0% Interest with SBI Card Balance Transfer

SBI Card has announced new offer with their existing balance transfer.  The usual balance transfer days to get the 0% interest was 60 days but as a special offer they have extended it for 90 days.  So you will not be incurred any interest rate for the full 90 days of your balance transferred amount with SBI Credit Card.  You can transfer any amount from any other bank’s credit cards for 0% per for 90 days.  But remember that you will need to pay processing fee for the balance transfer to SBI Card.

Considering the interest rate for a regular credit card you can save up to 3.35% p.m. on your other credit cards, if you have outstanding in any other bank’s credit cards which in itself are a huge saving.   For example if you have Rs. 10,000 as outstanding balance in any other credit cards then the interest rate you will need to pay that bank is Rs. 335 x 3 = Rs. 1005!  But if you transfer it to SBI Card you can save that but there is a processing fee of Rs. 249 or 2.5% (whichever is higher) of the total transferred amount.  Thus there is a saving of around Rs. 750 from the outstanding you have and thus you can pay back during that period and clear your debts.  After the 90 days period the interest rate will be the regular rate to that of your SBI Credit Card.

This offer is valid from May 5, 2010 to August 31, 2010 and only for the select customers of SBI Card in which they send the communication, anyway confirm the same by calling SBI Card Customer Care Number at 1860 180 1290 or 3902 0202.