Credit Card Interest Rate

Credit Card’s come with very high interest rates. According to our calculation, Indian Credit Card companies charge around 41% Interest rate on average on credit card bill payments. 

What is Credit Card Interest Rate?

 Credit Cards come with an 45 to 50 day interest free period. From the day of your credit cycle to the bill dues date, you aren’t charged any interest rate

  Recommend read : How Credit Card Companies Make Money

Upon this you can pay the bill in full or you can pay a minimum due amount. If you make the full payment you dot have any interest; However, if you make no payment or minimum due amount, you’re charges an interest rate on the remaining amount. 

 The interest rate (APR)  on average in India is about 41%.

Here’s a list of Credit Card Interest Rate for every credit card.

Card CompanyMin APRMax APR
SBI30%40.2%
HDFC Bank23.88%41.88%
ICICI Bank23.88%44%
Axis Bank34.49%49.36%
Citibank39%40.80%
Standard Chartered Bank23.88%41.88%
Kotak18%42%
RBL Bank40.80%42%
Yes Bank14.40%42%
Indusind Bank46%46%
HSBC Bank23.88%39.6%
American Express42%47.88%
PNB19.56%35.89%
Andhra Bank28.30%41.75%
Allahabad Bank30%40.2%
LIC46.78%46.78%
Bajaj SuperCards47.88%47.88%
Bandhan Bank41.88%41.88%
Tata30%40.2%
IDBI Bank30%40.8%
Indian Bank19.92%27%
Federal Bank30%40.2%
South Indian Bank30%40.2%
Bank of Baroda31.20%39%
Bank of Maharashtra30%40.2%
OBC30%40.2%
Indian Overseas Bank24%24%
Canara Bank30%30%
Corporation Bank27%36%
DCB Bank24%24%
Dhanlaxmi Bank18%36%
Jammu & Kashmir Bank36%36%
Karnataka Bank30%40.2%
Karur Vysya Bank30%40.2%
Lakshmi Vilas Bank30%40.2%
Syndicate Bank24%30%
Union Bank of India15.6%22.8%

HDFC Bank Millennia Credit Card Review

Millennia Credit card comes with great cashback offers specially for online spending. On Purchasing anything online through PayZapp App or Smartybuy you get a whopping 5% cashback , 2.5% cashback on online spends of Rs., 2000 or more and maximum cashback upto Rs. 750 a month and 1% on all offline spends of Rs. 100 or more.

Signup Fee

You have to pay a Sign up of Rs. 1000/- and in return you get 1000 Cashback points worth Rs.1000/-. If you spend 30,000/- or more in the first 90 days since card issuance, the sign up fee is waived off.

Renewal Fee

The card comes with a renewal fee of Rs. 1000/- and you get 1000 Cashbck points worth Rs. 1000 on paying the renewal fee. If you spend more than 100,000/- (8333/- per month on average) in the first year, your fee is waived off and you get to keep the 1000 cashback points.

Cashback

Millenia Credit Card comes with a generous 5% cashback on all online spends via Payzapp and smartbuy. Payzapp is available as a payment method on a number of online stores specially amazon, flipkart, tata cliq, Myntra and Jabong. The 5% is only applicable on spends of Rs. 2000 or more.

If you don’t sign up for Payzapp or Smartbuy, you still get 2.5% cashback on all online purchases on spends of Rs. 2000 or more and upto a maximum cashback of Rs. 750 in a calendar month.

For all offline spends you get 1% cashback. Except fuel.

Pros

High Cash Back value

Millenia comes with really high cash back rewards in comparison to other cards like SBI Simply click which offers a 2.5% savings on select partners including amazon, cleartrip and bookmyshow.com and 1.25% on all online spends and 0.25% on all offline spends.

Lounge Access

You can access Mastercard or Visa or Diner’s Lounge’s in India upto 8 times annually.

Cons

Cashback only on spends of 2000/ or more.

5% in case of payzapp and smartbuy and 2.5% on payzapp cashback is only applicable on spends of Rs. 2000 or more. So if you are looking to buy a single t shirt or order a cosmetic, you would have to wait and order them in one single spend.

High annual fee

The card comes with an annual fee of Rs. 1000/- per annum which gets waived off on spends of Rs. 100,000 or more. In comparison SBI Simply Click comes with an annual fee of Rs. 499.

Low benefits on offline spends.

Yes Bank Prosperity Plus offers cashback of Rs. 5% on movie, groceries, departmental store purchases, in comparison to only 1% on HDFC Millenia. So, if you are looking to spend offline

Our Verdict

Millenia Credit Card is a great credit for anyone who does a lot of online shopping. you save 2.5% on all online spends and 5% on online spends via payzapp and Smartbuy. This is almost double of what SBI Simply Click offers, so all in all there’s no beating the cashback offered by HDFC Milliennia Credit Card on online spends.

Cashback is only valid of spends of Rs. 2000 or more in a single transaction, which could be very high and specially in the age of lightening deals, you could either miss out on the deal of cashback.

If you aren’t looking to do all your shopping online, then Millienia credit card offers1% cash back on all spends of Rs. 100 or more. Which in comparison to Yes Bank Prosperity Cashback credit card is not enough. With Prosperity edge you get a 5% cashback on all movies, grocery, utility bills departmental store purchases.

On the plus this card comes with 8 Domestic lounge access annually. Which no other card in it’s category offers.

All in all a great card for online purchases with an unbeatable cashback with the only downside being the applicability of cashback on transactions of Rs. 2000 or more.

If you don’t know what is payzapp and smartbuy, in a few words, payzapp is a mobile wallet like paytm and phonepe. You can make payments via QR code and BHIM/UPI. It is not limited to HDFC Bank customers. Anyone can sign up on Payzapp.

Smartbuy is a lot of things. It’s a flight booking engine, Hotel booking engine and comparison engine, where you can select a product and see the prices on flipkart, amazon and tatacliq amongst others and click and buy the product and HDFC gets the affiliate commission, in case you were wondering, why HDFC was being so kind.


Free Credit Cards (No Annual Fee)

Zero Annual Fee Credit Cards are a great choice for anybody starting out with credit cards. Lifetime Free Credit Cards might not have some of the perks that the premium credit cards carry but they come with great rewards and savings. If you are looking to use your credit card occasionally and don’t care much for the additional perks like Lounge access at the Airports or concierge services, you are better off going with a zero annual credit card over premium credit cards.

Best Free Credit Cards

Indusind Bank Platinum Aura Credit Card

Indusind Bank Aura Edge Credit Card

You can choose to get higher reward points on spending categories of your choice. E.g. If you plan to use your credit cards in departmental stores, you can choose the shopping plan, if you purchase groceries you can choose the home plan.

