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SBI Credit Card Interest Rates
SBI charges a certain interest rate to customers using their credit cards. This interest rate can vary from person to person depending on their age, income, credit score, etc. The interest is charged only when the customer doesn’t pay the outstanding amount before the due date. Let’s take a look at the interest rate charged by SBI on credit cards offered by them.About SBI Credit Card Interest Rates
- SBI Credit Cards and Interest Rates Charged
- SBI Credit Cards Interest-Free Grace Period
- SBI Credit Card Transactions That Attract Interest Charges
- How is SBI Credit Card Interest Rate Calculated?
- Fees and interest charges for SBI Credit Cards
- SBI Credit Cards with Low Fees
- FAQs Of SBI Credit Card Interest Rates
SBI Credit Cards and Interest Rates Charged
SBI Credit Card | Interest Rate |
|---|---|
3.50% p.m. (42% p.a.) | |
3.50% p.m. (42% p.a.) | |
3.50% p.m. (42% p.a.) | |
SBI Cashback Credit Card | 3.50% p.m. (42% p.a.) |
3.50% p.m. (42% p.a.) | |
3.35% per month / 40.2% per year | |
Shaurya SBI Card | 2.75% p.m. (33% p.a.) |
SBI IRCTC RuPay Credit Card | 3.35% per month / 40.2% per year |
3.35% per month / 40.2% per year |
SBI Credit Cards Interest-Free Grace Period
The length of the interest-free credit period could be anything between 20 and 50 days, depending on the merchant's filing of claims. This means that no interest will be charged on your outstanding amount from the statement date to the next 20 to 50 days. This, however, does not apply if the prior month's amount was not fully paid off or if the cardholder used an ATM to withdraw cash.
SBI Credit Card Transactions That Attract Interest Charges
The interest charges on your SBI credit card won't be imposed if you pay the total amount due (TAD) before the deadline. Let's look at the situations where SBI credit card transactions are subject to finance charges.1. When a customer of an SBI credit card decides not to pay the entire amount owed by the due date
2. When an SBI credit cardholder decides to pay only the minimum amount due and carry over some of the remaining balance to the following billing cycle.
3. When a customer of an SBI credit card uses the cash advance option or makes a cash withdrawal
How is SBI Credit Card Interest Rate Calculated?
The SBI Credit Card interest rate is calculated on the outstanding amount as of the payment due date. Below is the formula to calculate the interest amount –
[(Total number of days overdue x transaction amount x 3.35% per month x 12 months) x number of days] ÷ 365 days
Here –
The total number of days overdue is – the number of days passed since the due date
3.35% - the monthly interest rate
Number of days – number of days in that month
Fees and interest charges for SBI Credit Cards
Type of fee | Fee |
|---|---|
Cash Advance Fee | 2.5% or Rs.500, whichever is higher |
Cash Payment Fee | Rs. 250 + Taxes |
Interest-free grace period | 20-50 days |
Finance charges | 3.5% monthly (42% annually) |
Late payment charges | NIL for outstanding between 0-500 Rs. 400 for outstanding between Rs. 500 to Rs.1,000 Rs. 750 for outstanding between Rs. 1,000 to Rs.10,000 Rs. 950 for outstanding between Rs. 10,000 to Rs.25,000 Rs. 1100 for outstanding between Rs. 25,000 to Rs.50,000 Rs. 1300 for mount due more than Rs.50,000 |
Payment Dishonor fee | 2% of the payment amount subject to a minimum of Rs. 500 |
Rewards Redemption Fee | Rs.99 |
Card Replacement fee | Rs.100 to Rs.250 |
Credit Limit increase fee | Rs.200 |
Network change fee | Rs.200 |
Cheque payment fee | Rs.100 |
Foreign currency transaction fee | 3.50% |
Processing fee | Rs.99 |
SBI Credit Cards with Low Fees
Reward Cards | Joining fee | Annual fee | Welcome gift | Rewards | Fuel surcharge waiver | Exclusive benefits |
|---|---|---|---|---|---|---|
Aditya Birla SBI card | Rs. 499 | Rs. 499 | 2000 reward points | 10 points on Rs. 100 | 1%, max Rs. 100 | Exclusive reward points on Aditya Birla stores |
Apollo SBI Card | Rs. 499 | Rs. 499 | 500 reward points, complimentary Apollo Gold membership | 2X points on every Rs.100 | 1%, max Rs. 100 | 3X reward points on Apollo services, 10% discount at Apollo services. |
Paytm SBI card | Rs. 499 | Rs. 499 | Benefits up to Rs. 75,000 with Paytm First Membership | Cashback benefits | 1%, max Rs. 100 | Complimentary Cyber Fraud Insurance cover worth Rs. 1 lakh |
Shopping | ||||||
FabIndia SBI card | Rs. 499 | Rs. 499 | Fab India vouchers worth Rs. 500, access to FabFamily Membership | 2 reward points for every Rs. 100 | 1%, max Rs. 100 | Annual fee waiver on spending Rs. 1 lakh annually |
