SBI Credit Card Interest Rate

The interest rate on credit cards is one of the most important aspects of credit card charges that many credit card users usually don’t care about. Every credit card issuer, including the State Bank of India (SBI), levies interest charges on overdue payments of credit cards on a monthly basis. SBI credit cardholders must know the SBI credit card interest rate charged by the bank on unpaid credit card bills, which payments attract these charges, and how the bank calculates interest on credit cards.


SBI Credit Card Types & Their Interest Rates

SBI levies interest or finance charges at the monthly interest rate on all transactions including unpaid EMI instalments from the date of the transaction in case you choose not to pay your balance in full, and on all cash advances taken by you, till they are paid back.

If the cardholder makes partial or zero payment of the total amount due before the payment due date, i.e. the customer has an outstanding balance from the previous month(s) and in the current month, full payment of the total amount due is made before the payment due date then interest or finance charges will be levied on the closing balance till the payment date.

Currently, SBI levies finance charges up to 3.50% per month (42% per annum) from the transaction date. This charge is subject to vary at the discretion of SBI Cards & Payment Services Limited (SBICPSL). The payable finance charges are subject to the levy of applicable taxes and are debited to the credit cardholder’s account till the outstanding on the card is paid in full. 

The minimum amount of interest charge levied on all transactions in the event of the non-payment of the balance in full within the payment due date, and on all cash advances taken by the user will be Rs. 25 each plus applicable taxes.

Read More: SBI Credit Card Types

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SBI Credit Card Fees & Charges

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SBI credit card charges are applied to the various services offered by the bank on its SBI credit cards, including cash withdrawal, minimum bill payments, balance transfer, taking loans, etc. Below is the list of SBI credit card fees and charges, including the SBI credit card annual fee, joining fee, interest rate, forex markup, late payment fee, cash advance fee, etc.

Credit Card VariantJoining/Annual Fee
SBI ELITE Credit Card Rs. 4,999 
SBI PULSE Credit CardRs. 1,499
Doctor's SBI Card (in association with IMA)Rs. 1,499
SBI Card ELITE AdvantageRs. 4,999 
Doctor's SBI CardRs. 1,499
SBI CASHBACK Credit CardRs. 999
SBI Card PRIMERs. 2,999
Aditya Birla SBI Card SELECTRs. 1,499
Aditya Birla SBI CardRs. 499
OLA Money SBI CardNil
Apollo SBI Credit CardRs. 499
SBI Card PRIME AdvantageRs. 2,999
Tata Card SELECTRs. 2,999
Tata CardRs. 499
Paytm SBI Card SELECTRs. 1,499
Paytm SBI CardRs. 499
Fabindia SBI Card SELECTRs. 1,499
Fabindia SBI CardRs. 499
Lifestyle Home Centre SBI Card PRIMERs. 2,999
MAX SBI Card PRIMERs. 2,999
SPAR SBI Card PRIMERs. 2,999
Lifestyle Home Centre SBI Card SELECTRs. 1,499
MAX SBI Card SELECTRs. 1,499
Lifestyle Home Centre SBI CardRs. 499
MAX SBI CardRs. 499
SPAR SBI CardRs. 499
SimplyCLICK SBI Credit CardRs. 499
SimplySAVE SBI Credit CardRs. 499
fbb SBI STYLEUP CardRs. 499
Central SBI Select+ CardRs. 2,999
Central SBI Select CardRs. 750
SBI Card UnnatiNil
SimplyCLICK Advantage SBI CardRs. 499
SimplySAVE Advantage SBI CardRs. 499
Shaurya SBI CardRs. 250
Shaurya Select SBI CardRs. 1,499
IRCTC SBI Card PremierRs. 1,499
IRCTC SBI Card (on RuPay platform)Rs. 500
Etihad Guest SBI Premier CardRs. 4,999
Etihad Guest SBI CardRs. 1,499
BPCL SBI Credit CardRs. 499
Club Vistara SBI Card PRIMERs. 2,999
Club Vistara SBI CardRs. 1,499
Yatra SBI CardRs. 499
Air India SBI Signature CardRs. 4,999
Air India SBI Platinum CardRs. 1,499
IRCTC SBI Platinum CardRs. 500 joining fee & Rs. 300 annual fee
PSB SBI Card ELITERs. 4,999
PSB SBI Card PRIMERs. 2,999
PSB SimplySAVE SBI CardRs. 499
UCO Bank SBI Card ELITERs. 4,999
UCO Bank SBI Card PRIMERs. 2,999
UCO Bank SimplySAVE SBI CardRs. 499
Central Bank of India SBI Elite CardRs. 4,999
Central Bank of India SBI Card PrimeRs. 2,999
Central Bank Of India SimplySave SBI CardRs. 499
City Union Bank SBI Card PRIMERs. 2,999
City Union Bank SimplySAVE SBI CardRs. 499
Karnataka Bank SBI Card PRIMERs. 2,999
Karnataka Bank SimplySAVE SBI CardRs. 499
South Indian Bank SBI Platinum Credit CardRs. 2,999
South Indian Bank SimplySave SBI CardRs. 499
KVB SBI Signature CardRs. 4,999
Karur Vysya Bank - SBI Platinum Credit CardRs. 2,999
Karur Vysya Bank - SBI CardRs. 499

In addition to the joining and annual fees mentioned above, SBI also levies the charges mentioned below:

