Using a credit card is akin to using a double-edged sword. While it provides numerous benefits in the form of convenience, short-term access to credit, reward points and offers; at the same time, improper use of a credit card can land you in deep financial trouble. Credit card debt carries the highest rate of interest to the tune of 30-40% per annum.  

So, once you get into the process of rolling over debt, it is difficult to get out of the situation as interest is charged on all your subsequent purchases too. And if you are doing the rollover with more than one credit card, the financial distress is aggravated.  

But do not worry! There is a solution to this kind of problems. There is something called a credit card balance transfer. In simple words, credit card balance transfer is the process through which your multiple/single credit card dues can be transferred from your existing card(s) to a new card.  

Additional Reading: How credit card debts can prove risky? 

How does a credit card transfer benefit you? 

Just because you can transfer your credit card’s debt to a new card, you are not absolved of the responsibility of paying back the outstanding amount. You do have to pay your outstanding but with some benefits to your credit. 

Savings on Interest Paid: Generally, credit card balance transfer is done to a card that is charging a lower rate of interest than your existing card. So, saving in the form of interest payable is a huge benefit for anyone trapped in a credit card debt. 

Ease of operations:  When you are saddled with multiple credit card debts, it becomes tedious and time-consuming to make separate payments and monitor each of them. With credit card balance transfer, you make future repayments to just one single credit card which makes it easier to handle.  

No interest charged during the interim: A credit card to which you transfer your outstanding allows you a short buffer period during which no interest is charged. This gives you a breather and allows you to make arrangements for your future payments.  

Instant transfer of credit card outstanding: The credit card balance transfer happens quite smoothly without involving any delays or excessive documentation subject to you meeting the terms and conditions of the credit card issuer to whom the dues are being transferred.  

Additional Reading: Learn more on credit card balance transfer 

Important points to be borne in mind while doing a credit card balance transfer 

  • Look for a card with the lowest processing fee for the transfer.  
  • Choose a credit card that offers you a lower rate of interest than your existing one and it should be a credit card that you do not hold currently. 
  • Educate yourself on the terms and conditions of the credit card where your dues are being transferred 
  • Remember that only the transferred amount will remain interest-free for the predetermined period. Any further purchase on your card will be treated like a normal expense, which has to be repaid on time.  

Now that you know about what a credit card balance transfer is and how it benefits you, we at CreditMantri have gone ahead and done the basic spadework of choosing the 5 best credit cards with 0% interest on balance transfer. And here are those: 

1. IRCTC SBI Platinum Card 

  • Allows two options for Balance Transfer  

Option1:  Balance Transfer for 60 days at 0% Interest with a small processing fee of 2% or Rs 199 (whichever is higher) 

Option 2: Balance Transfer for 180 days at 1.7% interest rate p.m with zero processing fee 

  • Minimum transfer amount of Rs 5000/- and maximum transfer amount of 75% of the credit limit 
  • The outstanding on your other bank's Visa Credit Card could be transferred to your SBI Card within 3 working days.  
  • If your existing card is other than Visa, you will receive a cheque for balance transfer within 5 working days 

Click here to apply now!

2. Axis Bank Insta Easy Credit Card 

  • The Balance transfer plan can be availed for 3 months at 0% interest, post which an interest of 2.95% p.m is charged. The processing fee is 2% or Rs 199 (whichever is higher) 
  • Another Balance Transfer Plan is also available which charges 0.75% interest for 6 months, post which an interest of 2.95% p.m is charged. The processing fee charged on this is 1% or Rs. 100 (whichever is higher). 

3. SBI Card Elite 

  • You can transfer high interest-paying credit card balances to SBI Elite Credit Card  
  • For a period of 60 days, the transfer can be done at 0% interest and a processing fee of 2% or Rs 199, whichever is higher, is charged 
  • The balance can also be transferred for a longer term of 6 months at an interest of 1.7% p.m with zero processing fees. 
  • The minimum transfer amount applicable is Rs 5000/- and the maximum is 75% of your credit limit. 

Click here to apply!

4. Axis Bank Signature/Wealth Credit Card 

This card offers two different balance transfer plans which you can choose at your convenience.  

  • A short-term balance transfer plan at 0% interest is available for 3 months, post which an interest of 2.95% p.m is charged. This balance transfer involves a processing fee of 2% of Rs 199 (whichever is higher) 
  • A balance transfer at 0.75% interest is also available for 6 months, post which an interest of 2.95% p.m is charged. The processing for this option is the same as the above option 

5. SBI Signature Card/ SBI SpiceJet Card/Yatra SBI Card 

  • This card offers 0% interest on the transfer of credit card balances till 60 days, post which an interest of 1.7% p.m is charged. 
  • The minimum transferable amount is Rs 5000/- and the maximum amount is limited to 75% of the credit limit.  

Key Takeaway 

Credit Card balance transfer is an option available, ideally, when you have run out of options to set your debt in place. It is not good to make balance transferring a habit. It is always good to use your credit card judiciously in the first place so that you do not run into situations like these.  Remember that with the rollover of your credit card debt, your credit score goes lower.


  1. What is the average interest rate charged on credit card debt?

Credit cards charge an interest rate of 30-40% per annum. 

  1. Which credit cards give 0% balance transfer?
  • IRCTC SBI Platinum Card
  • Axis Bank Insta Easy Credit Card
  • SBI Card Elite
  • Axis Bank Signature/Wealth Credit Card
  • SBI Signature Card/ SBI SpiceJet Card/Yatra SBI Card
  1. What is the interest charged on balance transfers? 

The average interest charged on balance transfer amounts ranges between 0.75% - 3% per month. 

  1. How many days of 0% interest payment can you expect on balance transfer credit cards?

Banks usually allow 0% interest for around 2-6 months when you opt for balance transfer credit cards. 

  1. Can I balance transfers from 2 of my credit cards into a single card?

Yes, you can consolidate your credit card balances into a single balance transfer.