SBI Credit Cards’ Interest Rate

If you are considering getting a credit card from SBI Card, it is important to understand the interest rates. SBI Card offers competitive rates, with finance charges applicable to the credit you borrow or take as a cash advance. 

With an interest-free period of up to 50 days, you have ample time to pay off your total outstanding dues by the due date and avoid any interest charges.

The interest on an SBI Card is charged 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 current SBI Card interest rate per month and per year from this issuer available on Bajaj Markets:

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

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

Apart from the SBI 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 a card outside India. 

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

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

An interest-free period is the grace period where the bank/NBFC does not levy any interest rates on an outstanding credit card balance. As per the terms and conditions of SBI Card, the interest-free period can range from around 20 days to 50 days. 

If you have any outstanding amount from the previous month, the interest-free period is suspended. In terms of cash advances, the interest will be applicable starting from the transaction date till you make the repayment.

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