How We Work
- Find out the interest rates for balance transfer credit cards
- Know the methodology to select top balance transfer credit cards
- Learn about the top balance credit cards available in India
On SBI's secure website
Devendra Singh Negi,Armaan Joshi
Contributor,Editor
Editorial Note: This content has been independently collected by the Forbes Advisor team and is offered on a non-advised basis. This content is not part of the comparison service provided by RunPath Regulatory Services. Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations.
A balance transfer credit card is designed to facilitate the transfer of existing debt from one or more credit cards to a new card, typically offering a lower interest rate. These cards often feature a low or 0% introductory Annual Percentage Rate (APR), providing cardholders with an opportunity to save money on interest payments during the introductory period. By consolidating debt onto a single card with more favorable terms, individuals can better manage their financial obligations and potentially reduce the overall cost of carrying debt.
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- Featured Partners
- Balance Transfer Credit Cards Covered
- SBI’s Balance Transfer for Credit Card
- Standard Chartered Balance Transfer Credit Card
- HDFC Bank's Balance Transfer for Credit Card
- HSBC’s Balance Transfer for Credit Card
- Axis Bank’s Balance Transfer for Credit Card
- ICICI Balance Transfer Credit Card
- Forbes Advisor Ratings
- Methodology:
Featured Partners
1
SBI Cashback Credit Card
Annual Fees
INR 999 + 18% GST (Renewal Fee Waived on INR 2 Lakh annual spend)
Features
5% Cashback on online* spends with no merchant restrictions
Additional Benefits
1% Cashback on offline* spends, 1% Fuel Surcharge Waiver at all petrol pumps in India
On SBI’s secure website
2
Axis Bank Ace Credit Card
Annual Fee
INR 499 waived off on annual spend of INR 2,00,000
Benefits
5% cashback on bill payments, 4 complimentary lounge visits per year
Other Benefits
1% fuel surcharge waiver at all fuel stations
On Axis’s secure website
3
SBI SimplyCLICK Card
Annual Fees
INR 499 + GST (Renewal Fee Waived on INR 1 Lakh annual spend)
Welcome benefit
Get Amazon gift card worth INR 500
Additional benefits
10X Reward Points on online spends, 1% fuel surcharge waiver and INR 2000 e-Vouchers for spends of INR 1 lakh+
On SBI’ secure website
Balance Transfer Credit Cards Covered
- SBI’s Balance Transfer for Credit Card
- Standard Chartered Balance Transfer Credit Card
- HDFC Bank’s Balance Transfer for Credit Card
- HSBC’s Balance Transfer for Credit Card
- Axis Bank’s Balance Transfer for Credit Card
- ICICI Balance Transfer Credit Card
FEATURED PARTNER OFFER
SBI’s Balance Transfer for Credit Card
4.0
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Fee
Various cards with different charges provide this facility
Interest Rate
0% interest rate for a total of 60 days
Balance Transfer Amount
75% of your existing credit limit
On SBI's secure website
Annual Fee
Various cards with different charges provide this facility
Interest Rate
0% interest rate for a total of 60 days
Balance Transfer Amount
75% of your existing credit limit
Why We Picked It
State Bank of India (SBI) Balance Transfer Cards present a range of advantages for cardholders , like a 0% interest rate for a total of 60 days, providing a temporary relief from interest charges. Interest rate of 7% for an extended period of 180 days, helping you manage your outstanding balance more affordably. Users can transfer up to 75% of your existing credit limit to the new card, with a minimum transfer amount of INR 5,000. This flexibility allows you to tailor the balance transfer according to your financial needs.
FEATURED PARTNER OFFER
Standard Chartered Balance Transfer Credit Card
3.8
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Fee
INR 250
Interest Rate
0.99% per month for the initial 6 months
Balance Transfer Amount
INR 5 lakh
Annual Fee
INR 250
Interest Rate
0.99% per month for the initial 6 months
Balance Transfer Amount
INR 5 lakh
Why We Picked It
Standard Chartered Bank offers several credit cards with different annual fees and benefits. The annual fee for each card varies depending on the type of card and the benefits it offers. For example, the Standard Chartered Platinum Rewards Credit Card has an annual fee of INR 250, while the Standard Chartered Credit Card has an annual fee of INR 5,000.