Similarly you can choose out of the four available options: Shopping, Home Purchases, Travel and Party

You save about 2% on the chosen category spends, which is what makes this our favourite card.

Read our full review of Indusind Bank Platinum Aura Credit Card

Indusind Bank Platinum Select Credit Card

If you like watching movies in theatre, then look no further. With Indusind Platinum Edge Credit card you get one free movie ticket each month. When Booking via Bookmyshow.com or Purchasing a ticket on Sathyam Cinemas you can get one ticket free on purchase of one ticket.

The card falters on Reward points in comparison to Indusind Bank Platinum Aura Credit Card. Indusind Platinum Select Card is low on reward point value and only offers a reward rate of 0.5% (1 Reward point on Rs. 150 spent worth Rs.0.75)  

Read our full review of Indusind Bank Platinum Select Credit Card

Indusind Bank Payback Credit Card

Payback Credit Card is generous on rewards and offers a 5% savings on movies, 1.25% on Dining, Shopping and Groceries and 0.5% on everything else (except Fuel)

 The points are redeemable only on Payback.com which offers a value of Rs.0.25. The card is high on rewards points but the only downside is that the points can be redeemed via payback. On the Plus, you can earn points from both Payback and Indusind if you shop on payback partner. 

Read our full review of Indusind Bank Payback Credit Card

HSBC VISA Platinum Credit Card

This card is value for money; However, you look at it. HSBC gives a Sign up bonus worth Rs. 2250 assured on signing up for the card and Rs. 2000 cashback on making 9 or transaction (totalling 10,000/- or more) within the first 90 days, an average of 3 transactions a month, seems very doable. 

The card offers 2 Reward points on spends of Rs. 150, which isn’t great in comparison to other cards in the list specially “Card Link”. If you are looking to spend 30,000 or more each month on your card, this card should be your first choice. Upon spending Rs. 400,000 annualy (33,333/- each month), the card offer 5X reward points on subsequent purchases. If you are looking to spend over 400,000 each year on the card, there are plenty of other options, that come loaded with lots of perks. This card is only a good option if you plan to spend a lot on the card; However, for some reason you don’t qualify for the premium cards.

Read our full review of HSBC VISA Platinum Credit Card

MakeMyTrip ICICI Bank Platinum Credit Card

If you happen to be making a lot of purchases on Makemytrip then this card is for you. The Card has zero annual fee and you get sign up bonus worth 2500/- (Rs. 500 on MMT and Rs. 2000 on LemonTree Hotels) and you get MMT Black membership. MMT black membership is only offered to regular customers of MMT and with this you can MyCash on MMT on achieving spending milestones. 

You get some exclusive discount offer with this card on Makemytrip. Like Extra 1250 cashback on non EMI transaction on purchases made on Monday between 4 PM to 10 PM. 

This card comes with generous sign up bonus and some generous offers for regular MMT customers but lacks on reward points. 

Read our full review of ICICI Bank Platinum Credit Card

Bank Of Baroda Prime Credit Card

With a reward value of 1%, BOB Prime Card becomes the best secured card in the list. More to that, the card can be availed with a fixed deposit amount of as low as Rs. 15,000 at BOB, making it easier to access.

Complimentary Family Insurance Cover and better reward value, makes it superior to any other secured card on the list. However, you would still miss perks like discounts on dining applicable on Axis Credit Cards available on the list.

Read our full review of Bank Of Baroda Prime Credit Card

PNB Rupay Platinum Card

The PNB Rupay Platinum Card comes with 0.50% reward value. With an annual interest rate of as low as 19.56%, it can be your go to card if you are looking for a low interest secured credit card. Whereas, the unsecured version of the card is costlier.

Perks like Personal Insurance protection cover of up to Rs. 2 Lacs that covers you across the globe, makes it the second best secured credit card on the list. However, the no annual fee criteria makes it quite catchy since you must need to swipe the card at least once in every quarter to avail it for free. Moreover, you must be an existing PNB customer in order to eligible for the card.

Kotak Fortune Gold Credit Card

Kotak Fortune Gold doesn’t carry any reward points; However, it offers what no credit card does. With Fortune Gold Credit Card you get 48 Interest Free period on Cash Withdrawals via any ATM. You pay a Rs.199 Fee with cash withdrawal fee for every 10,000/- but no interest on the amount. 

If you are unable to pay the credit card bill you have to pay an APR of 42%, which is higher than any other credit card.

You can check Credit Card interest rate here

Best Free Travel Credit Card

Axis Bank MyZone Easy Credit Card

The card is available with an Axis Bank FD account worth minimum Rs. 20,000.

My Zone credit card cuts back on the rewards rate but delivers well on other perks. You get 25% cashback on movie tickets booked on paytm and one complimentary lounge access every quarter and additional rewards points Worth Rs. 800 on spending 30,000 every quarter.

The card is really low on value in comparison to other cards on the list but scores on perks specially airport lounge access. 

Read our full review of Axis Bank MyZone Easy Credit Card

MakeMyTrip ICICI Bank Signature Credit Card

Similar to MMT ICICI Bank Platinum Card, the MMT ICICI Bank Signature Card only serves you right if you are a regular MMT customer.

The card comes with zero annual fee, and welcomes with signup bonus worth Rs. 5,500 (1500 My Cash Points, Lemon Tree voucher worth Rs. 2,500 and MMTDOUBLEBLACK Membership worth Rs. 1,499) in exchange for joining fee.

You earn reward value of 2% on holiday and hotel bookings on MMT, and 1% reward value on MMT flight bookings. On non-MMT transactions, you earn 0.75% on international purchases and 0.62% domestic transactions.

You receive monthly movie ticket benefits worth Rs. 300 from BookMyShow and INOX Cinemas, each. Furthermore, if you regularly use your card for Ola bookings, then every 6th Ola rides come free of cost to you. Additionally, if you are an Airtel Postpaid user, then you can also get an Airtel international roaming worth Rs. 3,999.

Read our full review of MakeMyTrip ICICI Bank Signature Credit Card

LIC Signature Credit Card

LIC Signature Card is more suitable for LIC customers than a generic credit card user. This card delivers 0.50% reward value (2 reward points on spending Rs. 100 worth Rs. 0.50) on payment of LIC Insurance Policies and international transaction registered in foreign currency.

Apart from that, this card generally give you reward value of 0.25%. The only downside of the card is that you must be earning a gross monthly salary of Rs. 1.25 Lacs to qualify for it.

