SBI Credit Card Charges | Updated Fees & Features

Key Takeaways
 

• SBI Credit Card charges annual fees ranging from ₹0 to ₹9,999.
   
• Late payment fees vary from ₹400 to ₹1,300 based on the outstanding amount.
   
• Cash withdrawals attract a 2.5% or ₹500 fee, whichever is higher.
   

Credit cards offer convenient payment options but come with various charges. 

Aayush recently got his first SBI Credit Card for shopping needs. He spent ₹15,000 in his first month using the card. Aayush forgot to pay his minimum due amount on time. The bank charged him ₹750 as a late payment fee. He also paid ₹500 for a cash withdrawal from an ATM. Aayush realised he didn't understand all the card charges properly. This blog explains all SBI Credit Card charges in detail. 

Understanding these fees helps cardholders like Aayush manage expenses better. 

This blog covers annual fees, interest rates, and other transaction charges. Read on to learn about all applicable SBI Credit Card fees.

SBI Credit Card Joining and Annual Charges

SBI Credit Card holders must pay annual and renewal fees. These charges vary depending on the specific card variant chosen.

Fee Structure Details: The annual fee ranges from ₹0 to ₹9,999 maximum. Renewal fees also range from ₹0 to ₹9,999 yearly. Different SBI Credit Card types have different fee structures applicable.

Waiver Benefits Available: Some cards offer fee waivers based on annual spending targets. The AURUM card waives fees on 12,00,000 annual spends. ELITE cards waive fees on 10,00,000 annual spending limits.

Go to https://www.sbicard.com/en/most-important-terms-and-conditions.page  to know more about the joining and annual charges of the SBI Credit Card.

SBI Credit Card Interest Rate Charges

SBI Credit Card charges interest on unpaid balances monthly. Finance charges apply to all transactions and cash advances taken.

Current Interest Rate: The finance charge rate is up to 3.75% per month. This equals 45% per annum on outstanding balances due.

When Charges Apply: Interest applies when cardholders don't pay the full amount due. Finance charges start from the transaction date for unpaid amounts.

Payment Terms: SBI Credit Card levies charges on closing balances till payment. Minimum finance charge is ₹25 per transaction, excluding taxes.

Finance charges vary based on outstanding balance and payment behaviour. Paying the full amount due helps avoid these interest charges.

SBI Credit Card Cash Withdrawal Charges

SBI Credit Card allows cash withdrawals from domestic and international ATMs. Cardholders can access cash during emergencies from any ATM facility.

Transaction Fee Structure: Domestic ATMs charge 2.5% or ₹500, whichever is higher. International ATMs also charge 2.5% or ₹500, whichever is higher.

Billing and Payment: The transaction fee appears on the cardholder's next monthly statement. SBI Credit Card charges finance charges on all cash advances taken.

Additional Charges: Finance charges apply from the withdrawal date until full payment. These charges equal the revolving credit interest rates currently applicable.

Cash withdrawal fees depend on the ATM location used. All charges are subject to change at the bank's discretion.

SBI Credit Card Late Payment Charges

SBI Credit Card charges late payment fees for unpaid minimum amounts. These charges apply when cardholders miss the payment due date.

Additional Penalty Charges: An extra ₹100 charge applies for consecutive payment misses. This additional fee continues until the minimum amount is paid. SBI Credit Card levies this charge for every missed payment cycle.

Late payment charges depend on the total outstanding amount due. Paying the minimum amount due on time avoids these penalty charges.

Bonus Tip: The interest-free credit period is usually between 20 and 50 days, depending on when the merchant submits their claim.

SBI Credit Card Overlimit Charges

SBI Credit Card may approve transactions exceeding the assigned credit limit. This facility depends on internal policy and customer profile eligibility.

Overlimit Fee Structure: The overlimit fee is 2.5% of the excess amount used. Alternatively, ₹600 is charged, whichever amount is higher here. SBI Credit Card levies this fee only once per billing cycle.

Important Conditions: Cardholder consent automatically enables overlimit facility on all linked cards. The overlimit facility applies to all cards under the account. Overlimit fees cannot be reversed for transaction reversal or cancellation.

How It Works: The bank approves overlimit transactions based on customer consent given. Outstanding amounts exceeding credit limits trigger the overlimit fee charges.

Overlimit charges apply when cardholders exceed their assigned credit limits. The fee is charged once per billing cycle only.

SBI Credit Card Other Charges

SBI Credit Card applies various other charges for specific services requested. These charges cover rewards redemption, card replacement, and payment processing fees.

Rewards Redemption Fee: Physical product redemption costs ₹99 for all cardholders. Statement fee credit applies only to vouchers sent physically specified. AURUM cardholders get an exemption from redemption fees for products.

Card Replacement Charges: Lost or damaged card replacement costs ₹100 to ₹250. AURUM card replacement fee is ₹1,500 for new cards.

Payment Processing Fees: Cheque payment processing attracts a ₹200 fee per transaction made. Rent payment transactions cost ₹199 as a processing fee charged. These fees are non-reversible even for transaction reversals or cancellations.

Foreign Currency Transaction Fee: SBI Credit Card charges 1.99% to 3.5% on foreign currency transactions. The fee varies depending on the specific card variant held. Exchange rates are determined by VISA or Mastercard network systems.

Utility Payment Charges: Utility payments above ₹50,000 attract 1% fee per cycle. This charge applies from 1st December 2024 onwards for payments.

Click here to read about the charges related to the SBI Credit Card. 

Multiple service charges apply based on the transaction type selected. All fees are subject to change at the bank's discretion.

Conclusion

SBI Credit Card charges cover annual fees, interest rates, and transaction fees. Knowing about these charges can help you manage your card better. Make sure to pay your bills on time to avoid late fees. Check all fees before using your SBI Credit Card.

FAQs

What is Minimum Amount Due (MAD)?

This is the least amount you need to pay to avoid late fees or having your card blocked. It is usually 5% of your outstanding amount, plus any taxes, active EMIs, and any fees or penalties.

What will happen if I over-utilise the limit on my SBI credit card?

If you spend more than your credit limit, you may be charged an over-limit fee, or your card could be blocked. To unblock your card, pay a little more than the amount you went over.

I upgraded my SBI credit card. What happens to my limit and reward points?

Your liYour credit limit usually stays the same unless SBI increases it during your upgrade. All your reward points from your previous card will move to your new card. You can start using the new benefits once you receive and use your upgraded card.

Does SBI provide loans against my credit card?

Yes, SBI can offer loans to cardholders through the Encash facility. Depending on the loan type, you may get funds within or above your credit limit. 

How can I redeem my reward points that I have earned on my SBI credit card?

You can redeem your points using the SBI Card app or website for vouchers, merchandise, travel bookings, or statement credit, depending on your card type. Some redemptions require a minimum number of points, and a small processing fee may apply.

Apply for Loans Fast and Hassle-Free

Apply Now

About the Author

LoansJagat Team

‘Simplify Finance for Everyone.’ This is the common goal of our team, as we try to explain any topic with relatable examples. From personal to business finance, managing EMIs to becoming debt-free, we do extensive research on each and every parameter, so you don’t have to. Scroll up and have a look at what 15+ years of experience in the BFSI sector looks like.