State Bank of India Cards & Payment Services has revised the charges and fees of SBI Credit Card. The new SBI Credit Card charges will be levied with effect from 17 March 2023.
If you’re considering getting an SBI credit card or already have one, it’s important to know the charges associated with it. These charges can vary from year to year, so it’s essential to stay up-to-date.
The processing fee for SBI Credit Card will increase from Rs 99 plus applicable taxes to Rs 199 plus applicable taxes from 17 March 2023. Changes to redemption of voucher and reward points will come into effect from January 2023.
Keep an eye out for any further communications from SBI Cards & Payment Services regarding these changes to ensure that you are well-informed.
Annual Fees and Renewal Charges
One of the most important charges associated with an SBI credit card is the annual fee. The annual fee varies depending on the type of credit card you have, and it may be waived if you spend a certain amount on the card each year.
For example, the annual fee for the SBI SimplyCLICK credit card is ₹499, while the annual fee for the SBI Card PRIME is ₹2,999. In addition to the annual fee, there are also renewal charges.
These are charged when you renew your credit card after the expiry date. The renewal fee for the SBI SimplyCLICK credit card is ₹499, while the renewal fee for the SBI Card PRIME is ₹2,999.
SBI Credit Card Charges 2023
Here is a table of the charges for SBI Credit Card:
| Charge | Amount | Effective Date |
|---|---|---|
| Processing Fee | Rs 199 + applicable taxes | 17 Mar 2023 |
| Redemption of Cleartrip Voucher | Redeemable in a single transaction only; cannot be clubbed with any other offer/voucher | 6 Jan 2023 |
| Reward Points for Online Spends at Amazon.in (SimplyCLICK/SimplyCLICK Advantage SBI Card) | 5X reward points | 1 Jan 2023 |
| Website | https://www.sbicard.com/ |
It’s important to note that the above charges are subject to change and SBI Cards & Payment Services may revise them in the future.
SBI Credit Cardholders should always stay informed about any changes to the charges and fees associated with their credit card to avoid unexpected charges or issues with redeeming rewards.
Finance Charges
If you carry a balance on your credit card, you’ll be charged a finance charge. This charge is calculated as a percentage of the outstanding balance and is typically between 2.5% and 3.35% per month.
The finance charge is subject to change based on the prevailing interest rates in the market. It’s important to note that if you pay your balance in full each month, you won’t be charged any finance charges.
Cash Advance Charges
If you use your credit card to withdraw cash from an ATM, you’ll be charged a cash advance fee. This fee is typically a percentage of the amount withdrawn and can be as high as 3% to 5% of the total amount.
Additionally, there is a finance charge on cash advances, which is typically higher than the finance charge on purchases.
It’s generally not recommended to withdraw cash using your credit card unless it’s an emergency because of the high fees associated with it.
Late Payment Charges
If you miss a payment on your credit card, you’ll be charged a late payment fee. The amount of the fee varies depending on the outstanding balance and can be as high as ₹1,000.
In addition to the late payment fee, you’ll also be charged a finance charge on the outstanding balance. To avoid late payment charges, make sure to pay your credit card bill on time each month.
Over Limit Charges
If you exceed your credit limit on your credit card, you’ll be charged an over-limit fee. The amount of the fee varies depending on the credit card, and it can be as high as ₹500.
Additionally, you’ll also be charged a finance charge on the amount that exceeds your credit limit. To avoid over-limit charges, make sure to monitor your credit card usage and stay within your credit limit.
What is the minimum payment due on an SBI credit card?
The minimum payment due on an SBI credit card is typically 5% of the outstanding balance or ₹200, whichever is higher.
Is there a charge for using an SBI credit card internationally?
Yes, there is a charge for using an SBI credit card internationally. The charge is typically around 3.5%
What are the annual charges of an SBI credit card?
The annual charges of an SBI credit card depend on the type of card you have chosen. However, most cards have an annual fee ranging from Rs. 499 to Rs. 5,000.
Does SBI charge any joining fee for credit cards?
Yes, SBI charges a joining fee for most credit cards. The fee amount varies depending on the card you choose.
What is the late payment fee charged by SBI on credit cards?
The late payment fee charged by SBI on credit cards varies depending on the outstanding balance. It ranges from Rs. 100 to Rs. 950.
Does SBI charge any fee for balance transfer on credit cards?
Yes, SBI charges a balance transfer fee on credit cards. The fee amount varies depending on the type of card you have and the amount of balance transfer.
What is the cash withdrawal fee charged by SBI on credit cards?
SBI charges a cash withdrawal fee on credit cards, which is generally around 2.5% to 3% of the withdrawn amount, subject to a minimum amount of Rs. 300 to Rs. 500.