Top 5 Balance Transfer Credit Cards: Compare and Choose the Best Option

Credit cards are a great way to make purchases and earn rewards, but they can also come with high-interest rates, and you must consider balance transfer credit cards for that. If you have credit card debt, you may be paying a lot of money in interest charges. One way to reduce those charges is to transfer your balance to a card with a low-interest rate. In this article, we will look at the top 5 balance transfer credit cards available in India.

Balance Transfer Credit Cards Compare and Choose

How Balance Transfer Works?

A balance transfer is when you move your remaining credit card balance from one card to another. This is usually done to take advantage of a lower interest rate. You can transfer all or part of your balance, depending on the terms of the new card. The new card will pay off your old card, and you will start making payments to the new card issuer.

5 Best Card Issuers Providing Balance Transfer Credit Cards

Here are five of the best card issuers that provide balance transfer facilities: SBI, HDFC, ICICI, Kotak and Standard Chartered. Each of these issuers has its own unique features and benefits that make them a great option for anyone looking to transfer their balance and save money on interest.

1. SBI Credit Cards

SBI Credit Cards offer balance transfers at an interest rate of 0% for the first 60 days. After that, the interest rate will be 1.7% per month. The processing fee for the balance transfer is 2% of the transferred amount or Rs. 199, whichever is higher.

2. HDFC Bank Credit Cards

HDFC Bank Credit Cards offer balance transfers at an interest rate of 1.1% per month. The processing fee for the balance transfer is 1% of the transferred amount or Rs. 250, whichever is higher.

3. ICICI Bank Credit Cards

ICICI Bank Credit Cards offer balance transfers and interest rate is shared at the time of application. The processing fee for the balance transfer is also shared at the time of application, and you can transfer amount from Rs. 15,000 to Rs. 3 lakhs.

4. Kotak Mahindra Bank Credit Cards

Kotak Mahindra Bank Credit Cards offer balance transfers at an interest rate of 0% for the first 90 days. The processing fee for the balance transfer is Rs. 349 per Rs. 10,000 transferred.

5. Standard Chartered Bank Credit Cards

Standard Chartered Bank Credit Cards offer balance transfers at an interest rate of 0% for the first 6 months. After that, the interest rate will be 0.99% per month. You can transfer amount up to Rs. 5 lakh and the processing fee for the balance transfer is not applicable.

How to Avail Balance Transfer Facility?

To avail of a balance transfer, you will need to apply for a new credit card that offers the facility. Once the card is approved, you can request a balance transfer from the other card issuer. You will need to provide them with the information of the card you wish to transfer your balance from. It’s important to note that not all credit cards offer balance transfer facilities, so be sure to check before applying.

Conclusion

If you haven’t paid your card bill and you’re in debt, a balance transfer is one good option to save money on interest charges. However, it’s important to choose the right card for your needs.

Consider the interest rate, processing fees, and other terms and conditions before making a decision. With a good balance transfer credit card, you can come out of debt faster and save money in the process.

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