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 It can be varied depending upon if the card has been swiped for a purchase or if the cardholder have withdrawn cash.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amount, an additional interest for accessing the cash at the ATMs, is also charged to the cardholder who have withdrawn the cash at the ATM.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.