Read our full review of LIC Signature Credit Card

LIC Titanium Credit Card

LIC Titanium Card is similar to LIC Signature Card in terms of reward value. You get 0.50% reward value on all of your foreign currency transactions as well as payments of LIC Policies.

Furthermore, you get 0.25% reward value on regular purchases. Whereas, you don’t receive any complementary protection cover on the card unlike LIC Signature Card.

LIC Platinum Credit Card

LIC Platinum card is a best suitable for LIC Insurance customers. It offers 0.50% reward value on paying LIC Insurance Premiums using the card. You also get equal benefits on all of your international spend.

Furthermore, you get 0.25% reward value on other purchases. Apart from the reward benefits, being a primary cardholder you get a complimentary personal accidental cover worth upto Rs. 3 Crores and air accidental death cover of up to Rs. 1 Crore.

LIC Gold Credit Card

LIC Gold Card is similar to LIC Platinum card, with reward value of 0.50% on payment of LIC Insurance Premiums and international purchases along with 0.25% on other purchases.

Although, you don’t get any complimentary personal accident protection cover or air accidental death cover on the card.

Free Secured Credit Card

SBI Card Unnati

SBI Unnati Credit Card offers a reward value of 0.25% against any purchases made on the card (except fuel, cash withdrawals, card loan and balance transfer). Moreover, you earn Rs. 500 cashback on completing transactions worth Rs. 50,000 in a year.

Although, unlike other cards in the list, Unnati card comes at a zero cost for only the first 4 years. After that period, you would have to pay an annual card fee of Rs. 499. The card can only be availed against a SBI FD amount of Rs. 25,000 or above.

Read our full review of SBI Unnati Credit Card

Axis Bank Insta Easy Credit Card

Axis Insta Easy Card offers best value to an international traveller, giving reward value of 2.40% on all international purchases. Whereas, on the transactions made in India, you only get 1.20% on reward value.

Zero Annual Fee Cards for Existing Bank Customers

Indusind Bank DUO Card

Indusind Bank DUO Card is a perfect choice for a first time credit card holder since it gives you the freedom of usage as both, Debit Card and Credit Card. The card saves you 0.50% usually through reward points.

Additionally, you save upto Rs. 250 on movie ticket purchases.

Check your eligibility for credit cards here

What is Credit Card Annual fee?

Credit Card Companies, often charge a fee for offering perks like Free Movie tickets, Lounge access etc. Credit Cards with low annual fee carry less perks while as the annual fee increase so do the perks.

Credit Card annual fee in most cases gets waived after a certain spending threshold is met. It would vary from 30,000 annually in case of “Credit Card Name” to 600,000 in case of SBI Card or even higher in some cases.

Credit Card companies make money each time you swipe your credit card at the POS. So the bank if willing to offer you additional perks like priority pass membership or free movie tickets or free Golf lessons, so as to attract high spenders to sign up; However, they expect you to spend a certain amount of money each year in lieu of all the services and if you don’t you have to pay an annual fee to cover the cost of the perks that the credit card offers.

Fee waivers varies from Card to card and company to company.

Another way of looking at it is that. the credit card companies expect you to spend a certain amount of money each year in lieu of all the perks the Credit cards offers.

Who should choose Zero Annual fee Credit Cards

If you wish you to use your credit card occasionally.
If for some reason you don’t want to use your credit card too often and just want to use it occasionally to get additional discounts on online spendings or just for an occasional purchase, you might be better off with a zero annual fee credit card.

Carry a spare credit card
If you already use another premium credit card and are looking to sign up for another credit card only for a certain category spending or offers, then zero annual fee credit cards is the right choice for you.

First time credit card users
If you are signing up for your first credit card for the first time, it is advisable for you to start with a zero annual fee credit card. You should sign up for a basic credit card card and measure how much you spend each month on your card and what observe your spending patterns. This will help you find a better card for yourself based on the amount you spend and where you use your card the most.

Building Credit Score
If you are looking to build your credit score, then again going for a zero annual credit card would be a great idea. They help you add points to your credit card as much as premium credit card and banks are lenient in offering lower end credit cards. They would carry low credit limit but you can always get that upgraded by submitting your annual income documents and paying off your dues on time.

The Best Credit Card for You

Picking the best credit card is tedious, especially when the best credit card does not exist! Confused? Let me break this to you that since different people have different needs and comparing the needs of any two individuals is foolish, defining the best credit card suitable for everyone is foolish too. There is not any credit card that will meet all the requirements of all the people. However, you can pick a card that best suits your needs by following some simple steps. For this, you will first need to understand your financial structure and your needs and then based upon that you can fish for different credit cards, compare their benefits and drawbacks, and then apply for the one that is most suitable for you.

Step-1: Evaluate Your Financial Structure

You must keep in mind that a credit card can provide you with instant funds to fulfil your rising desires but this is just a temporary benefit as the expense will come back to you in the form of monthly credit card bills. Therefore, you must not go for a credit card that may encourage you to spend beyond your capacities or that offer benefits that may not be useful to you at all. For instance, a credit card that offers mile points and provides access to airport lounges may not benefit you if you are not a regular flier. Therefore, you must evaluate your finances, look at your monthly expenses, check your credit score before you proceed to fish for a credit card.

Step-2: Summarise Your Needs

The next step in the process is to make a list of your needs. Whether you are a frequent traveler or are you a family person and need a credit card for your monthly expenses. Just make a list of all your needs, what you want to use your future card for and how large these expenses could be. Briefly summarise all these pointers.

Step-3: Look for Credit Card and Narrow Down Choices

Now, start looking for credit cards that meet your requirements. Make a list of these cards; compare their offers, benefits, credit limit, fees and charges. Narrow down the cards that you think are the fittest for you. Take into consideration all your expenditures while doing so, whether it is fuelling, grocery shopping, dining or travel requirements.

Step-4: Pick the Card With Highest Overall Value

Now keep both the lists together- your narrowed down credit card choices and summarised expenditures. Scan the both and Pick the card that you think best meets your expenditures within your monthly budget. Look for the value-for-usage. The card offering the highest overall value is the best for you.

Takeaway

As discussed earlier, there is no best card that may satisfy all your expenditures, however, identifying your needs and targeting them while picking a credit card can help to restrict the number of options that are available to you. Comparing the returns, for these limited number of cards, becomes easy and you can simply pick the one offering the highest number of benefits.

How Does a Credit Card Work?

Being nothing more than a small rectangular piece of plastic issued by a bank, a credit card leaves most people in awe when it takes care of huge bills and payments in just a single swipe. You can’t help but wonder about the ease of the entire process and how it works. Here we are going to answer just that.

