Top 7 best balance transfer credit card in India-Balance transfer credit card is a type of additional feature that is approved on a credit card, Short name BTE on the card, BT Features especially similar to transfer fund from one card to another card you owe,
But hidden features and charges are also out there that a cardholder must know, Although, Making a payment to a credit card, taking an extra Loan on the Credit card base, is often considered a Balance transfer option that you can avail on your credit card,
BTE charges vary from Card to card or bank to bank, these charges are very nominal as compared to other types of interest charges that levy on a credit card, therefore, before opting for this additional Credit card BT feature, You must know how it work and when should you opt balance transfer credit card option
How does Balance transfer credit card work?
Balance Transfer virtually supports payment transfer from one card to another card you carry, for which issuer company provides this as an additional advance feature, that works as a loan from the credit card on EMI, it does mean that Credit card comes with a specific limit of the amount that cardholders use to purchase products and services of their choice, after making a debit transaction of a certain amount deducted from that credit card,
Debit transaction = Credit card total limit – Available Limit / Available Limit = Credit card total limit- Debited amount.
Likewise, Balance transferred amount also consumes the credit card Limit, which reduces the Limit of your credit card, in this case, Available Limit = Total limit – BT Amount
Primarily credit card issuer company that provides BT features charge you a nominal rate of interest by converting the transferred amount into EMI,
List of Top 7 best balance transfer credit card in India
Many Banks offer Balance transfer features on credit cards, including Private and Government Banks, Which Bank credit card you would like to carry is up to your choice, but read this entire article to be aware of all essential information.
HDFC Bank – HDFC Bank credit cardholders can opt the advantage of this feature, please note that Users can avail it physically(AS a DD ) or virtually, To opt it effectively, Cardholders can use their Internet banking, or They can contact Customer care credit card department, During Balance Transfer, Customers have to choose the EMI tenure ranges from a minimum of 3 months to maximum of 36 Months, also note that the lowest interest rate is applicable along with, Balance can be transferred up to 30% of your current available Limit and a minimum of 10 K rupees whichever is applicable,
SBI Bank – SBI Credit cardholders can avail of this facility with the lowest interest rate as low as 1 % monthly. depending on the EMI tenure Ranges start from a minimum of 2 months, to opt for it, they can contact Customer care services, or take the help of Internet banking.