Sbi Credit Card Late Payment Charges

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SBI Credit Card Interest Charges

If SBI credit card holders fail to pay their entire credit card bill by the due date, they will be subject to a finance charge, which is also referred to as the interest rate. This interest rate is applicable in certain situations.

SBI credit card late payment charges are applicable in various situations. These include fees on cash withdrawals made using the credit card, charges on any remaining balance carried forward to the next billing cycle after making a partial bill payment, and penalties for missing credit card bill payments.

The interest rate applied to certain SBI credit cards is as stated below.

– SBI Credit Card:

– Interest Rate: Varies depending on the specific credit card.

– SBI PRIME Credit Card:

– Monthly interest rate: 3.50% (Annual interest rate: 42%).

– SBI Cashback Credit Card:

– Monthly interest rate: 3.50% (Annual interest rate: 42%).

– Shaurya SBI Card:

– Monthly interest rate: 2.75% (Annual interest rate: 33%).

– Yatra SBI Credit Card:

– Monthly interest rate: 3.50% (Annual interest rate: 42%).

– SBI SimplyCLICK Credit Card:

– Monthly interest rate: 3.50% (Annual interest rate: 42%).

– SBI SimplySAVE Credit Card:

– Monthly interest rate :3.50%( Annual Interest Rate :42%).

SBI Card offers an interest-free period of 20 to 50 days to its users. This period is calculated between the last statement generation date to the current due date. During this period, no interest is charged on any of the purchases. Please note that the two most important things related to SBI credit card interest-free period:

The interest-free period does not apply if you have transferred your unpaid balance from the previous billing cycle to the current one. Additionally, cash withdrawals are not eligible for the interest-free period.

How does SBI calculate the interest rate for credit card payments?

The credit card interest rate is calculated by considering multiple things, such as transaction date, total amount due, transaction amount, amount due date and much more. To understand it clearly, here’s a detailed example with assumptions:

– The interest rate on the credit card is 3.50% per month or 42.00% per year.

– A transaction was made on December 1st, with an amount of Rs. 10,000.

– The statement date for this transaction is December 6th.

– The total amount due on the statement is Rs. 10,000.

– The due date to pay this amount is December 26th.

– The next statement will be generated on January 6th.

If the SBI Credit Card holder pays only half of the amount, for example Rs. 5,000, on 21st December and does not make any further transactions until the next statement is generated on 6th January, then the interest charged by SBI Credit Card will be calculated as follows:

The interest that the user is required to pay includes two components. Firstly, it encompasses the interest on the entire outstanding amount starting from the day of the transaction until the date of partial payment. Secondly, it also includes interest on the remaining balance from the day after partial payment until the next statement generation date.

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Interest will be charged from the date of the transaction until the date of partial payment.

Interest accrued from the date of making a partial payment until the date when the credit card statement is generated.

SBI Credit Card Charges for Withdrawing Cash

The SBI credit card late payment charges refer to the fees imposed when a credit cardholder fails to make their payment on time. These charges are applied as a penalty for not meeting the due date for repayment.

SBI Credit Card Cash Withdrawal Charges are either 2.5% of the withdrawn cash amount or Rs. 500, whichever is higher. For example, if you withdraw Rs. 10,000, the fee will be Rs. 500 as 2.5% of Rs. 10,000 is only Rs. 250. However, if you withdraw Rs. 22,000, the fee will be Rs. 550 instead of Rs. 500.

Please be aware that apart from the cash withdrawal fee mentioned earlier, there are also finance charges imposed on the withdrawn amount starting from the day of withdrawal.

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SBI Credit Card Yearly Charges

– BPCL SBI Card: The annual fee is Rs. 499, but it can be waived if you spend at least Rs. 50,000 in a year.

– SBI Simply CLICK Credit Card: The annual fee is Rs. 499, but it can be waived if you spend at least Rs. 1 lakh in a year.

– Cashback SBI Card: The annual fee is Rs. 999, but it can be waived if you spend at least Rs. 2 lakh in a year.