What is a Credit Card?

A credit card is a financial instrument issued by a bank by means of which you get access to funds generated on demand. Based upon your credit profile and consumer behaviour, the issuing bank puts a cap over the amount of funds you can extract through your credit card. You are required to pay a joining fee for availing the facility and an annual renewal fee for continuing to enjoy the perks of using a credit card. The bank grants you many benefits as welcome gift, perks and spending based rewards such as access to premium airport lounges, spa services, gift vouchers, reward points, etc. The bank encourages you to use your credit card more often by rewarding your spends with reward points. These points can later be redeemed as cash back, gift vouchers or for purchasing everyday commodities.

How Do Credit Cards Work?

You can use your credit at a retail store or online. Here, we are discussing both the processes.

Using Credit Card at a Retail Store

When you propose to pay for your purchases by a credit card, the retailer would need to swipe your card over an electronic data capture machine. The machine will read your card information which is encoded on your card in the form of an electronic chip and a magnetic strip (the black strip that you see at the back of your card). The retailer will further ask you to enter your Personal Identification Number.  All this information will be sent to your bank in the form of a payment request via electronic channels that are fully encrypted.

The bank, on receiving the request, will assess your card information and check if the card expenditure is within the prescribed limit or not. If so, the bank approves the transaction and sends an approval message.

On receiving the approval, the machine will generate two copies of the payment receipts. The retailer may ask you to sign one of the copies, which he will keep with himself and give you the other. The money will be transferred to the retailer’s account within a single working day.

Using Credit Card for Online Payments

When you are shopping online and choose credit card as your preferred payment option, the e-commerce website will direct you to a payment page. On this page, you will first need to choose whether the card is a Visa, MasterCard, RuPay or AmEx. Then, you will have to enter your card details which include the name of the cardholder, the 16-digit card number, expiry date and CVV. After entering the information, you will need to click on the “Pay” button.

This information will be sent to your credit card issuing bank via end-to-end encrypted payment gateways. The bank will verify your details and sends a one time password to your registered mobile number. You will need to enter this one time password at the payment page in order to authorise the transaction. If the one time password is correct, your payment gets approved. 

Credit Card Bill

All your monthly transactions will be recorded by the bank and will be sent to you every month in the form of a billing statement. This bill is to be paid on the due date which is normally 18-25 days from the date of issuing the bill. If you pay the entire bill amount, the bank will not charge any interest or fee from you.

However, if you fail to pay your bill on time, the bank will impose a late payment charge. In this case, interest will also be charged, on a daily basis, starting from the date of the transaction. You can escape the late payment penalty by paying the minimum amount due, mentioned on your credit card bill statement. The rest of the amount will be carried to your next billing statement. It is to be noted that interest will be charged over the amount carried forward.

How do Banks Make Money?

You may be wondering that since banks do not charge any interest on your credit card and even reward your spendings, they may be suffering huge loss. But, on the contrary, banks make a lot of profit by means of credit cards. But how do they do it? The answer is simple. Defaults and revolving credit facility. Banks generally make money by failure of paying the total bill amount on time. The high interest rates and penal fee associated with the failure of timely payments make a big chunk of money for the issuing bank.

Also, banks charge some amount from the merchants as credit card acceptance fee. So whenever you choose to pay by using a credit card, the merchant has to pay some amount for each swipe.

How to Make the Most Out of a Credit Card?

A credit card has many perks. For starters, it enhances your purchasing power by providing the ‘buy now pay later’ option at zero interest rate. Most credit cards come with global acceptance so you do not need to worry about cash conversions on your trip abroad. Besides being the safe and easy payment method, they also help strengthen your credit score. The fact that all your spends are rewarded with points is just a cherry on the cake.

Using your credit card every now and then for your regular expenses such as fuelling, grocery shopping, movie ticket bookings is a good idea since all your expenditure is rewarded with points and other benefits. Thus you can earn upon your daily expenditures.

Apart from the benefits of credit card, there are also certain drawbacks attached to credit cards. Since you do not need to worry about the unavailability of cash, credit cards encourage impulse buying and promote overspending. The failure of repayment of these out-of-the-budget expenses attracts penalty fees and high rate of interest. Since interest is charged on a daily basis, it does not take a lot of time for you to get buried under the continuously exponifying debt. In such cases, it even tarnishes your credit report. Therefore, you need to exercise a great degree of self-control while using your credit card. Do not let yourself get overwhelmed with the purchasing power attached to a credit card as it is just a temporary benefit.

Takeaway

As it is said, do not judge a book by its cover, do not judge the capabilities of a credit card by its size. It may be a small rectangular piece of plastic but grants you super magic powers that help you make big purchases. However, all these transactions once verified and approved come back to you in the form of credit card bills. You should be careful to not spend more than your capacity or it will land you in trouble. A credit card can become either a Ginnie or a pandora box depending upon how you use it.

Credit Card Fraud

Credit card fraud is a form of theft committed by an individual with the intent of stealing from a lost, stolen or revoked credit card. A person does not need to necessarily possess the actual credit card for committing fraud. Somebody using your card information, without your knowledge, is also a form of credit card fraud. In simpler terms, credit card fraud is the phenomenon of making purchases without having to pay from one’s own pockets.

In certain cases, credit card fraud can also take the form of identity theft. A person possessing your card information can use it to get new credit cards on your account without you even suspecting anything. It can be difficult to detect credit card fraud in these scenarios.

Types of Credit Card Frauds

With the continuously digitalising world, credit cards have been gaining more and more popularity. The ease of payment options, instant fund generation and wonderful reward programs have been attracting new users towards this magical tool. Therefore, it is no surprise that credit card frauds are elevating at an alarming rate. All that is on a boom is bound to be misused. Gone are the days when stealing a card and dumpster diving used to be the only methods for committing a credit card fraud. Now, the financial sphere is full of fraudulent methods. Here, we have listed some of the most common ones.

Stealing the card

Card stealing is the oldest method to commit credit card fraud. Anybody who is in possession of your card can swipe it as much as they want, provided the amount spent is within the prescribed limit of your credit card. You will not even get to know until you receive your monthly credit card bill. However, these days you have the option to block your card. Make a credit card block request to your bank as soon as you find out that your plastic buddy has been missing from your wallet.

Dumpster Diving

It is a common term used to refer to the person treasuring into somebody else’s trash. Certain fraudsters scan through trash to look for copies of your credit card receipts. These receipts have critical information about your credit card including your card number. They later use this information to make transactions from your credit card account. To keep a check on this, you must go through your credit card statement from time-to-time for any unknown transactions.