In terms of balance transfer, the Standard Chartered Bank offers a Balance Transfer on Credit Card at just 0.99% Interest per month for the first 6 months. You can transfer outstanding balance up to INR 5,00,000 from any bank credit card to your Standard Chartered credit card. The disbursem*nt will be completed in 3 working days via NEFT. You will need to pay just 5% of the outstanding balance each month
FEATURED PARTNER OFFER
HDFC Bank’s Balance Transfer for Credit Card
3.5
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Fee
Various cards with different charges provide this facility
Interest Rate
1.1% per month
Balance Transfer Amount
Differs on individual’s history
On HDFC's secure website
Annual Fee
Various cards with different charges provide this facility
Interest Rate
1.1% per month
Balance Transfer Amount
Differs on individual’s history
Why We Picked It
HDFC ensures a hassle-free experience by eliminating the need for any documentation when availing the balance transfer service. Cardholders have the flexibility to choose monthly installments ranging from INR 27 to INR 10,000, allowing for tailored repayment plans based on individual balances and financial circ*mstances. For individuals applying from other banks, HDFC conducts a thorough eligibility assessment before issuing the card, ensuring suitability for the service.
A processing fee of 1.5% is applicable, with a minimum charge of INR 250. This fee is associated with facilitating the balance transfer service. The minimum amount that can be transferred is INR 5,000. This provides flexibility for cardholders to choose the desired sum for the balance transfer. HDFC Bank offers two tenure options for the balance transfer—three months and six months. Cardholders can select the tenure that aligns with their repayment preferences and financial situation.
FEATURED PARTNER OFFER
HSBC’s Balance Transfer for Credit Card
3.4
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Fee
Various cards with different charges provide this facility
Interest Rate
1% to 1.33% per month
Balance Transfer Amount
INR 3000
Annual Fee
Various cards with different charges provide this facility
Interest Rate
1% to 1.33% per month
Balance Transfer Amount
INR 3000
Why We Picked It
HSBC Bank provides a hassle-free option for its credit card customers to transfer outstanding balances from other bank credit cards to their HSBC credit cards. This service can be availed through various channels, including HSBC Phone Banking, SMS Banking, or the HSBC website. Users can choose from a range of loan terms, including 3, 6, 9, 12, 18, and 24 months for the balance transfer on EMI service.
The transaction cost is 1% of the balance transfer amount, with a minimum of Rs.200. Options for Balance Transfer: Customers have the flexibility to opt for either a balance transfer on EMI or a perpetual balance transfer.For the balance transfer on EMI, the interest rates range from 1.17% to 1.33% per month, while perpetual balance transfer rates vary between 1% to 1.2% per month.
FEATURED PARTNER OFFER
Axis Bank’s Balance Transfer for Credit Card
3.4
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Fee
Various cards with different charges provide this facility
Interest Rate
1% per month
Balance Transfer Amount
Minimum 5000
On Axis's secure website
Annual Fee
Various cards with different charges provide this facility
Interest Rate
1% per month
Balance Transfer Amount
Minimum 5000
Why We Picked It
Axis Bank’s credit card balance transfer works on reducing the balance method. The interest rate starts at 1% per month, providing affordability for the cardholders. Cardholders have the flexibility to choose from multiple tenure options, aligning with their repayment preferences and financial capabilities. The balance transfer incurs a processing fee of 1.5%, with a minimum charge of 250 rupees, ensuring a reasonable cost for the service. The minimum amount eligible for transfer is 5,000 rupees, offering flexibility in choosing the transferred sum.
Axis Bank provides two tenure options—three months and six months. The three-month tenure attracts no interest, while the six-month tenure involves interest accrual. This feature allows customers to select the most suitable option based on their financial strategy and repayment capability.
FEATURED PARTNER OFFER
ICICI Balance Transfer Credit Card
3.0
Our ratings take into account a product's cost, features, ease of use, customer service and other category-specific attributes. All ratings are determined solely by our editorial team.