– SBI Card Pulse: The annual fee is Rs. 1,499, but it can be waived if you spend at least Rs. 2 lakh in a year.

– SBI Card PRIME: The annual fee is Rs. 2,999, but it can be waived if you spend at least Rs.3 lakh in a year.

– SBI Card ELITE: The annual fee is RS .4 ,999 ,but It Can Be Waived If You Spend At Least RS .10 Lakh In A Year

What is the penalty for late payment on a credit card?

Late Payment Fee: If you fail to pay even the minimum amount due by the specified due date, a late payment fee will be imposed. The late payment fee amounts to 3.99% per month or an annual rate of 47.88%. Additionally, it includes a penalty of 15% of the total amount owed (with a minimum charge of Rs.100 and maximum charge of Rs.1,250).

To avoid incurring unnecessary charges, it is advisable to always pay at least the minimum amount due before or on the specified deadline provided by your credit card company or lender.

For example, if your monthly credit card bill states that your minimum payment is Rs.2,000 and your total outstanding balance is Rs.10,000; ensure that you pay at least Rs.2,000 before or on the given deadline.

Remember, it is crucial to make timely payments and clear your dues in full whenever possible. This will help you avoid unnecessary finance charges and late payment fees, ultimately saving you money in the long run.

SBI Credit Card Charges for Delayed Payments

For SBI ELITE and Aurum credit card variants, a late payment charge of 1.99% of the transaction amount is applicable. However, for all other SBI credit cards excluding ELITE and Aurum, the late payment charge is 3.5% of the transaction amount.

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SBI Credit Card: Interest Rate After Minimum Payment

SBI Card provides its users with an interest-free period ranging from 20 to 50 days. This means that if you make a purchase using your SBI Card, you have a certain number of days before the due date to pay off the amount without incurring any interest charges. The length of this interest-free period is calculated from the date when your last statement was generated until the current due date.

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During this interest-free period, it is important to make timely payments for your purchases. By paying off the full amount within this period, you can avoid paying any additional interest charges on your credit card bill. For example, if you buy something worth Rs. 10,000 using your SBI Card and pay it back within the specified time frame, no extra fees will be added to your bill.

Late Payment Charges for SBI Credit Card

If you fail to pay at least the minimum amount due on your SBI credit card by the deadline, you will be subject to a late payment fee. The fee is determined based on the remaining balance that is owed.

Here are the revised charges for late payment of SBI credit card bills based on the outstanding amount:

– For outstanding amounts up to Rs. 500, there are no late payment charges.

– If the outstanding amount is between Rs. 501 and Rs. 1,000, a fee of Rs. 400 will be charged.

– In case the outstanding amount ranges from Rs. 1,001 to Rs. 10,000, a fee of Rs. 750 will be levied.

– For outstanding amounts between Rs. 10,001 and Rs. 25,000, a fee of Rs. 950 will apply.

– If the outstanding amount falls within the range of Rs. 25,001 to Rs.50 ,000 , a charge ofRs .1100willb e imposed .

– Any outstanding amount exceedingRs .50 ,000 will incura chargeofRs .1300.

Please be aware that SBI Card imposes an extra charge of Rs. 100 if you fail to pay the minimum amount due by the due date for two consecutive billing cycles. This fee will continue to be charged in each cycle until you settle the outstanding minimum amount.

Consequences of not paying the SBI credit card bill

What happens if I do not pay any amount due before the due date? Levy of additional late payment fees, interest and other charges. A possible suspension of your card. Negative effects on your future financial credentials and a negative score at CIBIL.

SBI Credit Card Balance Transfer Charges

When you decide to move the remaining amount from your other credit cards to your SBI credit card, there is a fee known as the SBI credit card balance transfer fee that will be applied. Once the transfer is completed, you have the option to repay the balance either in one full payment or through monthly installments (EMIs). The charges for this will vary depending on the duration of EMIs that you select.

