New credit card rules: SBI Card increases these credit card charges from November 1, 2024; check details
SBI Card has increased the finance charges on all unsecured SBI Credit Cards, according to its official website. However, this is not applicable to Shaurya, Defense. This is effective from November 1, 2024, stated the SBI Card website.
SBI Card: What is the increased finance charges
SBI Card has revised the finance charges to 3.75% p.m. on all unsecured SBI Credit Card applicable from November 1, 2024.
What is the current finance charges
The current rate of finance charges is upto 3.50% per month [42% per annum] from the transaction date, according to the SBI Card website.
When is finance charge applicable on SBI credit cards
Finance Charges are payable at the monthly interest rate on all transactions including unpaid EMI installments from the date of transaction in the event of the cardholder choosing not to pay his balance in full, and on all cash advances taken by the cardholder, till they are paid back.
Note that finance charges on cash advances are applicable from the date of transaction until the payment is made in full. Here is the sample calculation if 3.5% interest is applicable, according to the SBI Card website.
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