Rahul works in an MNC and his monthly salary is Rs. 30,000. He holds a credit card with a credit limit of Rs. 1,50,000. Last month he had to pay Rs. 70,000 due to a medical emergency from the credit card and Rs. 10,000 for his regular monthly household expenses.

Now the total due amount on his credit card is Rs. 80,000. Rahul can not afford to pay such a big amount in one payment and he doesn’t want to convert his due amount into EMIs as it will attract a high interest rate from the bank.

If you have ever been in a similar situation then don’t worry, there is a simple solution to this problem where you don’t have to pay interest on the due amount. It is called a 0% balance transfer.

In this article, we are going to talk about what is 0% balance transfer, what are the best 0% balance transfer credit cards in India, and how you can use it to save money on credit card interest.

What is a 0% balance transfer offer?

A 0% balance transfer means that you can transfer all or part of the outstanding amount from one credit card to another credit card. Here the new credit card will not charge any interest for this transferred amount for a specific period.

Transfer of the outstanding amount doesn’t absolve you of your debt obligations, it is just that now you owe the new bank rather than the old bank.

This can help you save money on interest charges and pay off credit card debt faster.

Also Read: Axis Bank Neo credit card review

The Best 0% Balance Transfer Cards In India

SBI Elite Credit Card

If you choose to transfer your outstanding amount to SBI elite credit then you will be given two options:

1. 60 Days with 0% interest rate
2. 180 Days with 1.7% interest rate per month.

Here you will be charged a balance transfer fee, equivalent to 2% of the transferred amount or Rs. 199 whichever is higher.

SBI Signature Credit Card

If you choose to transfer your outstanding amount to SBI elite credit then you will be given two options:

1. 60 Days with 0% interest rate
2. 180 Days with 1.7% interest rate per month.

Here you will be charged a balance transfer fee, equivalent to 2% of the transferred amount or Rs. 199 whichever is higher.

Also Read: Scapia Federal Bank Credit Card

Axis Bank Insta Easy Credit Card

this card offers “0% interest for up to 60 days on balance transfers, with a processing fee of 2% of the transferred amount, subject to a minimum of Rs. 199

Eligibility criteria for balance transfer

Not everyone can become eligible for a 0% balance transfer to the banks. The bank needs to be assured that the customer has a trustworthy credit history and will not default on their new credit.

The general criteria for 0% balance transfer is as below:

1. You must have a good CIBIL score
2. You must have a good spend and timely payment history with a previous credit card.
3. Some banks have set a minimum amount limit for balance transfers. You can check this out in the next section.

Comparison of Credit Card Balance Transfer Offers

Bank	Processing Fee	Rate of Interest per Month	Applicable Lower Interest Rate Period	Minimum Transfer Amount
Axis Bank	2% of the transfer amount or Rs. 199 (whichever is higher) if the period is 60 days, and zero if the period is 6 months	0%	3 months	5,000
State Bank of India	2% of transfer amount or Rs. 199 (whichever is higher) if the period is 60 days, and zero if the period is 6 months	0%-1.7%	60 Days-6 Months	5,000
Standard Chartered Bank	NA	0.99%	6 Months
Punjab National Bank	Rs. 172 or more depending upon the transfer amount	0.99%	6 Months	2,000
Kotak Mahindra Bank	Rs. 349 per Rs. 10,000	0%	NA	2,500
HSBC (Convert due payment to EMI)	1% (minimum Rs. 149)	0.99% for tenures between 3-12 months, 1.25% for tenures 18 months and 24 months	3, 6, 9, 12 months	5,000
ICICI Bank		1.25 %	3-6 Months	15,000

How to apply for 0% balance transfer on credit card

• ICICI Bank: Call Customer Care or SMS BT to 5676766. You can also apply online by logging in to your ICICI Bank NetBanking account and clicking on the “Balance Transfer” tab.
• IDFC First Bank: Call 1860 258 2000 or use the balance transfer facility on the IDFC FIRST Bank Mobile Banking App
• HDFC Bank: Log in to HDFC Bank NetBanking and click on Cards > Credit Cards > Transact > Balance Transfer On EMI. You can also apply by calling HDFC Bank Customer Care at 1800 266 6666.
• HSBC Bank: SMS ‘BTR’ to 575750 or call 1800 267 3456/1800 121 2208
• Punjab National Bank: Fill this form to avail balance transfer facility
• State Bank of India: SMS BT to 56767 or call 39020202 / 1860 180 1290 

Once you have applied for a 0% balance transfer, the bank will review your application and let you know if you have been approved. If your application is approved, the bank will transfer your outstanding balance from your old credit card to your new credit card. You will then be able to enjoy the 0% interest period, which can last anywhere from 3 to 6 months as specified by the bank.

Also Read: How to Withdraw Money from Credit Card Without Charges

It is important to note that there may be a balance transfer fee associated with transferring your balance. This fee is typically around 2% of the transferred balance, but it can vary depending on the bank. You should also be aware that the 0% interest period will typically only apply to the balance that you transfer. Any new purchases that you make on your new credit card will be subject to the regular interest rate.

Conclusion

If you are struggling to pay off your credit card debt, a 0% balance transfer can be a great way to save money on interest and pay down your debt more quickly. However, it is important to choose the right credit card for your needs and to understand the terms and conditions of the offer before you apply.

Here are a few things to keep in mind:

• Make sure you have a good credit score and credit history. Most banks will require you to have a good credit score in order to qualify for a 0% balance transfer offer.
• Compare different credit cards to find the best offer for you. Consider the length of the 0% balance transfer period, the balance transfer fee, and any other fees that may apply.
• Do the math to make sure that you can pay off your balance before the 0% interest period ends. If you don’t pay off your balance in full by the end of the promotional period, you will start to accrue interest on the remaining balance.

If you are considering a 0% balance transfer, be sure to read the fine print and understand all of the terms and conditions before you apply. With careful planning, a 0% balance transfer can be a great way to save money on interest and get out of debt faster.