SBI Credit Card: Eligibility, Charges & Interest Rates

SBI Bank offers a wide range of cards that suit the needs of its diverse clientele. Some of these credit cards are provided to meet specific needs, such as lifestyle cards, cashback cards, shopping cards, travel cards, etc. SBI credit cards are among the best in the market for everyday use. They are widely accepted and come with several features, including EMI convertibility of purchases, contactless transactions for small amounts, add-on cards, and reward points. There is no uniformity of charges, eligibility, or interest rates across SBI credit cards. While some things could be similar, each card is different.

forces or police. The other major requirement has a good credit score. If you don’t have a credit score, you need not worry; you are still eligible for some cards with a regular income. A bad credit score will likely lead to automatically rejecting your application. Lastly, your location matters for getting an SBI credit card; you should live in a serviced place with SBI cards. SBI cards cover most major districts; you can check the full list on their website.

SBI credit card interest rates as the following:

· Up to 40.20 percent per annum or 3.35 percent per month for unsecured credit cards

· Up to 30 percent per annum or 2.5 percent per month for secured credit cards

You could get a better interest rate depending on your credit history, special offers, or pre-existing relationship with SBI.

SBI credit card charges

All the bonuses and rewards with credit cards do not come for free. Credit card companies charge fees for various services, and SBI is no different. While differences exist for each card, the general SBI credit card charges are as follows;

· 2.5 percent fees on cash advances domestically and 3 percent on international withdrawals with a minimum fee of Rs. 300 and Rs. 450, respectively

· Rs. 100 fees on cash payment at an SBI branch

· Rs. 100 to Rs. 950 late payment fees depending on the due amount

· 2 percent of the total amount in case of dishonor of cheque with a minimum fee of Rs. 450

· Rs. 100 to Rs. 250 for replacement of lost/damaged card

· 2.5 percent charge on going over the issued credit limit

· 3.5 percent fees on foreign currency transactions, except for the Elite card, which attracts a 1.99 percent charge

Other charges are applicable on fuel surcharges, ticket bookings through IRCTC, fees for redeeming reward points, etc.

SBI credit card is through the Finserv MARKETS portal. The portal will guide you about the features, fees, interest rates, and rewards for various cards offered by SBI. You can choose a card suitable for your financial needs and submit a simple online application. Finserv MARKETS also has comprehensive information on each card, so you can make an informed choice before making a decision.