Stealing Mails

There are many fraudsters who steal your credit card from posts/ mails. Your new credit card will never even reach you before it starts getting misused at the hands of these thieves. Do keep a track on your mails if you have applied for a credit card or are expecting a reissued one.

Counterfeit Credit Cards

This can be understood as cloning. There are certain credit card swipe machines which are equipped with tools and software to store the card information encoded in the magnetic strip of your card. This information is transferred to a new magnetic strip which is used to create a replica of your credit card. Currently, this is the most popular method for credit card frauds. To counter this challenge, credit card companies have now come up with cards embedded with microchips instead of magnetic strips. However, the problem still persists.

Account Takeover

Some fraudsters use your card information to apply for a new credit card on your name. Now, you will not even be aware of its existence and it would be depleting your credit image. This is a case of identity theft as the person with your card information can use it for issuing multiple cards by pretending to be you. With e-commerce gaining popularity, these types of frauds have become common as many online merchants can record your card information and use it later.

Multiple Imprint

Certain merchants use the old, manual card reading devices to record a single transaction multiple times. This is referred to as multiple imprints. You are charged multiple times for a single purchase.

How to Protect Yourself From a Credit Card Fraud?

Much to your relief, India is a relatively safer country when it comes to Credit Card frauds. The stringent RBI norms and guidelines have provisions like EMV chips on credit cards, two-way verification, compulsory OTP verification for online transactions, SMS alerts and Data Security Standards at merchant stores, which help avoid frauds to some extent. Therefore, committing credit card fraud in India is difficult. However, it is still possible.

Besides the strict regulations, fraudsters manage to steal away your card information and misuse it. Most credit card frauds happen outside of India, where there are no two-way verifications and OTP requirements. There are certain safeguard measures that you can take to prevent yourself from becoming the victim of credit card fraud. These are:

Memorise Your CVV and Scratch It From the Credit Card

The CVV number is an important component for any transaction. Most fraudsters only copy your card number and CVV. So, the best way to prevent a credit card fraud is by scratching the CVV number from the back of your card. You can memorise it or write it at a safe place and then erase it.

Do Not Let Your Card Out of Your Sight

Many waiters and fuel station workers take your card along and do not return for 10-15 minutes. Avoid handing your card to them and make sure that your card is within your sight the entire time.

Avoid Making Online Transactions on Unsecured Sites

The sites whose URL start with “Https” are safe for online transactions, “s” stands for secure, meaning they can not record your card details. Avoid using your card on websites that start with the usual “Http”.

Activate Transaction Alerts

Contact your bank to send you transaction alerts on your registered mobile number. This can help detect fraudulent transaction on the spot and save you from being a victim of a fraud.

Check Credit Report Regularly

You must check your credit report from time-to-time and look for any cards that you are not aware of. This will not only save you from a credit card fraud but will also save your credit image from getting depleted.

Keep a Track of Your Mails

If you have applied for a new credit card that you are yet to receive, keep a tab of the status of the post with the issuer. This will help ensure that nobody has stolen your card.

What To Do If the Fraud Has Already Occurred?

If you are observing a credit card fraud, the first step should be to report the bank about the same. You can either call on the customer helpline number or personally visit the bank to file the report. It is to be noted here that if a fraudulent transaction is reported within 3 days, there is no liability to pay on the customer. That is why it becomes necessary to report the issue to the bank as soon as possible. You must also file an FIR at the nearest police station. Do not forget to inform the credit bureaus about the fraud as it can deplete your credit report.

Normally, the bank responds to your report within a week. However, if you do not hear anything from the bank, approach the bank’s nodal officer. If the issue still does not get resolved, approach the RBI appointed Ombudsman and file your grievances. You can also approach a court of law if you do not get satisfied with the responses and fight a legal battle.

What is Credit Card CVV Number?

The CVV (Card Verification Value) Number on your debit or credit card is a 3 or 4 digit code, used for security purposes during purchases at Online Merchants. The number on VISA, MasterCard and Discover branded credit / debit cards is a 3 digit numeric code, and on American Express branded credit / debit card it is a 4 digit numeric code.

The CVV number can be located at the back of your credit or debit card , as illustrated in the image below:

CVV Number

Providing your CVV number to an online merchant proves that you actually have the physical credit or debit card, and helps to keep you secure while reducing the chances of fraud. CVV numbers are NOT your card’s secret PIN (Personal Identification Number).

You should never enter your PIN number when asked to provide your CVV. PIN numbers allow you to use your credit or debit card at an ATM or when making an in-person purchase with your debit card or a cash advance with any credit card, while the CVV number is used on purchasing items and goods at Online Merchants.

CVV numbers are also known as CVC (Card Verification Code) or CSC numbers (“Card Security Code”), as well as CVV2 or CVC2 numbers, which are the same as CVV numbers, except that they have been generated by a 2nd generation process that makes them harder to “guess”.

Need of CVV Number

Getting the card details of someone else is quite easy nowadays. For example CCTV cameras are in operation in almost every shop and follow you while paying. Not only because of this fact the CVV / CVC verification code is located on the back of your payment card and represents the basic security feature. Therefore CVV/CVC code is required for all online payments where the card is not present and the PIN code cannot be entered.

SBI Credit Card Loan

Being a SBI credit card holder, you have various options to avail funds in emergency. However, a credit card account with good repayment history and good credit score is essential to avail the funds on your SBI credit card. If you want to avail funds for a longer period of time, then options like SBI Card Encash, Cash Withdrawal at ATMs and Flexipay are best suitable ones. Otherwise, SBI Easy Money is the best option for short term advances.

Although, you must be careful when finalise your choice depending upon how big of an amount you want to borrow and how much would it cost you in the end, since options such as Cash Withdrawal at ATMs can be a huge burden on your pocket.

SBI Credit Card Loan Options

SBI Card Encash

Applicable Interest Rate

12.7% – 29% per annum

Tenure Options

12 Months / 24 Months / 36 Months

Loan Amount

Min Rs. 10,000 to equal or above credit card limit

Processing Charges

2% of the advanced amount
Min Rs. 499 to Max Rs. 3000

Foreclosure Charges

3% of the principal outstanding amount

Cancellation Charges

NIL
If cancelled within 45 days of booking.
3% on the principal outstanding.
If cancelled after 45 days of booking or the Encash cheque has been cleared.

SBI Card Encash is one of the easy way to avail cash on demand, offered to existing SBI Credit Card holders maintaining a good history with the bank. With Encash, SBI Card offers it card holders a feasibility to borrow a minimum of Rs. 10,000 to equal or above their available credit limit depending upon the factors such as Past transaction / repayment behaviour and the credit risk profile of the card holder. However, the credit limit equivalent of the advanced amount, will be blocked on the card till the repayment is made in full along with applicable interest rate and one-time processing charges.

