Overusing your credit card may bring you debt burden more 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 pay back in monthly instalment 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. Following are the top 5 balance transfer credit cards in the country.

1. 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 covert the payment in easy monthly instalments.

Interest Rate: For availing no interest rate, you need to opt for repayment period of 2 months. If you choose the option of 6 months, the interest rate would be 1.7% per month.

Processing Fees: No processing fee is levied for the option of 6 months, and a fee of 2% or Rs. 199 is charged for 2 months repayment option.

Individuals who have 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.

2. 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 the 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.

3. ICICI Bank Balance Transfer

Eligibility: You need to have minimum outstanding of Rs.15,000 on other card to become eligible for balance transfer with ICICI Bank. The customer should have good track of record with respect to credit card spends and transaction with ICICI Bank.

Maximum Amount: One can do a balance transfer of up to Rs. 3 Lakhs.

Repayment Period: Payment option of 3 & 6 monthly instalments can be chosen.

Interest Rate: It is fixed at the sole discretion of the bank which would vary depending on the customer’s profile.

The mode of fund transfer would be through NEFT or Demand Draft. The customer needs to send the personal and bank details to balancetransfer(at)icicibank(dot)com.

Additional Reading: 5 Best Credit Cards with 0% Interest on Balance Transfer

4. HSBC Bank Balance Transfer

Customers who wish to opt for balance transfer with HSBC Bank can choose the instalments of 3, 6, 9, 12, 18 and 24 months. Processing fee of 1% of the balance transfer value subject to minimum of Rs. 149 will be charged. The following is the interest rates charged based on the tenure chosen.



 Tenure  Rate of Interest Per
 3 months  1.08%
 6 months  1.08%
 9 months  1.08%
12 months  1.08%
 18 months  1.25%
 24 months  1.25%


You can apply for HSBC Bank balance transfer by sending an SMS BTR to 575750 or call up the customer care executive for help.

5. RBL Bank Balance Transfer

Eligibility: Only select RBL Bank credit card holders who have an overdue outstanding for more than 60 days are eligible for balance transfer option.

Minimum Amount: The card holders can transfer minimum outstanding balance of Rs. 5000 or maximum of 80% of the available credit limit.

Tenure: The repayment period is fixed at the sole discretion of the bank. Hence, it will vary for different customers based on their credit profile.

Interest Rate: It is calculated on a reducing balance method.

Important Things You Should Know About Credit Card Balance Transfer

If you plan to transfer the balance on your credit card to another, you should know the following things to make an informed credit decision.

  • Processing Fee: Credit card balance transfer is not done for free. You will have to pay a certain percentage of the outstanding principal as the processing fee. It would range between 1% to 3%.

  • Impact on Credit Score: Whenever you apply for a new credit, it involves a new credit check. Every hard enquiry can have an impact on your credit score as well. The impact is higher if the credit application gets rejected.

  • Interest Rate Offer: Some lenders try to attract new customers by offering zero interest rate on repayment. Though it could be beneficial, you must remember that it is only for a specific period which could be between 2 to 6 months. After that normal interest rate will be applicable.

  • Eligibility: Not all the customers who apply for a balance transfer gets approved. Every lender has certain eligibility criteria which needs to be fulfilled. Banks generally look for candidates who have good track record of repayments, credit cards spends and transactions. Moreover, the card holder should have used the existing credit card at for a minimum duration as specified by the bank.

  • Maximum Amount: If you have a huge debt on your current card and want to transfer it to another bank, watch out, as you may not become eligible for the entire amount. You can transfer up to 80% of credit limit of your new or another card. If your existing debt is higher, it could be difficult to do a balance transfer.

Additional Reading: What is Balance Transfer on Credit Cards?


Credit card balance transfer is not an option that can completely shed your debt burden. It’s an option that can help pay your debt at low or no interest rate. If you qualify for a credit card balance transfer, it is certainly a lucrative option that can help pay your debt at better terms. However, you should also consider the fees and conditions that are applicable on the balance transfer.