Credit card upgrade: SBI Card is increasing the value of these cards from November 1; check the details

Credit Card Fees: According to the official website, SBI Card has increased the finance charges for all SBI unsecured credit cards. However, this change does not apply to Shaurya, Defense. Utility charges, finance charges, reward limits and transaction fees will all change. The new rates will come into effect on November 1, 2024. The revised finance charges will be 3.75% per month on all SBI unsecured credit cards from November 1, 2024. The current finance charges are up to 3.50% per month (42% per annum) from the date of transaction as mentioned on the SBI Card website.

Detailed information on financial costs

Finance charges are payable at a monthly interest rate on all transactions, including unpaid EMIs, from the date of the transaction if the cardholder chooses not to pay the entire balance. In addition, finance charges apply to all cash advances received by the cardholder until they are fully repaid.
Unsecured credit cards, unlike secured cards, do not require collateral or a security deposit. This change could potentially affect a significant portion of users who depend on these cards for their daily transactions.

Please note that finance charges for cash advances are charged from the date of the transaction until payment is made in full. A sample calculation is provided on the SBI Card website with an interest rate of 3.5%.

Finance charges are charged from the previous statement date, unless there is an interest-free retail balance, in which case finance charges will apply from the transaction date.

If there is no balance on your current statement and the retail balance is paid in full by the due date, no finance charges will apply to those balances.

Utility payments

Effective November 1, 2024, SBI Card will introduce a surcharge of 1% on utility payments made using SBI credit cards above Rs 50,000 in a single billing cycle. This charge will apply to payments for basic services such as electricity, gas and water.

On the other hand, if the total amount of utility bills is less than 50,000 rupees in the same billing cycle, no additional fees will be charged, ensuring that these additional fees will not affect the lower payments.