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SBI Credit Card Interest Rate

Borrowing credit on your SBI credit card is a great way to make small and big-ticket purchases and transactions. However, at the end of the billing period, the borrowed funds require to be paid back in full. Failing to do so attracts a charge known as the interest rate. So, what is this SBI credit card interest rate?

Interest Rate on SBI Credit Card

The SBI Bank credit card interest rate is the finance charges that are levied against your credit card when you use it to borrow funds for transactions. The charge is applicable only when the total outstanding bill amount is not paid within the predetermined due date or the interest-free period. For example, if INR 10,000 is the total amount that is outstanding on your credit card and you pay a partial sum or the minimum due on the card, say INR 5000, the balance amount is carried forward to the next billing cycle. In such a situation, the SBI credit card interest rate will be applicable. However, if you pay the entire INR 10,000 within the due date, you will not be charged interest on your expenses.

SBI Credit Card Interest Rate of Top 5 SBI Credit Cards

The SBI card interest rate varies depending on the card type that you own. The SBI credit card interest rate of five of the top cards is mentioned below:

Card Name

SBI Credit Card Interest Rate

BPCL SBI Card

3.35% per month / 40.2% per year

SimplySAVE SBI Card

3.35% per month / 40.2% per year

IRCTC RuPay Credit Card

3.35% per month / 40.2% per year

SBI Card ELITE

3.35% per month / 40.2% per year

SBI Card PRIME

3.35% per month / 40.2% per year

How is SBI Credit Card Interest Rate Calculated?

The SBI credit card interest rate calculator helps in figuring the interest that you will be charged on the outstanding balance. The interest rate on the SBI credit card is calculated using the below-mentioned formula-

[(Total number of days x Transaction amount x 3.35% per month x 12 months) x number of days] / 365 days

Let us consider an example, to learn how the interest rate on an SBI credit card affects the amount you pay.

Example:

SBI Credit Card Interest Rate

3.35% per month / 40.2% per year

Date of Transaction

15 April 2020

Amount Transacted

INR 5000

Date of Transaction

20 April 2020

Amount Transacted

INR 6000

Date of Statement Generation

2 May 2020

Total Due Amount

INR 11,000

Minimum Amount Due

INR 5000

Payment Due Date

22 May 2020

Next Statement Date

2 June 2020

i) Interest charged on the first transaction from the transaction date to the payment due date:

(Total number of days from the transaction date to the payment due date x Total amount spent x Interest Rate per annum) ÷ total number of days in a year

(39 x 5000 x 40.2%) ÷ 365= INR 214.77

ii) Interest charged on the second transaction from the transaction date to the payment due date:

(Total number of days from the transaction date to the payment due date x Total amount spent x Interest Rate per annum) ÷ total number of days in a year

(34 x 6000 x 40.2%) ÷ 365= INR 224.67

iii) Interest charged on the outstanding balance from the date of partial payment to the next statement generation date:

(Total number of days between the date of partial payment to the date of next statement generation date x Total outstanding balance x Interest rate per annum) ÷ total number of days in a year

(10 x 6000 x 40.2%) ÷ 365 = INR 66.08

Total interest charged will be INR 505.52 (INR 214.77 + INR 224.67 + INR 66.08)

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Frequently Asked Questions About SBI Credit Card Interest Rate

  • ✔️What is the interest rate on an SBI credit card?

    The interest rate on the SBI credit card is 3.35% per month or 40.2% annually.     

  • ✔️How to calculate the Interest rate on SBI credit cards?

    The SBI credit card interest rate is calculated for each transaction separately using the formula-

    [(Total number of days x Transaction amount x 3.35% per month x 12 months) x number of days] / 365 days.