SBI Credit Card Interest Rates
SBI offers numerous credit cards designed to suit the requirements of their cardholders. SBI credit cards are categorised into lifestyle, reward, shopping, travel, and fuel cards. Each card is designed for a particular group of cardholders based on their spending habits.
If the payments are made on time, interest will not be applicable. However, if partial payments are made, a certain interest rate is charged on the closing amount on a monthly basis until the amount is paid in full.
What is the SBI Credit Card Interest Rate?
Generally, the interest rate charged by SBI can go up to 3.50% per month or 42% per annum. However, the interest rate differs from card to card and it is best to read your credit card statements or get in touch with SBI for more information.
How is SBI Credit Card Interest Rate Calculated?
SBI offers a grace period or interest-free period on credit card payments. Usually, the grace period or the interest-free period offered by SBI can range from 20 to 50 days depending on the type of credit card you hold.
For example:
Interest rate SBI credit card interest rate | 3.5% per month (42% per year) |
Transaction Date | 15 April 2025 |
Amount of transaction | Rs.5,000 |
Date of transaction | 20 April 2025 |
Amount of transaction | Rs.6,000 |
Date of statement generation | 2 May 2025 |
Total due amount | Rs.11,000 |
Minimum Amount Due | Rs.5,000 |
Payment due date | 22 May 2025 |
The date for the generation of next statement | 2 June 2025 |
Let us assume that your credit card statement is generated on the 2nd of every month. Your billing cycle will be from 5th April to 2 May 2025 and you use your credit card for retail purchases on the 15th of April for Rs.5000 and online purchase on 20 April for Rs.6,000. You will now be required to pay the minimum amount due or the total due amount within the due by date which will be on the 2 May. If you choose to make a partial payment of Rs.500, SBI will charge the effective interest rate on the balance and add it to the total outstanding balance.
If the effective interest rate is 3.5% per month, the interest rate will be calculated as follows:
- Interest charged on the transaction amount Rs.500 will be calculated from the transaction date that is the 5 of April to 22 May which is for 49 days. The formula used will be (3.5X12) X (49/365) X500/100 = Rs.28.19.
- Interest charged on the transaction amount Rs.6,000 will be calculated from the transaction date that is the 15 April to 22 May which is for 39 days. The formula used will be (3.5X12) X (39/365) X6000/100 = Rs.269.26.
- Interest charged on Rs.90 for transactions date between 5th April to 22 May for 49 days. The formula used will be (3.5X12) X (49/365) X 90/100 = Rs.5.07.
- Interest charged on the balance amount Rs.6,175 will be calculated from 22 April to 2 May which is for 10 days. So, the formula used will be (3.5X12) X (10/365) X6000/100 = Rs.71.05.
- Therefore, the total interest charged is Rs.373.57.
So, the credit card interest rate is calculated on every transaction separately. Please note that during promotional campaigns, SBI issues credit cards with a low interest rate. Therefore, it is very important you know the monthly and annual interest rates charged on your card.
Popular Bank's Credit Card Interest Rates
SBI Credit Card Interest-free Period
Also known as a grace period, an interest-free period is a period offered by SBI to their credit cardholder. If the cardholder pays the outstanding amount within this period, the interest rate will not be levied. As mentioned earlier, the grace period or the interest-free period offered by SBI can range from 20 to 50 days depending on the type of credit card you hold.
Top SBI Credit Cards with Interest Rates
SBI Credit Card Interest Rates can vary based on the specific card you hold. Here are the interest rates for the top SBI credit cards:
SBI Credit Card | Interest Rate |
SBI SimplyCLICK Credit Card | 3.50% per month (42% per year) |
SBI SimplySAVE Credit Card | 3.50% per month (42% per year) |
SBI Cashback Credit Card | 3.50% per month (42% per year) |
SBI PRIME Credit Card | 3.50% per month (42% per year) |
Shaurya SBI Card | 2.75% p.m. (33% p.a.) |
FAQs on SBI Credit Card Interest Rates
- Will SBI charge a late fee if I make the minimum due payment and not the total outstanding balance?
No. Interest rate will only be levied if you do not pay the minimum due amount within the due date.
- What should I do if I find discrepancies in my credit card statements?
If you find any discrepancies, you will have to notify SBI within 30 days from the statement date.
- How do I contact SBI Customer Grievance Redressal?
You can escalate all grievances to the Nodal Officer, PO Bag 28 - GPO, New Delhi - 110001. Alternatively, you can send an email to Nodalofficer@sbicard.com.
- What happens if I am unable to pay the credit card bill?
If you default on your credit card bill, SBI will send you reminders from time to time to settle the total outstanding balance. After which, the bank will have to report the default status to credit bureaus which will affect your credit score.
- What are the finance charges on cash advances?
The finance charges for cash advances are 3.5% per month or 42% per annum for unsecured credit cards.
- What is the interest-free credit period of an SBI credit card?
The interest-free grace period ranges between 20 days to 50 days depending on the type of SBI credit card you have.
- What is the over-limit fee of an SBI credit card?
The over-limit fee of an SBI credit card is 2.5% of the over-limit amount or Rs.600 (whichever is higher).
- What are the late payment charges if my minimum amount due is less than Rs.500?
No late payment charges will be levied for the total amount due up to Rs.500.
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