Credit card is a type of credit facility provided by SBI and other banks. Do you also want to take SBI’s credit card, then you should also keep in mind the terms and conditions of SBI credit card.
A credit card enables you to buy goods and services subject to a credit limit set by the bank. This credit limit is determined by the credit card issuer on the basis of income and credit score.
SBI Credit Card Terms and Conditions
India’s largest bank SBI provides credit card facility to its customers. You can get different types of credit card from SBI branch as per your requirement but for this you must first know the terms and conditions of SBI credit card.
- Any existing customer of SBI can apply for SBI Credit Card.
- Annual and renewal charges are applicable on SBI credit cards.
- Annual fee is charged once whereas renewal fee is charged every year.
- These charges may vary from cardholder to cardholder and depending on different card types.
- These charges are disclosed to the customer at the time of applying for the SBI Credit Card.
- The charges applicable on SBI Credit Card are directly deducted from your account.
- Finance charges on cash advances will be applicable from the date of transaction till the payment is made in full.
- The interest free credit period can range from 20 to 50 days.
- Minimum Finance Charges will be – ₹25.
- Finance charges (Service Fee) will be payable on monthly interest rates on all transactions.
The current rate of Finance Charges is up to 3.50% per month (42% per annum) from the date of transaction and is subject to change at any time by SBI Cards.
SBI Card may allow the credit cardholder to transact in excess of the credit limit, please note that if the outstanding balance exceeds the credit limit, a levy of 2.5% of the over-limit amount or ₹600, whichever is higher Will go
If the payment is declined for any reason, a payment dishonor fee of 2% of the total payment amount subject to a minimum of ₹500 will be charged from the cardholder.
You can also know about the rules and regulations of major small finance banks.
Other Charges Charged by SBI Card
- Reward redemption fee: ₹99
- Card replacement: ₹100-250 (₹1500 for Aurum)
- Credit Limit Enhancement Charges: No longer applicable.
- Network Change Charges: No longer applicable.
- Check Payment Fee: ₹100
- Foreign Currency Transaction Fee: 3.5% (for all cards except Elite & Aurum) 1.99% (only for Elite & Aurum cardholders)
SBI Credit Card Credit Limit and Cash Limit
SBI credit card credit limit and cash limit are determined on the basis of internal credit criteria.
The credit limit and cash limit are informed to the cardholder at the time of delivery of the card and are reflected in each statement.
SBI Cards & Payment Services Limited (SBICPSL) may increase or decrease the Credit Limit from time to time by reviewing the Cardholder account.
If the cardholder wishes to increase his credit limit, he can do so by writing to SBICPSL and providing his income and financial documents.
overlimit transaction – Sanction of overlimit transactions is based on the customer’s profile subject to internal policy and eligibility and the limit is at the sole discretion of SBI Cards Ltd.
The Cardholder can cancel the Card at any time by writing to SBICPSL or by calling the SBI Card helpline number. All cards will be terminated by SBI Cards on the basis of written request.
The Cardholder can also block his Credit Card instantly on www.sbicard.com or through SMS based service.
Customer Grievance Redressal: All complaints may be addressed to the Nodal Officer, at PO Bag 28 – GPO, New Delhi – 110001 or [email protected] But should be marked on e-mail.
The card can be used to withdraw cash from domestic and international ATMs in case of emergency.
Domestic and international ATM transactions will attract a transaction fee of 2.5% or ₹500, whichever is higher.
This transaction fee is subject to change from time to time by SBI Cards & Payment Services Private Limited (SBICPSL).
For more details on the terms and conditions of SBI Credit Card, please visit Terms and Conditions of SBI Card Visit the page Here you will find detailed information about the complete terms and conditions of SBI Credit Card.