These credit cards have low balance transfer fees and processing fees.

Balance Transfer Fee: By using credit card properly, you can avail many other benefits along with savings. Most companies offer discounts on credit card purchases. Another special feature of credit card is balance transfer. Using this, you can pay the bill of another credit card in financial crisis. By doing this you avoid paying penalty or excess interest to the bank. Today we are telling you about 4 such credit cards which are best for balance transfer.

Benefits of balance transfer

Balance transfer saves you from paying high interest or penalties on another credit card. If you do not pay your credit card bill on time, banks charge 36 to 48% interest annually. However, many banks also charge fees on balance transfers. Before transferring the balance, keep in mind that to avail this facility you will have to pay a processing fee. Therefore, first find out how much you will save by transferring the balance.

These are the best credit cards for balance transfer

SBI Credit Card

There are two schemes of SBI which provide balance transfer facility. The first plan has a flat processing fee of 2% and a payment tenure of 60 days without any additional interest and the second plan allows you to make payments within 6 months at a monthly interest rate of 1.7%. You can apply online or by calling customer care. Some cards where balance transfer facility is available include SBI Elite, SBI Octane, SBI Club Vistara Card etc.

RBL Bank

You can transfer balance to RBL Bank Credit Card. The cheapest option is the one in which you can opt for repayment within 3 months. For this you will have to pay a processing fee of 2.99%. This facility is available with all RBL credit cards.

Kotak Mahindra Bank

You also get the facility of balance transfer on Kotak Mahindra Bank Credit Card. For this you only have to pay processing fees, but no interest. The maximum transfer allowed is 75% of your credit limit. A fee of ₹349 is charged on the transferred balance amount.

ICICI Bank

You can transfer balance from ICICI Bank to a minimum of ₹15,000 and a maximum of ₹3 lakh. You must already have a credit card to use this facility.