SBI Card offering three different tenure options for Encash as following – 12 months, 24 months and 36 months. The interest rate being charged for the facility, ranges from 12.7% – 29% per annum on the advance amount against the credit limit, whereas a one-time processing fee is also applicable equal to the 2% of the amount advanced. In any case, you have to pay a minimum of Rs. 499 for processing charges which can go as high as Rs. 3000 depending upon the advanced amount. Whereas the foreclosure of the Encash booking will also lead to a foreclosure fee equal to 3% of the principal outstanding amount.

The advanced amount will be credited into your bank account within 48 to 72 working hours through NEFT Facility. However, you can also request for a cheque which can be delivered to your doorstep within 3 to 5 working days.

The EMI amount will be added to your monthly credit card statement, where you need to make at least minimum amount due equal to the 5% of the existing revolving balance and the monthly amount due for the facility. Non-repayment or under-repayment of the minimum amount due will result in late payment penalty along with additional interest rate of 3.35% on the delayed/unpaid amount.

SBI Easy Money

Applicable Interest Rate

2.45% per month

Tenure

45 Days

Loan Amount

Min Rs. 5,000 to upto 75% of your available cash limit

Processing Charges

1.5% of the advanced amount
Min Rs. 149

With Easy Money option, an existing SBI card holder can borrow funds for a short period of time (45 days to be exactly) against their available cash limit on the SBI Card within just 48 hours into their bank account through NEFT or delivered to your doorstep within 48 working hours in form of cheque.

One can avail a minimum Rs. 5,000 to maximum upto 75% of your available cash limit. An applicable interest rate of 2.45% per month will be applicable along with a one-time processing fee equal to 1.5% or minimum Rs. 199. An SBI card holder can avail the facility only if there’s no outstanding on his/her card account for more than 30 days.

Cash Withdrawal at ATM

Applicable Interest Rate

3.35% per month (40.2% per annum)

Withdrawal Charges

2.5% of withdrawal amount or Min Rs. 300.
At Domestic ATMs
3% of withdrawal amount or Min Rs. 300.
At International ATMs

Loan Amount

Upto 80% of credit limit
Rs. 12,000 to Rs. 15,000 depending upon the card you are carrying.

With Cash Withdrawal feature available on your SBI Credit Card, you can simply with cash at a nearby SBI ATM. One can withdrawal advance equal to the cash withdrawal limit (Upto 80% of the credit limit) available on his/her SBI Card, subject to maximum advance limit of Rs. 15,000 per day on SBI Card ELITE, Doctor’s SBI Card (in association with IMA), Doctor’s SBI Card, SBI Card PRIME, Central SBI Select+ Card, Central SBI Select Card, STYLEUP Contactless Card, Air India SBI Signature Card, Air India SBI Platinum Card and Rs. 12,000 per day on Apollo SBI Card, SimplyCLICK SBI Card, SimplySAVE SBI Card, SBI Card Unnati, BPCL SBI Card, Yatra SBI Card, Chennai Metro SBI Card, Mumbai Metro SBI Card, IRCTC SBI Platinum Card.

On withdrawal at SBI ATM, you’ll be charged a cash withdrawal fee equal to the 2.5% of the withdrawal amount or minimum Rs. 300 at domestic ATMs and 3% of the withdrawal amount or minimum Rs. 300 at international ATMs whereas the withdrawal amount will also attract an interest rate equal to 3.35% per month (40.2% per annum) from the date withdrawal is made. These will be billed into your credit card statement, and can be paid in once or using the revolving credit facility.

SBI Flexipay

Applicable Interest Rate

11% to 22% per annum

Tenure Options

6 Months / 9 Months / 12 Months / 24 Months / 36 Months

Loan Amount

Min Rs. 2500 to upto available credit limit.

Processing Charges

2% of the principal outstanding amount.
Min Rs. 199 to Max Rs. 1,000

Foreclosure Charges

3% of the principal outstanding amount

Cancellation Charges

NIL
If cancelled within 45 days of booking.
3% on the principal outstanding.
If cancelled after 45 days of booking or the Encash cheque has been cleared.

With Flexipay feature available on your SBI credit card, one can simply avail the loan by converting single or multiple retail transactions (except fuel and cash transactions) of Rs. 500 or above into single flexipay plan within 30 days of transaction date and pay into monthly EMIs, whereas the minimum booking should not be less than Rs. 2500. Hence, making it easier to pay the amount of the selected purchase into instalments. Though, this feature is available only for SBI card holders whose credit card account is being maintained in good health for past 6 months.

SBI Card offer the following tenure options for Flexipay facility – 6 months, 9 months, 12 months and 24 months. A tenure option of 36 months is also applicable if the flexipay booking amount is equal to Rs. 30,000 or above.

The default interest rate applicable is equal to 22% per annum on the principal outstanding amount. However, SBI Card also offers dynamic interest rate as low as 11% per annum to 22% per annum to a select SBI card holders depending upon their credit card history and credit risk profile.

Apart from it, a one-time processing charge is also applicable, equal to 2% of the principal outstanding amount subject to minimum Rs. 199 to maximum Rs. 1,000. The card holder can also foreclosure the availed loan by paying a foreclosure fee equal to 3% of the principal outstanding amount. These charges will be billed into your monthly credit card statement.

How to Avail Loan on SBI Credit Card?

Apply for SBI Card Encash

Book through SBI Card NetBanking

  • Click here to go to your SBI Card Online account and go to the “Benefits” section available on the left-hand side menu. If you’re eligible for the Encash facility, you’ll see a link named “Encash” in Benefit section.
  • Click on “Encash” link and enter the the amount you want to borrow.
  • Now select a repayment period of your choice and interest rate offered to you.
  • Click on “Confirm” to book the service.

Book through SBI Card Customer Support

  • Dial 1860-180-1290 (for BSNL/MTNL landlines) or 3902-0202 (prefix local STD code) from your registered mobile number and connect to the SBI Card Customer Care representative.
  • Make a request for Encash facility to the SBI Card representative. He/she may ask your card information such as credit card number for verification.

Book by sending an SMS

  • Compose a new message and write “Encash”.
  • Send the text to 56767 from your registered mobile number.