Annual Fee
INR 500 + GST from the second year onwards
Interest Rate
Will be revealed depending on the case
Balance Transfer Amount
INR 15,000 – INR 3 lakh
On ICICI's secure website
Annual Fee
INR 500 + GST from the second year onwards
Interest Rate
Will be revealed depending on the case
Balance Transfer Amount
INR 15,000 – INR 3 lakh
Why We Picked It
The ICICI Balance Transfer Credit Card offers a smart solution for individuals looking to save on interest payments to other banks. With the flexibility to transfer balances up to INR 3 lakh, this card comes with attractive interest rates, making it a cost-effective choice for managing outstanding dues. The convenience is further enhanced with the option to repay in 3 or 6-month installments, providing users with financial flexibility. What sets this card apart is the hassle-free process, as it requires no documentation, streamlining the balance transfer experience for cardholders. The ICICI Bank Platinum Chip Credit Card offers a 0% introductory APR for 6 months on balance transfers . The card has no annual fee for the first year, and an annual fee of INR 500 + GST from the second year onwards. However, the annual fee is waived off if you have spent more than INR 1,50,000 in the previous year.
Forbes Advisor Ratings
| Company | Company – Logo | Forbes Advisor Rating | Forbes Advisor Rating | Annual Fee | Interest Rate | Balance Transfer Amount | Learn More CTA text | Learn more CTA below text | View more |
|---|---|---|---|---|---|---|---|---|---|
| SBI’s Balance Transfer for Credit Card |  | 4.0 |  | Various cards with different charges provide this facility | 0% interest rate for a total of 60 days | 75% of your existing credit limit | View More | ||
| Standard Chartered Balance Transfer Credit Card |  | 3.8 | | INR 250 | 0.99% per month for the initial 6 months | INR 5 lakh | View More | ||
| HDFC Bank’s Balance Transfer for Credit Card |  | 3.5 |  | Various cards with different charges provide this facility | 1.1% per month | Differs on individual’s history | View More | ||
| HSBC’s Balance Transfer for Credit Card |  | 3.4 | | Various cards with different charges provide this facility | 1% to 1.33% per month | INR 3000 | View More | ||
| Axis Bank’s Balance Transfer for Credit Card |  | 3.4 | | Various cards with different charges provide this facility | 1% per month | Minimum 5000 | View More | ||
| ICICI Balance Transfer Credit Card |  | 3.0 |  | INR 500 + GST from the second year onwards | Will be revealed depending on the case | INR 15,000 – INR 3 lakh | View More |
Featured Partners
1
SBI Cashback Credit Card
Annual Fees
INR 999 + 18% GST (Renewal Fee Waived on INR 2 Lakh annual spend)
Features
5% Cashback on online* spends with no merchant restrictions
Additional Benefits
1% Cashback on offline* spends, 1% Fuel Surcharge Waiver at all petrol pumps in India
On SBI’s secure website
2
Axis Bank Ace Credit Card
Annual Fee
INR 499 waived off on annual spend of INR 2,00,000
Benefits
5% cashback on bill payments, 4 complimentary lounge visits per year
Other Benefits
1% fuel surcharge waiver at all fuel stations
On Axis’s secure website
3
SBI SimplyCLICK Card
Annual Fees
INR 499 + GST (Renewal Fee Waived on INR 1 Lakh annual spend)
Welcome benefit
Get Amazon gift card worth INR 500
Additional benefits
10X Reward Points on online spends, 1% fuel surcharge waiver and INR 2000 e-Vouchers for spends of INR 1 lakh+
On SBI’ secure website
Methodology:
Finding the best balance transfer credit cards involves a thorough evaluation process to ensure that our readers receive valuable and reliable information. Our methodology includes the following steps:
Research and Analysis: We conduct research on various credit cards available in the market that offer balance transfer facilities. This includes studying the terms, conditions, and benefits provided by each card.
Comparison of Features: We compare features such as introductory APR, balance transfer fees, annual fees, rewards programs, and additional perks offered by each credit card. This comprehensive analysis helps identify the standout features of each card.
User Reviews: We consider user reviews and feedback to understand the practical experiences of individuals who have used these credit cards. Real-world experiences provide insights into the pros and cons of each card.
Expert Opinions: We consult financial experts and industry professionals to gain valuable insights into the credit card landscape. Expert opinions help us evaluate the overall value and reliability of each card.
Terms and Conditions Examination: We carefully review the terms and conditions of each credit card to uncover any hidden fees or unfavorable terms. Transparency and clarity in the terms contribute to the overall assessment.
Current Market Trends: We stay updated on the latest market trends and changes in credit card offerings. This ensures that our recommendations reflect the current competitive landscape.
Consideration of Reader Needs: We take into account the diverse needs of our readers, considering factors such as credit scores, financial goals, and spending habits. Our goal is to recommend cards that cater to a broad range of reader profiles.
Read More: Best Credit Card in India
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