SimplyCLICK SBI card | Rs. 499 + taxes | Rs. 499 + taxes | Amazon gift card worth Rs. 500. | 5X on online spends | 1%, max Rs. 100 | 10X reward points on online spending with Amazon, BookMyShow, Netmeds, etc. |
SimplySAVE Advantage SBI card | Rs. 499 | Rs. 499 | Amazon gift card worth Rs. 500. | 5X on online spends | 1%, max Rs. 100 | 10X reward points on online spending with Amazon, BookMyShow, Netmeds, etc. |
Shaurya SBI Card | NIL | Rs. 1,499 | - | 10 reward points per Rs. 100 | 1%, max Rs. 100 | Complimentary insurance cover worth Rs. 10 lakhs, attractive milestone rewards |
Travel and Fuel Cards | ||||||
IRCTC SBI Card (on RuPay Platform) | Rs.500 + taxes | Rs.300 | Rs. 350 activation bonus on transaction of Rs. 500 | 1 reward point on Rs. 125 spent on non-fuel purchases | 1%, max Rs. 100 | Travel offers from IRCTC |
BPCL SBI card | Rs. 499 | Rs. 499 | Rs.500 as a welcome gift | 5X reward points on every Rs. 100 | 1%, max Rs. 100 | Fuel freedom benefits - 13X reward points |
Yatra SBI Card | Rs. 499 + taxes | Rs. 499 + taxes | Yatra.com vouchers worth Rs. 8,250 | 6 reward points for every Rs. 100 | 1%, max Rs. 100 | Complimentary air accident cover worth Rs. 50 lakhs |
Delhi Metro SBI card | Rs. 499 | Rs. 499 | Metro cash worth Rs. 50 | Speedy reward points on spending n dining, movies, grocery | 1%, max Rs. 100 | Auto top-up of Rs. 200 as the balance reaches Rs. 100 |
IRCTC SBI Platinum card | Rs.500 + taxes | Rs.300 | Rs.350 activation bonus reward points on spending Rs.500 | 1 reward point on Rs. 125 spent on non-fuel purchases | 1%, max Rs. 100 | 4 complimentary railway lounge access, travel offers from IRCTC |
Banking | ||||||
UCO bank SimplySAVE Credit card | Rs. 499 + taxes | Rs.499 | Rs. 100 cashback on the first ATM withdrawal | 10X reward points per Rs. 150 on dining, movies, grocery | 1%, max Rs. 100 | Annual membership reversal on spending Rs. 1 lakh |
Central Bank of India SimplySAVE credit card | Rs.499+ taxes | Rs.499+ taxes | Avail of Rs. 100 cashback on the first ATM withdrawal, enjoy 2000 bonus points on spending Rs.2,000 in the first 2 months. | 10X reward points per Rs. 150 on dining, movies, grocery | 1%, max Rs. 100 | Annual membership reversal on spending Rs. 1 lakh |
Citi Union Bank SimplySAVE SBI card | Rs.499+ taxes | Rs.499+ taxes | Avail of Rs. 100 cashback on the first ATM withdrawal, enjoy 2000 bonus points on spending Rs.2,000 in the first 2 months. | 10X reward points per Rs. 150 on dining, movies, grocery | 1%, max Rs. 100 | Annual membership reversal on spending Rs. 1 lakh |
Allahabad Bank SimplySAVE SBI card | Rs.499+ taxes | Rs.499+ taxes | Avail of Rs. 100 cashback on the first ATM withdrawal, enjoy 2000 bonus points on spending Rs.2,000 in the first 2 months. | 10X reward points per Rs. 150 on dining, movies, grocery | 1%, max Rs. 100 | Annual membership reversal on spending Rs. 1 lakh |
Karnataka Bank SimplySAVE SBI card | Rs.499+ taxes | Rs.499+ taxes | Avail of Rs. 100 cashback on the first ATM withdrawal, enjoy 2000 bonus points on spending Rs.2,000 in the first 2 months | 10X reward points per Rs. 150 on dining, movies, grocery | 1%, max Rs. 100 | Annual membership reversal on spending Rs. 1 lakh |
South Indian Bank SimplySAVE SBI card | Rs.499+ taxes | Rs.499+ taxes | Avail of Rs. 100 cashback on the first ATM withdrawal, enjoy 2000 bonus points on spending Rs.2,000 in the first 2 months. | 10X reward points per Rs. 150 on dining, movies, grocery | 1%, max Rs. 100 | Annual membership reversal on spending Rs. 1 lakh |
Karur Vysya Bank SBI Card | Rs.499 | Rs.499 | Avail of Rs. 100 cashback on the first ATM withdrawal, enjoy 2000 bonus points on spending Rs.2,000 in the first 2 months. | 10X reward points per Rs. 150 on dining, movies, grocery | 1%, max Rs. 100 | Annual membership reversal on spending Rs. 1 lakh |
FAQs Of SBI Credit Card Interest Rates
1. What are the benefits of SBI credit cards?
There are various benefits of SBI credit cards like zero or low joining fees, attractive reward points, contactless transactions, and partnerships, Flexipay facility, etc.
2. What are the types of SBI credit cards available?
SBI credit cards are available in the following categories –
Lifestyle
Reward
Shopping
Travel & Fuel
Banking partnership
Business
3. How many days does it take to get an SBI credit card?
The bank's processing of the application may take up to 21 days after the needed documents are submitted.
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