Apply for SBI Easy Money

Book through SBI Card NetBanking

  • Click here to go to your SBI Card Online account and go to the “Benefits” section available on the left-hand side menu. If you’re eligible for the Easy Money facility, you’ll see a link named “Easy Money” in Benefit section.
  • Click on “Easy Money” link and enter the the amount you want to borrow.
  • Now select a repayment period of your choice and interest rate offered to you.
  • Click on “Confirm” to book the service.

Book through SBI Card Customer Support

  • Dial 1860-180-1290 (for BSNL/MTNL landlines) or 3902-0202 (prefix local STD code) from your registered mobile number and connect to the SBI Card Customer Care representative.
  • Make a request for Encash facility to the SBI Card representative. He/she may ask your card information such as credit card number for verification.

Withdrawal Cash at nearest SBI ATM

  • Walk into a nearest SBI ATM and swipe your SBI Credit Card into the machine.
  • Choose “Banking” option and select your preferred language.
  • Enter your credit card pin.
  • Now, choose “Cash Withdrawal” option on the screen and enter the amount you wish to withdrawal. Make sure the amount is not more than the allowed credit balance on the card.
  • Click on “Yes” to withdrawal the amount and collect your cash along with transaction receipt.

Apply for SBI Flexipay

Book through SBI Card NetBanking

  • Click here to go to your SBI Card Online account and go to the “Benefits” section available on the left-hand side menu. If you’re eligible for the flexipay facility, you’ll see a link named “Flexipay” in Benefit section.
  • Click on “Flexipay” link and enter the the amount you want to borrow.
  • Now select a repayment period of your choice and interest rate offered to you.
  • Click on “Confirm” to book the service.

Book through SBI Card Customer Support

  • Dial 1860-180-1290 (for BSNL/MTNL landlines) or 3902-0202 (prefix local STD code) from your registered mobile number and connect to the SBI Card Customer Care representative.
  • Make a request for flexipay facility to the SBI Card representative. He/she may ask your card information such as credit card number for verification.

Interest Rates on SBI Credit Cards

Being an SBI credit card holder, one should how much interest rate is levied by the bank against their credit card transactions. This interest rate varies according to the type of the transaction one have made on the credit card, plus an additional interest rate is also charged to the cardholder as a processing fee to access the respective facility. The regular card transactions attracts an interest rate of 2.5% to 3.35% per month depending upon the type of credit card, whereas some other transactions like EMI bounce, foreign currency conversion or exceeding the available credit limits attract an interest rate ranging from 1.5% to as high as 3.5% per month.

Interest Rate Offers on SBI Credit Card Retail Transactions

Interest rates applicable on SBI credit cards varies according to the type of transaction as well as the type of the card you are carrying. It can be varied depending upon if the card has been swiped for a purchase or if the cardholder have withdrawn cash. Apart from it, interest rates can also be distributed based if the credit card is unsecured or secured.

Interest Rates on Retail Transactions on Unsecured Credit Cards

The interest rate levied by SBI on unsecured credit card is equal to upto 3.35% per month or 40.2% annually. However, this interest rate can be increased depending upon if the purchase registered into card account is made in any other foreign currency.

Interest Rates on Retail Transactions on Secured Credit Cards

In case, the cardholder is carrying a secured credit card offered by sbi credit card, then the applicable interest rate is comparatively lower than the unsecured credit card. The interest rate applicable on eligible purchases made on a sbi secured card is 2.5% per month (30% per annum).

Interest Rates on Cash Advance Transactions

The interest rate applicable on cash advance transactions is equal to 3.35% per monthly or 40.2% annually on unsecured sbi credit cards and 2.5% per month or 30% per annum on secured sbi credit cards.

There is no difference in applicable interest rates between retail purchases made on an sbi credit card and a cash withdrawal transaction. Whereas, most of the other competing banks/FIs offers 1% to 1.5% lower interest rate on retail purchases as compared to cash withdrawal transactions.

In addition to the interest rate applicable on the cash withdrawal amount, an additional interest for accessing the cash at the ATMs, is also charged to the cardholder who have withdrawn the cash at the ATM. This additional interest rate ranges from 2.5% to 3% of the withdrawal amount, depending if the cash is being withdrawn at a domestic ATM or an international ATM.

Interest Rate Offers on Other Type of Credit Card Transactions

Interest Rates on Foreign Currency Conversion

An additional interest rate of 1.99% to 3.5% is being charged to each and every foreign transaction made on a sbi credit card weather is an unsecured card or secured credit card.

If the cardholder has made a purchase into US Dollar, then an additional interest rate of 3.5% will be levied on the purchase amount in Indian rupees. Whereas, if the purchase was made in any other international currency than US Dollar, then an additional interest rate of 3.5% is levied on the purchase amount converted into US Dollar and additionally another 3.5% interest rate is applicable on the purchase amount is converted into Indian rupees from US Dollar. Hence, you end-up paying double the interest rate on foreign currency conversion if the purchase was made into any other currency than US Dollar.

Only the SBI Elite credit cardholders are the exception of this high additional interest rate of 3.5% on foreign currency transactions. The sbi elite card owners are given a concession in this interest rate and has to pay only 1.99% interest rate as compared to 3.5% on other sbi credit cards.

Interest Rates on SBI Credit Card Balance Transfer

The interest rates levied by sbi on cardholders for credit card balance transfer is equal to 3.35% per month on the balance transfer amount, where the minimum eligible amount for balance transfer should be at least Rs. 5,000.

Interest Rates on SBI Credit Card Balance Transfer on EMI

The interest rate applicable on sbi credit card for balance transfer of EMI service, ranges from 0.75% to 1.27% per month. An interest rate of 0.75% per month is levied where balance transfer on EMI is availed for 3 months period, and 1.27% per month where balance transfer on EMI is availed for 6 months period. However, the minimum amount for balance transfer on EMI should not be less than Rs. 5,000.

Interest Rates on SBI Credit Card Flexipay Facility

The flexipay facility on sbi credit cards attracts a default interest rate equal to 22% per annum. However, sbi do offer an interest rate as low as 11% or above to some of the select sbi credit card owners, depending upon their repayment history and credit risk profile. The cardholder also has to pay a processing fee interest equal to 2% of the flexipay amount, ranging minimum Rs. 199 to maximum Rs. 1000.

Interest Rates on SBI Credit Card Encash Facility

SBI charges its credit cardholder an annual interest rate ranging from 12.7% to 29% on Encash transactions. The cardholder is also levied with an additional interest for processing fee for availing the service, equal to 2% on the amount availed under Encash facility, ranging from minimum Rs. 499 to maximum Rs. 3000.

Interest Rates on SBI Credit Card Easy Money Facility

In case you wants to avail Easy Money benefit on your SBI credit card, you must know that sbi charges a monthly interest rate equal to 2.45% on the card loan amount along with processing fee equal to 1.5% of the advanced amount.

