Using a credit card is like a double-edged sword. It offers many advantages such as convenience, credits, reward points and short-term access to offers. At the same time, improper use of credit cards can lead to serious financial problems. Credit card debt carries the highest interest rates at 30-40% per annum.

Therefore, once you enter the process of debt restructuring, it will be difficult to get out of the situation as all subsequent purchases will also be subject to interest. And the financial hardship is even greater if you carry forward multiple credit cards.

Don’t worry! There is a solution for such problems. There is a credit card balance transfer. Simply put, credit card balance transfer is the process by which multiple or single credit card charges can be transferred from an existing card to a new card.

How does a credit card transfer benefit you? 

The ability to transfer your credit card debt to a new card does not relieve you of your obligation to repay any outstanding balance. You’ll still have to pay any outstanding balances, but you’ll get some benefits for your bankroll.

Savings on Interest Expenses: Credit card balances are typically transferred to a card with a lower interest rate than your existing card. Therefore, saving in the form of interest paid is a great benefit for those stuck with credit card debt. is cumbersome and time consuming. Transferring credit card balances simplifies the process by allowing you to make future payments with a single credit card.

No interest for now: Credit cards that transfer outstanding balances allow a short grace period during which no interest is charged. This will allow you to take a breather and make arrangements for future payments.

Instant transfer of credit card outstanding: The credit card balance transfer happens quite smoothly without involving any delays or excessive documentation subject to you meeting the terms and conditions of the credit card issuer to whom the dues are being transferred.

Important points to be borne in mind while doing a credit card balance transfer 

• Find the card with the lowest transfer fees.
• Choose a credit card you don’t currently have with a lower interest rate than your current credit card.
• Check the terms and conditions of the credit card to which the fee will be transferred
• Please note that only the amount sent is interest-free for a pre-determined period of time. Additional purchases made with the card are treated as normal expenses and must be repaid in due time.

Now that you know what a credit card balance transfer is and its benefits, CreditMantri has laid the groundwork for you to choose the 5 best credit cards with 0% interest on balance transfers. ,It is here:

1. IRCTC SBI Platinum Card 

• Allows two options for Balance Transfer  

Option 1: 60 days balance transfer at 0% interest with a small processing fee of 2% or Rs 199

Option 2: 180 days balance transfer at 1.7% interest p.m. no fees

• Minimum transfer amount of Rs 5000/- and maximum transfer amount of 75% of credit limit
• Unpaid balances on Visa credit cards from other banks can be transferred to SBI cards within 3 business days.
• If your existing card is non-Visa, you’ll receive a check and credit the balance within 5 business days.

Click here to apply now!

Axis Bank Insta Easy Credit Card 

• The balance transfer plan is available at 0% interest for 3 months. After that, an interest rate of 2.95% will apply. calculated. The fee is 2% or Rs 199 (whichever is greater).
• A separate balance transfer plan is also available that charges 0.75% interest for 6 months and then 2.95% p.m. Interest is calculated. The processing fee charged for this is 1% or Rs. 100 (whichever is higher).