Overusing your credit card may bring you more debt burden than you can handle. Repayment can become a problem when your salary is not sufficient to meet the monthly expenses. In such instances, transferring your outstanding credit card amount to another bank’s credit card and paying back in monthly instalments at low interest or no interest rate can significantly reduce your debt burden.

In India, not all banks who provide credit cards facilitate credit card balance transfer, but only a handful of credit card companies have this option.

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Following are the top 5 balance transfer credit cards in the country.

SBI Card Balance Transfer

SBI lets you transfer the outstanding on your credit card to an SBI Card at low or no interest rates. You can convert the payment into easy monthly instalments.

SBI Card Balance Transfer Interest Rate:

Avail 0% interest rate for a 6-month repayment tenure, and 1.7% p.m. interest rate for a repayment tenure of 180 days.

SBI Card Balance Transfer Processing Fees:

For the 6 months’ repayment tenure, no processing fees are charged. For the 180 days’ repayment tenure, 2% or ₹199, whichever is higher, shall be charged.

Individuals who have a Visa credit card can transfer the outstanding in 3 days and other card members will get a cheque within 5 working days.

You can apply for the balance transfer online at the official website of the bank, SMS option, mobile app or by calling up the customer care executive.

You can book a balance transfer for as little as Rs. 5,000 and as much as 75% of your available credit limit. Your maximum BT booking limit will be given to you at the time of booking.

HDFC Bank Balance Transfer on EMI

The eligibility is determined based on the credit card usage of the cardholder. You can check your eligibility by calling up the customer care executive. The attractive features of HDFC Bank Balance Transfer are:

· No documentation or paperwork required

· You can choose between a tenure between 9 to 48 months.

· Interest rate of 1.10% is charged per month on the transferred amount.

· Quick disbursal

· EMI as low as Rs. 27 to Rs. 10,000 can be opted.