Additional Interest Rate on SBI Credit Cards

Additional Interest on Over-limit

Whenever an sbi credit card holder excess his/her credit card limit, then sbi levies an additional interest rate of 2.5 % of the over-limit amount, subject to be minimum Rs. 500 as a penalty to overdrawn as per the assigned credit limit. Although, you won’t be receiving any notification from the bank until the transaction is made and the interest is charged to your credit card account. Hence, it is important to know what is your available credit limit whenever you are shopping on your card or withdrawing cash on credit card.

Additional Interest on EMI Bounce

In case you paid your credit card bill through the cheque or if you have availed auto-debit facility to deduct the amount from your saving account to pay your credit card bills, and the transaction got bounced due to insufficient amount in your account, then sbi do charges an additional interest rate of 2% on the amount as a penalty. The cardholder is levied a minimum charge of Rs. 450 against this.

Kredit - Loans & Credit Card

Fund Transfer from SBI Credit Card

An SBI credit card holder can easily transfer funds from his/her SBI card using the various cash advance options offered by SBI. This amount is borrowed against the available credit limit on the SBI credit card and card holder has to pay an interest rate on the transferred amount along with a one-time processing fee.

The interest rate ranges from 1.05% per month to 3.35% per month depending upon the cash advance options card holder has chosen at the time of fund transfer.

Transfer funds Online from SBI Credit Card

SBI Card Encash

Encash is cash advance facility offered by SBI Cards to its credit card holders. By using Encash cash advance method, an existing SBI credit card holder can transfer a minimum of Rs. 10,000 to maximum amount equal to the available credit limit or sometimes above the credit limit. The amount transferred borrowed using this facility will be blocked against the available credit limit on your SBI Credit Card. However, an interest rate has to be paid on the borrowed amount by the card holder, depending upon the tenure the amount is being advanced.

Currently, SBI Card charges an annual interest rate ranging from 12.7% to 29% along with a one-time processing fee equal to the 2% of the advanced amount, paid by the card holder. The card holder can choose a repayment period of 12 months, 24 months or 36 months.

Applicable Interest Rate

1.05% – 2.41% per month

Tenure Options

Minimum 12 Months to Maximum 36 Months

Loan Amount

Minimum Rs. 10,000

Processing Charges

2% of the advanced amount
Minimum Rs. 499 to Maximum Rs. 3000

How to transfer funds from SBI Credit Card using SBI Card Encash facility?

Card holder can just simply transfer the funds online using the SBI credit card online facility or request for the service by calling the SBI credit card customer support or by sending an SMS.

Book through SBI Card NetBanking

  • Click here to go to your SBI Card Online account and go to the “Benefits” section available on the left-hand side menu. If you’re eligible for the Encash facility, you’ll see a link named “Encash” in Benefit section.
  • Click on “Encash” link and enter the the amount you want to borrow.
  • Now select a repayment period of your choice and interest rate offered to you.
  • Click on “Confirm” to book the service.

Book through SBI Card Customer Support

  • Dial 1860-180-1290 (for BSNL/MTNL landlines) or 3902-0202 (prefix local STD code) from your registered mobile number and connect to the SBI Card Customer Care representative.
  • Make a request for Encash facility to the SBI Card representative. He/she may ask your card information such as credit card number for verification.

Book by sending an SMS

  • Compose a new message and write “Encash”.
  • Send the text to 56767 from your registered mobile number.

SBI Easy Money

The Easy Money option is for those SBI card holders who wants to borrow the funds for a short period of time. The card holder can borrow the funds for a maximum of 45 days only and has to pay an interest rate of 2.45% per month. Using the Easy Money cash advance option, the card holder can transfer a minimum of Rs. 5000 to maximum amount equal to upto 75% of the credit limit available on the SBI card. Along with the applicable interest rate, the card holder has to pay a one-time processing fee as well, equal to the 1.5% of the availed amount.

Applicable Interest Rate

2.45% per month

Tenure

45 Days

Loan Amount

Minimum Rs. 5,000

Processing Charges

1.5% of the advanced amount
Minimum Rs. 149

How to transfer funds from SBI Credit Card using Easy Money facility?

Similar to the SBI Card Encash facility, the card holder can also apply for the Easy Money facility either by simply logging into SBI Card online service or by calling the customer care of SBI credit card. Although, the options to apply for the facility by sending an SMS is not available.

Book through SBI Card NetBanking

  • Click here to go to your SBI Card Online account and go to the “Benefits” section available on the left-hand side menu. If you’re eligible for the Easy Money facility, you’ll see a link named “Easy Money” in Benefit section.
  • Click on “Easy Money” link and enter the the amount you want to borrow.
  • Now select a repayment period of your choice and interest rate offered to you.
  • Click on “Confirm” to book the service.

Book through SBI Card Customer Support

  • Dial 1860-180-1290 (for BSNL/MTNL landlines) or 3902-0202 (prefix local STD code) from your registered mobile number and connect to the SBI Card Customer Care representative.
  • Make a request for Encash facility to the SBI Card representative. He/she may ask your card information such as credit card number for verification.

Transfer funds Offline from SBI Credit Card

Cash Advance at ATMs

Cash Advance at ATMs is an another method using which an SBI card holder can transfer funds from their SBI credit card account to another account. However, the card holder has to do the entire process manually since it’s an offline method. The card holder can withdrawal an amount as high as upto 80% of his/her SBI card’s credit limit.

Depending upon the credit card, the card holder can withdrawal Rs. 12,000 to Rs. 15,000. Additionally, a one-time cash withdrawal fee ranging from 2.5% to 3% of the withdrawal amount will be levied to the card holder’s account, subject to minimum Rs. 300.

Applicable Interest Rate

3.35% per month

Loan Amount

Upto 80% of credit limit
Rs. 12,000 to Rs. 15,000 depending upon the card.

Withdrawal Charges

2.5% of withdrawal amount or Min Rs. 300.
At Domestic ATMs
3% of withdrawal amount or Min Rs. 300.
At Domestic ATMs

How to transfer funds from SBI Credit Card using Cash Advance at ATMs?

  • Walk into a nearest SBI ATM and swipe your SBI credit Card into the machine.
  • Choose “Banking” option and select your preferred language.
  • Enter your credit card pin.
  • Now, choose “Cash Withdrawal” option on the screen and enter the amount you wish to withdrawal. Make sure the amount is not more than the allowed credit balance on the card.
  • Click on “Yes” to withdrawal the amount and collect your cash along with transaction receipt.