  • Foreign currency transactions: 1.99% for Elite & 3.5% for all other cards. 
  • Cash advance fee: 2.5% or Rs. 500 whichever is higher.
  • Cash payment fee: Rs. 250 + applicable taxes.
  • Overlimit charges: 2.5% or Rs. 600, whichever is higher. 
  • Finance charges (p.a.): Up to 3.50 per month (42% per annum).
  • Late payment charges: Up to Rs. 1,300. 
  • Payment dishonour: 2% of Payment Amount subject to minimum charges of Rs. 500.
  • Rewards redemption fee: Rs. 99.
  • Card replacement fee: Rs. 100 to Rs. 250.
  • Cheque payment fee: Rs. 100.
  • Processing fee on all rent payment transactions: Rs. 199.
  • Balance transfer fee: 1.7% p.m. (20.40% p.a.)

Also Check: SBI Credit Card Airport Lounge Access

How to Calculate SBI Credit Card Interest Rate?

SBI offers an interest-free period on credit card payments, usually ranging from 20 to 50 days, depending on the type of credit card.

For example:

Let us assume that your SBI credit card statement is generated on the 2nd of every month. In this case, your billing cycle will be from 5th March to 2 May 2023. Now, if you use your credit card for a retail purchase on 15th April for Rs. 500 and an online purchase on 20th April for Rs. 6,000, you will be required to pay either the minimum or total due amount within the due date, i.e. 2nd May. If you make a partial payment of Rs. 500, the bank will charge the applicable interest rate on the balance amount and add it to your total outstanding balance.

If the interest rate is 3.5% per month, then the bank will calculate the interest rate as follows:

Interest charged on Rs. 500 will be calculated from the transaction date, i.e. 5th March to 22nd April (for 49 days). The formula used by the bank will be (3.5X12) X (49/365) X 500/100 = Rs. 28.19.

On the transaction amount of Rs. 6,000, the interest charged will be calculated from the transaction date, i.e. 15th March to 22nd April (for 39 days). The formula used by the bank will be (3.5X12) X (39/365) X 6000/100 = Rs. 269.26.

Interest on the transaction amount of Rs. 90 will be charged between 5th March to 22nd April (for 49 days) and the formula used will be (3.5X12) X (49/365) X 90/100 = Rs. 5.07.

Now, on the balance amount of Rs. 6,175, the interest charged will be calculated from 22nd April to 2nd May (for 10 days). The formula used will be (3.5X12) X (10/365) X 6000/100 = Rs. 71.05.

Hence, the total interest charged is Rs. 373.57.

The credit card interest rate will be calculated on every transaction separately. During promotional campaigns, SBI also issues credit cards with low-interest rates. Therefore, it is advised to know the monthly and annual interest rates charged on your credit card.

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How to Calculate Late Payment Charges on SBI Credit Card?

Late payment charges will be applicable on SBI credit cards if the Minimum Amount Due (MAD) is not paid by the payment due date.

Below is the SBI late payment charges table according to the total outstanding amount:

Total Outstanding AmountLate Payment Charges
Rs. 0 - Rs. 500Nil
Above Rs. 500 & up to Rs. 1,000Rs. 400
Above Rs. 1,000 & up to Rs. 10,000Rs. 750
Above Rs. 10,000 up to Rs. 25,000Rs. 950
Above Rs. 25,000 & up to Rs. 50,000Rs. 1,100
Above Rs. 50,000Rs. 1,300

An additional late payment fee of Rs. 100 will be levied on missing payment of MAD by the due date for two consecutive cycles. This fee will continue to levy for every payment cycle until the MAD is cleared.

Also Check: SBI Lifetime Free Credit Card

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SBI Interest-Free Grace Period

An interest-free period or grace period is a period offered by SBI to its credit cardholders. If the cardholder pays off the outstanding amount within this period, no interest rate will be levied. The interest-free credit period or grace period of SBI credit cards ranges from 20 to 50 days, subject to the submission of claims by the cardholder. However, the grace period is not applicable if the balance of the previous month has not been cleared entirely or if the cardholder has withdrawn cash from any ATM using the card.

Tips to Avoid Paying Interest Rate on SBI Credit Cards

You can avoid paying SBI credit card interest rates with the following tips:

  • Utilize the interest-free period. This period gives you some leverage to repay your outstanding amount. 
  • Make sure the entire amount is repaid.
  • Avoid any cash advances unless it is a genuine financial emergency.
  • Convert large amounts into EMIs.

Also Check: SBI Credit Card Customer Care Number

SBI Credit Card Rewards

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SBI Credit Card Interest Rate FAQs

Does SBI charge a late payment fee on making the minimum amount due and not the total outstanding balance?


No. The bank will levy interest rates only if you do not pay the minimum amount due within the due date.

What is the joining fee for SBI Card ELITE?


The SBI Card ELITE comes with a joining and annual fee of Rs. 4,999.

What happens if I could not pay the SBI credit card bill?


If you could not pay your credit card bill, SBI will send you timely reminders to settle the total outstanding balance. If you do not clear your dues even after that, the bank may report the default status to credit bureaus which can affect your credit score.

What are the finance charges on SBI credit card cash advances?


The finance charges for SBI credit card cash advances are 3.5% per month or 42% per annum.

What is the interest-free period of an SBI credit card?


SBI offers an interest-free grace period of between 20 days to 50 days, depending on the credit card type you have.