SBI Credit Cards Interest Rate

You can use a credit card from SBI Card without paying any interest provided you fully settle the total due amount by the due date. A monthly rate of up to 3.5% applies only to outstanding dues and cash withdrawals. You get an interest-free period of up to 50 days to pay your credit card bill. To avoid interest charges, pay your total dues as per the payment due date. Make sure that no balance is carried over to the next cycle. READ MORE

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Interest Rates on Credit Cards from SBI Card

SBI Card charges interest on the unpaid balance or when you pay only the minimum amount due for the month. Interest also applies to ATM cash withdrawals.

Here, you can check out the monthly and annual interest rates of credit cards from this issuer available on Bajaj Markets.

Credit Card	Monthly Interest	Annual Interest
SimplySAVE SBI Card	3.5%	42%
SimplyCLICK SBI Card	3.5%	42%
SBI Card PULSE	3.5%	42%
SBI Card PRIME	3.5%	42%
SBI Card ELITE	3.5%	42%
Lifestyle Home Centre SBI Card	3.5%	42%
Max SBI Card SELECT	3.5%	42%
BPCL SBI Card OCTANE	3.5%	42%
BPCL SBI Card	3.5%	42%
IRCTC RuPay SBI Card	3.5%	42%

Note: These rates may change as per updates in the issuer’s policies.

Instances When Interest Applies to SBI Card Credit Cards

Having a clear understanding of when you need to pay interest can help you use your credit card better. The good news is that you will be able to use your card without interest if you settle your total amount due before the interest-free period expires.

Here are instances that attract interest:

When you do not fully settle the total amount due by the due date
When you only pay the minimum amount due by the due date
Each new transaction until the overdue amount is fully paid

When you withdraw cash from an ATM, interest will apply from the time of taking the advance until full repayment

When you transfer the balance from other credit cards in your SBI Card account and the interest-free period becomes invalid

How to Calculate Interest on the Overdue Balance of Credit Cards from SBI Card

Knowing the interest you are liable to pay lets you arrange funds for repayment in advance. Take a look at how interest is charged on SBI Card credit cards:

Particulars	Applicable Dates
Statement Cycle	2nd to 1st of each month
Statement Generation Date	2nd of each month
Payment Due Date	22nd of each month
Monthly Interest Rate	3.5%

Cycle 1: 3rd March to 2nd April
Purchases made on 15th March	Annual Fee + GST	Total Amount Due (TAD)	Minimum Amount Due (MAD) paid on 22nd April
₹6,000	₹500 + ₹90	₹6,590	₹890

Since only the MAD has been paid, interest will accrue as per the following:

On the balance of ₹6,000 from 15th March to 22nd April: (3.5*12)(38*365)*6,000/100 = ₹262.36
On the balance of ₹5,700 (₹6,590 - ₹890) from 22nd April to 2nd May: (3.5*12)(11*365)*5,700/100 = ₹72.14
Total interest = ₹334.50

Note: This example is for illustrative purposes only. Please refer to the MITC document for a detailed understanding of how interest is calculated on credit cards from this issuer.

SBI Credit Card Other Charges

Apart from the SBI Card credit card interest rate, there may be other fees and charges that apply. These are related to the use of certain facilities like withdrawing cash or transacting with the card outside India.

Here is a list of the other charges that apply to credit cards from this issuer:

Fee Type	General Range
Cash Withdrawal Fee	2.5% of the amount, subject to a minimum of ₹500
Over-limit Penalty	2.50% of the amount, subject to a minimum of ₹600
Foreign Transaction Fee	1.99% to 3.50% of the transaction amount
EMI Conversion Fee	1% up to ₹2,000
Late Payment Fee	Up to ₹1,300, depending on the unpaid amount

Note: A GST of 18% is applicable on all the charges mentioned above.

Disclaimer: These fees and charges are also subject to change at the discretion of the issuer. Before applying, check the issuer’s Most Important Terms and Conditions (MITC) document to verify.

How to Avoid Paying Interest on SBI Card Credit Cards

When you need to pay interest, make every effort to repay the overdue amount as soon as possible. This will help keep the accumulating interest from growing. The best way to avoid paying interest is to develop healthy credit habits.

Some of these include:

Not postponing bill payments beyond the due date and grace period
Planning to pay bills before the due date by tracking usage and allocating funds
Settling the total amount due every time instead of only the minimum amount due
Choosing a billing cycle to coincide with your earnings or salary credits
Reserving use of the cash advance facility for emergencies
Automating credit card bill payments to never miss the payment due date

Disclaimer

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.