the credit score, the lower the interest rate. The processing fee is 1%.
Kotak bank balance transfer
With Kotak Bank, you can avail the balance transfer facility for a minimum of Rs 2,500. The maximum allowed amount on Kotak Bank Credit Card is up to 75% of the credit limit. The processing fee is Rs 349 + GST is Rs 10,000 per Rs 10,000. The benefit of balance transfer can be taken up for a period of 90 days. If the balance transfer payment is made within 90 days, no interest will be charged. The benefit of balance transfer convenience can also be availed on the basis of EMI for 6 months. The interest rate on ‘balance transfer on EMI’ is 18% per year (reduction).
Icici bank balance transfer
ICICI Bank provides balance transfer facility for a minimum of Rs 15,000. The maximum permitted amount is up to Rs 3 lakh. Payment schemes include 3 and 6 months installments.
Rbl bank balance transfer
RBL Bank provides balance transfer facility under ‘Transfer’ N ‘pay’ facility. The card holder can choose balance transfer in the EMI repayment period of 3, 6 or 12 months. The processing fee for a period of 3 months is 2.99% or Rs 750, whichever is higher.
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