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Balance transfer?
- Thread starter cardex
- Start date
- Replies 14
- Views 2K
saurabhduasd
TF Select
BT interest starts from day 1 as soon as BT transfer is done , at very high interest rate as far as I know
Never ever go for it , big trap
Never ever go for it , big trap
cardex
TF Premier
Wahi puch Raha hu, how is this offer, good or bad?
saurabhduasd
TF Select
I won't go for it unless it's a dire need , more from a personal standpoint since BT can develop into a habit , just like EMI options. No harm looks in a one off BT if you are disciplined enough
Piyush_Jaiswal
TF Legend
Just stay away from it. It may offer 0 interest but may have some processing fee involved. It will also reduce your chances of getting limit increase in future.
The most important part:
Source: https://www.sbicard.com/en/tnc.page#terms#balance-transfer
The most important part:
4. It is clarified herein that for and on all subsequent purchases, whether made in retail and/or cash and other outstanding balances, the applicable finance charge of up to 3.5% p.m. (42% p.a.) for Unsecured card, 2.75% p.m. (33% p.a.) for Secured card and 2.75% p.m. (33% p.a.) for Shaurya card shall be levied, and all such levying of applicable finance charge be made applicable from the date of purchase itself and shall accordingly cover all card holders who may have BT amount in their card account. Furthermore, it is clarified that for and up to 50 days, interest free period is not valid on any retail purchases or otherwise for those cardholders who may have a BT amount in their account.
Source: https://www.sbicard.com/en/tnc.page#terms#balance-transfer
You have to pay in full unless you opt for Balance Transfer on EMI which has high interest rate involved.
Piyush_Jaiswal
TF Legend
If you have trouble understanding the terms, it says that if you purchase anything after BT, it will attract interest of 42% pa from the day of purchase itself. The 50 days interest free period will not be applicable if you have any active BT on your card.
cardex
TF Premier
assuming I don't have any running BT, EMI or no pre or purchases post BTI transfer, now how do I pay the BT , 60 days tenure? On bill date full or partial and clear the BT on next bill date? Will that attract any interest?
Piyush_Jaiswal
TF Legend
Why are you so obsessed with BT. It has processing charge of 2% + gst and lot of other negative aspects involved. There must be some reason why everyone in the community is advising you to stay away.
- During the Balance Transfer term, the balance transferred will also be included for computing the Minimum Amount Due (MAD or Minimum Amount Due is currently 5% of the total amount outstanding), as mentioned in credit card statement of SBICPSL Card made available to SBI Card account holder.
- In case of BT total due amount not been paid within the tenure period from the date of booking, total due on card will attract normal late payment fees and a maximum credit charge of 3.5% p.m. (42% p.a.) for Unsecured card, 2.75% p.m. (33% p.a.) for Secured card and 2.75% p.m. (33% p.a.) for Shaurya card on the unpaid monthly repayment amounts.
