At the same time, most of the banks provide balance transfer facility, in which credit card holders can transfer their outstanding amount from one credit card to another at low interest rate and easy installments. Today we are telling you about the top 6 banks, which have made credit card balance transfer easy and cheap.

SBI Card Balance Transfer

SBI offers its cardholders the facility of balance transfer at 0% interest rate for 60 days. At the same time, a processing fee is 2% of the transfer amount or Rs 199, whichever is higher. Interest of 1.7% per month or 20.4% per annum has 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 annum). 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 ​​per Rs 10,000. Balance transfer can be availed for a period of 90 days. If the balance transfer payment is made within 90 days, no interest will be charged. Balance transfer facility can also be availed on EMI basis for 6 months. The interest rate on ‘Balance Transfer on EMI’ is 18% per annum (reducing).

ICICI Bank Balance Transfer

ICICI Bank offers balance transfer facility for a minimum of Rs 15,000. The maximum allowed amount is up to Rs 3 lakh. Payment plans include 3 and 6 month installments.

RBL Bank Balance Transfer

RBL Bank offers balance transfer facility under the ‘Transfer ‘n’ Pay’ facility. The cardholder can choose to transfer the balance in EMI repayment tenure of 3, 6 or 12 months. The processing fee for 3 months tenure is 2.99% or Rs 750, whichever is higher.

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The post Credit Card Balance Transfer: These 4 banks made credit card balance transfer easy and cheap – Key Details first appeared on Rightsofemployees.com.

If you are also troubled by the high interest charged on credit cards, then credit card balance transfer is a good way for you. Under credit card balance transfer, you can transfer the outstanding balance of your credit card to another card. Its biggest disadvantage is that it involves transfer fees, but credit card balance transfer also has many benefits. Let us know.

Benefits of credit card balance transfer

The biggest advantage of credit card balance transfer is that you can transfer your outstanding balance to any such credit card. Where you have to pay less interest. Interest rates and penalties vary across cards. Because of this, you can make big savings by doing this.

Many people have more than one credit card. In such a situation, remembering everyone’s bill due date is not an easy task. In such a situation, you can consolidate all your debt at one place through balance transfer. This will also help you manage your debt. Your credit score will also improve as you will not miss any payment.

Through this, you can easily save money by paying less interest.

Disadvantages of credit card balance transfer

• One of the biggest disadvantages of credit card balance transfer is that you have to pay transfer fees.
• Your credit card utilization increases on credit card balance transfer. This directly affects your credit score.
• If you have only one credit card and you transfer the balance to a new credit card, it still has a negative impact on your credit score.

The post Credit Card Balance Transfer: You can get relief from high interest through credit card balance transfer, know what other benefits you get first appeared on Rightsofemployees.com.