Here are the revised details for SBI Credit Card late payment charges in India:

– Duration: 60 days

– Processing Fee: Either 2% of the outstanding amount or Rs. 199, whichever is higher

– Interest Rate: No interest charged per month

– Duration: 180 days

– Processing Fee: None (Nil)

– Interest Rate: Monthly interest rate of 1.7% (equivalent to an annual interest rate of 20.40%)

Consequences of paying my credit card bill 2 days after the due date

If you make a payment for your bill after the due date, you will be required to pay a late fee. This fee will be added to your next credit card bill by the bank. The Reserve Bank of India (RBI) has recently issued a directive to banks stating that they should only charge a late fee if the payment is overdue by more than three days.

To avoid paying late fees, it is important to make timely payments for your bills. It is advisable to set reminders or alerts on your phone or computer so that you do not forget about upcoming due dates. You can also consider setting up automatic payments through your bank account, which ensures that bills are paid on time without any manual effort.

Another useful tip is to prioritize bill payments and allocate sufficient funds in advance. By planning ahead and budgeting properly, you can ensure that there are no financial constraints when it comes time to pay your bills. Additionally, keeping track of all your expenses and income can help you stay organized and avoid missing any due dates.

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In case you anticipate difficulties in making timely payments for any reason, such as unexpected expenses or cash flow issues, it is recommended to contact the respective service provider or creditor as soon as possible. They may be able to offer alternative payment arrangements or provide guidance on how best to manage the situation.

Remember, paying bills on time not only helps maintain good financial standing but also avoids unnecessary charges like late fees. By being proactive and responsible with bill payments, you can effectively manage your finances and avoid any potential penalties imposed by banks or other institutions.

SBI Credit Card Penalty for Exceeding Limit

Here are the revised fees for SBI credit card late payments:

– Additional card fees: No charges apply.

– Minimum finance charges: A minimum of Rs. 25 will be levied.

– Cash payment fees: A fee of Rs. 250 plus taxes will be applicable.

– Payment dishonor fees: Either 2% of the payment amount or a minimum of Rs. 500, whichever is higher, will be charged.

– Card replacement fee: The fee ranges from Rs.100 to Rs.250 (Aurum Card replacement costs Rs.1,500).

– Cheque payment fee: There is a flat charge of Rs.100 for cheque payments.

– Rewards redemption fee: For gifts, statement credits, and selected vouchers, there is a redemption fee of Rs.99.

– Rent payment transaction processing fee: A processing fee of Rs.199 applies when making rent payments with your credit card.

If the entire bill is settled, will there be any charges for financing?

No, late payment charges are only applicable if you fail to pay your bills or withdraw cash.

What are the consequences of exceeding the credit limit on my SBI credit card?

If you exceed the credit limit on your SBI credit card, you will be subject to additional charges or may have your card blocked. To remove the block on your card, simply make a payment that exceeds the amount by which you exceeded the limit.

The charges for late payment on SBI credit cards are clearly mentioned in the Most Important Terms & Conditions (MITC) Document provided by the card issuers. It is important for customers to carefully go through this document to have a clear understanding of the charges applicable to their SBI Credit Card.

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Consequences of a 1-day late credit card payment

You could be charged a late fee. If you pay your credit card bill a single day after the due date, you could be charged a late fee in the range of $25 to $35, which will be reflected on your next billing statement. If you continue to miss the due date, you can incur additional late fees.

Can I pay my credit card 3 days late?

– Late or missed payments can affect your credit reports and scores.

– The impact of a late payment may not be reflected on your credit reports immediately.

– Typically, late payments are reported after a period of 30 days from the due date.

– Even if not yet reported, you may still incur late fees for missing the payment deadline.

Does a credit card have a 3-day grace period?

2. The bank can report this late payment status to credit bureaus.

3. You may also face penalties imposed by the bank for not paying on time.

Remembering these guidelines will help ensure that you manage your SBI Credit Card responsibly and maintain a good financial standing with both SBI and other lenders in India.

Can a delayed payment by one day impact the CIBIL score?

A single instance of missing a payment can have negative consequences on your CIBIL score, which in turn can lower your creditworthiness. It is important to be aware of the potential impact and take necessary steps to avoid late payments.