The smart use of credit card is really important to deal with mounting debt. Because of your other financial liabilities, it is not really feasible to make all the payments in one go and clear the long outstanding amounts every time. This situation becomes more worrisome when non-payments and delayed payments increase and you end up paying just the minimum amount of your credit card each month. It increases the outstanding amount along with higher rate of interest. In such a situation the best solution is to close that debt as soon as possible with your savings. If you don’t have enough funds for paying off your pending credit card debt, in such situation balance transfer from other bank will work as a saviour. There are many banks which offer 0% interest balance transfer. This repayment option is used by people across the world and mostly in western countries.
Balance transfer is always a smart choice when you have another card with 0% interest balance transfer or with lower interest rates. This way you will save enough money on interest outgo. While making balance transfer these cards also offer free credit days from 30 to 90 days. The number of days may vary from bank to bank. These free days give you option to arrange funds and pay your debt without paying any interest or if you will not pay the whole amount convert it into easy EMIs. It will give you breathing space and ease your financial burden. Below is the list of banks which charge 0% interest on balance transfer.
|Credit Card Name||Interest rate on balance transfer||Interest free date||Minimum transfer amount|
|SBI Spice Jet Card||0%||60 days 0% p.m., < 6 months 1.7% p.m.||Rs. 5,000|
|Yatra SBI Card||0%||60 days 0% p.m., < 6 months 1.7% p.m.||Rs. 5,000|
|Tata Titanium Card||0%||60 days 0% p.m., < 6 months 1.7% p.m.||Rs. 5,000|
|Axis Bank Insta Easy Credit Card||0%||<= 3 months 0%, > 3 months 1.95%|
<= 6 months 0.75%, < 6 months 1.95%
|Axis Bank Signature/Wealth Credit Card||0%||<= 3 months 0%, > 3 months 2.95%|
<= 6 months 0.75%, < 6 months 2.95%
|SBI Signature Card||0%||60 days 0% p.m., < 6 months 1.7% p.m.|
|SBI Platinum Card||0%||60 days 0% p.m., < 6 months 1.7% p.m.||Rs. 5,000|
|SBI Gold & More Card||0%||60 days 0% p.m., < 6 months 1.7% p.m.||Rs. 5,000|
(Updated on:21st October,2016)