SBI Credit Card Fees and Charges to Know About in 2023
Do you have an SBI credit card? Or perhaps, you’re planning to apply for one this year? If you answered yes to either of these questions, there are different SBI credit card charges that you should know about. The details of these charges and fees have been outlined below.
- Annual Fee
The annual fee is a one-time fee that is levied when you apply for an SBI credit card. The fee varies from one credit card to another. For instance, the annual fee for SBI Card ELITE is ₹4,999, while the annual fee for SBI Card PULSE is ₹1,499. This fee is subject to change at the bank’s discretion. It is best to check the annual fee for the card you are interested in applying for before you submit your application.
- Renewal Fee
The renewal fee is levied on existing credit cards every year. To continue using your card and enjoy the benefits it offers, you need to pay the renewal free on time. Like the annual fee, these
SBI credit card charges also vary from one card to another. Let’s compare two different SBI cards for more clarity on this. While the renewal fee for SBI Card PRIME is ₹2,999, the annual fee for Paytm SBI Card SELECT is ₹1,499.
Again, it is advisable to check the renewal fee for a card before applying for it.
- Cash Advance Fee
The cash advance fee is levied when you use your SBI credit card to withdraw cash from an ATM. SBI charges a fee of ₹500 or 2.5% of the amount withdrawn, whichever is higher, on such transactions in 2023. This is applicable on withdrawals at domestic as well as international ATMs.
- Cash Payment Fee
If you choose to pay your credit card dues in person, you can do so at select SBI branches. You will have to mention your credit card number and the amount due in the pay-in slip, and submit the same along with the cash. However, doing so will attract a cash payment fee of ₹250 plus taxes.
The good news is that no cash payment fee is levied on credit card bill payments made by KVB SBI cardholders who settle their dues at select branches of Karur Vysya Bank (KVB).
- Finance Charges
Finance charges are among the most important SBI credit card charges that you should be aware of. These are the interest charges levied if you do not pay the total amount due on your card by the due date, either in part or in full. Interest is also levied on all cash advances taken on your credit card.
As per SBI’s policy for 2023, finance charges on SBI credit cards can go up to 3.5% per month i.e. 42% per annum.
- Late Payment Charges
Late payment charges are levied if you do not pay the Minimum Amount Due by the due date for the billing cycle. The amount of late payment fee depends on the amount outstanding on your credit card, as follows.
| Amount Outstanding on the Credit Card | Late Payment Fee |
| ₹0 to ₹50o | Nil |
| ₹500 to ₹1,000 | ₹400 |
| ₹1,000 to ₹10,000 | ₹750 |
| ₹10,000 to ₹25,000 | ₹950 |
| ₹25,000 to ₹50,000 | ₹1,100 |
| More than ₹50,000 | ₹1,300 |
If you fail to pay the Minimum Amount Due for two consecutive billing cycles, you will have to pay an additional late payment fee of ₹100.
- Overlimit Charges
These SBI credit card charges are levied if you breach your credit card limit. In that case, an overlimit fee of ₹600 or 2.5% of the overlimit amount, whichever is higher, will be levied.
- Payment Dishonour Fees
In case a payment is dishonoured, SBI levies a fee of ₹500 or 2% of the payment amount, whichever is higher.
- Card Replacement Fees
If you need a card replacement on account of a loss of your card or any other valid reason, you will have to pay a card replacement fee. This can range from ₹100 to ₹250, depending on the card. The card replacement fee for the Aurum card, however, is ₹1,500.
- Foreign Currency Transaction Fees
Foreign currency transaction fees are levied on international purchases and transactions made using an SBI credit card. The fee is levied at 3.5% of the transaction amount for all SBI credit cards, except the ELITE and Aurum cards, on which the fee is 1.99% of the transaction amount.
Conclusion
This sums up all the key SBI credit card charges that you need to be aware of going into 2023. Whether you already own one or more SBI credit cards or wish to apply for your first credit card from the bank this year. Knowing the fees and charges can help you optimise your spending pattern.
Some charges like the joining fee or the annual fee may be unavoidable, while others like the overlimit costs and the late payment fees can easily be avoided. Ensure that you steer clear of the avoidable charges to keep the cost of credit as low as possible.
This post was published on March 21, 2023 7:22 pm