Balance transfer?

[cardex]

I see an offer from sbi simply click for BT 60 days at 0% at around 250 charge, how does BT works? Suppose I take BT of 10K will it be billed in next statement and I have to pay full 10k , or I can pay 5k + whatever purchases , then 5k + whatever purchases in next month?

 

[Piyush_Jaiswal]

I see an offer from sbi simply click for BT 60 days at 0% at around 250 charge, how does BT works? Suppose I take BT of 10K will it be billed in next statement and I have to pay full 10k , or I can pay 5k + whatever purchases , then 5k + whatever purchases in next month?

Just stay away from it.

 

[cardex]

Just stay away from it.

kai ku ?

 

[Piyush_Jaiswal]

kai ku ?

It's a trap

 

[cardex]

It's a trap

Are bhai kehna kya chahte ho.

 

[saurabhduasd]

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

 

[cardex]

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

But the offer is 0% interest.

 

[Shubham Yadav]

I see an offer from sbi simply click for BT 60 days at 0% at around 250 charge, how does BT works? Suppose I take BT of 10K will it be billed in next statement and I have to pay full 10k , or I can pay 5k + whatever purchases , then 5k + whatever purchases in next month?

Balance transfer krna h kya ?

 

[cardex]

Balance transfer krna h kya ?

Wahi puch Raha hu, how is this offer, good or bad?

 

[saurabhduasd]

But the offer is 0% interest.

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

 

[cardex]

Now if I take it, tenure 60 days, what that means? Like when do I have to pay, partial or full?

 

[Piyush_Jaiswal]

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:

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

Now if I take it, tenure 60 days, what that means? Like when do I have to pay, partial or full?

You have to pay in full unless you opt for Balance Transfer on EMI which has high interest rate involved.

 

[Piyush_Jaiswal]

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:

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.

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]

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.

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]

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?

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.

The BT Amount will be added in Minimum Due amount of your statement so you have to pay in full, there will be no option to extend the tenure. You have the option to choose the tenure before BT in which you can choose pay in EMI over 6/9/12/18/24 months.