Best Balance Transfer Credit Cards In India May 2023

If you’re looking for the best balance transfer credit cards in India, May 2023 is a great time to start your search.

With so many options available, it can be difficult to know where to start. That’s where my research comes in.

I’ve compiled a list of the best balance transfer credit cards in India, based on factors like interest rates, fees, and features.

Table of Contents show

What Are Balance Transfer Credit Cards?

A balance transfer credit card is a type of credit card that allows cardholders to transfer the balance of one credit card to another credit card.

This can be helpful if you are trying to consolidate debt or reduce the interest rate on your outstanding balance.

Balance transfer credit cards typically have a promotional period where there is no interest charged on the transferred balance, which can save you a significant amount of money.

What are balance transfer credit cards and how do they work?

Balance transfer credit cards are a type of credit card that allows cardholders to transfer outstanding balances from one credit card to another.

This can be a useful way to consolidate debt and save on interest payments. In order to qualify for a balance transfer, cardholders typically need to have good or excellent credit.

When considering a balance transfer, it’s important to compare the interest rates, fees, and terms of the new credit card with those of the old credit card.

“Do You Know Which Credit Cards Offer 0% Interest on Balance Transfers in India?”

0% interest credit cards can be a great way to save money on interest charges, but it’s important to know which cards offer this benefit.

The Axis Bank Insta Easy Credit Card, Axis Bank Signature Credit Card, SBI Signature Credit Card, and SBI Platinum Credit Card all offer 0% interest on balance transfer for a limited time.

Axis Bank Insta Easy Credit Card
Axis Bank Signature Credit Card
SBI Signature Credit Card
SBI Platinum Credit Card.

Some cards may have other benefits as well, such as cash back or rewards points, but the key thing to remember is that 0% interest means you can save money on your monthly payments.

If you’re thinking about getting a new credit card, be sure to compare offers to find the best deal for you.

How to Get Out of Debt by Transferring Balance from one Credit Card to Another?

It’s easy to transfer balance from one credit card to another. Here’s how:

Call your credit card company and ask if they offer balance transfer options.
If they do, ask for the process and what fees may be associated with it.
Once you have that information, compare rates and fees between different companies to find the best deal.
When you’ve found the best option, contact the new credit card company to initiate the transfer.
Be sure to make your minimum payments on both cards during the process to avoid damaging your credit score.
Once the balance has been transferred, you can close out the old account if you wish.
Make sure you pay off the new balance as soon as possible to avoid accruing interest charges.

How to Avoid costly Credit Card Balance Transfer Fees

Credit card balance transfer can be an effective way to pay down debt and save on interest, but there are a few important things to remember.

First, make sure you understand the terms of the balance transfer, including any fees and the length of the introductory period.

Second, keep track of your spending and payments, as missed payments can negate the savings from a balance transfer.

Finally, remember that a balance transfer is not a cure-all for debt; if you continue to spend more than you can afford to pay off each month, you will only end up further in debt.

If used responsibly, however, a balance transfer can be a helpful tool in getting your finances back on track.

Pros and cons of Balance Transfer Credit Cards

Pros:

Allows cardholders to consolidate multiple debts into one manageable monthly payment.
Offers a 0% APR introductory period on balance transfers, meaning cardholders can save on interest payments.
Can help improve credit scores by reducing credit utilisation.
Many balance transfer cards offer rewards programs, such as cash back or points, which can save cardholders money.
Some balance transfer cards have no annual fee.

Cons:

Balance transfer fees, which are typically 3-5% of the transferred amount, can add up quickly.
If cardholders do not pay off their balances before the intro period expires, they will be subject to a much higher APR, often upwards of 20%.
Cardholders may not be eligible for a balance transfer if they have poor credit.
Balance transfers can take several weeks to process, meaning cardholders may continue accruing interest on their original debt in the meantime.

FAQs+

Question (1) – What is the interest rate on a Balance Transfer Credit Card in India?

Answer – The interest rate on a Balance Transfer Credit Card in India is the percentage of the outstanding balance that is charged as interest. This rate can vary depending on the card issuer, but is typically between 2-3%.

Question (2) – What is the minimum amount that I need to transfer to receive a 0% interest rate?

Answer – The minimum amount that can be transferred to receive a 0% interest rate in India is 1,000 rupees.

This is because the Reserve Bank of India (RBI) has mandated that all banks must offer a 0% interest rate on transfers of 1,000 rupees or more.

This policy was implemented in order to encourage more people to use electronic banking services.

Question (3) – How long will it take for the balance on my Balance Transfer Credit Card?

Answer – Assuming you are asking how long it will take for the balance on your Balance Transfer Credit Card to be processed in Bharat, it typically takes between 2-3 weeks for the balance to be transferred.

However, this timeframe may vary depending on the bank and credit card issuer.

Question (4) – What is the minimum amount I need to transfer?

Answer – The Reserve Bank of India (RBI) has set a minimum amount that can be transferred from one bank to another within India. The current minimum amount is 1,000 rupees.

This means that if you want to transfer money from your account in one bank to an account in another bank, the minimum amount you can transfer is 1,000 rupees. There are no exceptions to this rule.

Question (5) – How do I get a balance transfer card?

Answer – In order to get a balance transfer card in India, you will need to first find a credit card issuer that offers balance transfer cards.

Once you have found an issuer, you will need to apply for the card and be approved for it.

Once you have been approved for the card, you will need to transfer your balance from your old credit card to your new balance transfer card.

Conclusion Points

A balance transfer credit card is a type of credit card that allows cardholders to transfer the outstanding balance on one credit card to another credit card.

This can be useful in India, where interest rates on credit cards are often high.

Balance transfer credit cards can help cardholders save money on interest charges, and can also help them consolidate multiple credit card balances into one monthly payment.