Before transferring the balance, keep in mind that you have to pay a processing fee to avail this facility. So, first find out how much you will save by transferring the balance.
Balance Transfer Fees: By using credit card properly, you can avail many other benefits along with savings. Most companies offer discounts on purchases made with credit cards. Another special feature of credit card is balance transfer. By using this, you can pay the bill of another credit card in financial crisis. By doing this, you avoid paying penalty or high interest to the bank. Today we are telling you about 4 credit cards which are best for balance transfer.
Benefits of balance transfer
Balance transfer saves you from paying high interest or penalty on other credit cards. If you do not pay your credit card bill on time, banks charge interest ranging from 36 to 48% annually. However, many banks also charge balance transfer fee. Before transferring balance, keep in mind that to avail this facility you have to pay a processing fee. Therefore, first find out how much you will save by transferring balance.
These are the best credit cards for balance transfer
SBI Credit Card
SBI has two schemes that offer balance transfer facility. The first scheme has a flat processing fee of 2% and a payment term of 60 days without any additional interest and the second scheme allows you to pay within 6 months at a monthly interest rate of 1.7%. You can apply online or by calling customer care. Some of the cards where balance transfer facility is available include SBI Elite, SBI Octane, SBI Club Vistara Card, etc.
RBL Bank
You can transfer balance to RBL Bank credit card. The cheapest option is the one in which you can choose to repay within 3 months. For this, you have to pay a processing fee of 2.99%. This facility is available with all RBL credit cards.
Kotak Mahindra Bank
You also get the facility of balance transfer on Kotak Mahindra Bank credit card. For this, you only have to pay processing fees, but there is no interest. The maximum transfer allowed is 75% of your credit limit. A fee of ₹349 is charged on the balance amount transferred.
ICICI Bank
You can transfer balance with ICICI Bank for a minimum of ₹15,000 and a maximum of ₹3 lakh. You must already have a credit card to use the facility.
