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The SBI Credit Card interest rate is the finance charges levied on your credit card when you use it to borrow funds for transactions. The charge is applicable only when you do not pay the total outstanding bill amount within the predetermined due date or the interest-free period.

 

Read on to learn more about the interest charges on SBI credit cards, how to calculate them, and more.

Top SBI Credit Cards’ Interest Rates

The SBI Credit Card rate of interest varies depending on the card type that you own. The following table mentions the SBI Credit Card interest rates of the top cards.

Card Name

SBI Credit Card Interest Rate (p.m./p.a.)

BPCL SBI Card

3.50%/42%

SimplySAVE SBI Card

3.50%/42%

SBI IRCTC RuPay Credit Card

3.50%/42%

SBI Card ELITE

3.50%/42%

SBI Card PRIME

3.50%/42%

CASHBACK SBI Card

3.50%/42%

Aditya Birla SBI Card

3.50%/42%

OLA Money SBI Card

3.50%/42%

Disclaimer: Interest rates are subject to change. Please check with the lender before applying.

SBI Credit Card Interest-Free Period

SBI Card offers a grace period, also known as the interest-free period, on all its credit cards. This period usually starts from the transaction date and goes up to the payment due date. 

 

Usually, the credit card interest-free period can be anywhere from 20 to 50 days. If you clear your outstanding dues on or before the payment due date on your SBI Credit Card, the bank does not levy any interest. However, if you fail to make your SBI Credit Card bill payment in full, you can choose to pay only the minimum amount due. 

 

Note that having any outstanding balance carried over from the previous months will lose all the benefits of the interest-free period. The credit card interest rate by SBI Card is 3.5% per month on all transactions. The bank charges it for the period starting from the transaction date up to the date on which you finally clear your dues.

Transactions on SBI Credit Cards that Result in Interest Charges

Here are a few transactions that attract interest charges on the SBI credit cards:

  • If you do not pay the entire outstanding amount before the due date of credit card bill payment

  • When you only pay the minimum due amount and carry forward the remaining balance for future billing cycles

  • When you use the credit advance facility or withdraw cash using a credit card

How is the SBI Card Interest Rate Calculated?

An SBI Credit Card interest rate calculator can help you figure out the interest that you must pay on the outstanding balance. You can calculate the interest rate on the SBI Credit Card using the formula mentioned below.

[(Total number of days x transaction amount x 3.5% per month x 12 months) x number of days] ÷ 365 days

Here is an example to learn how the interest rate on the SBI Credit Card affects the amount you pay.

Example:

SBI Credit Card interest rate

3.5% per month (42% per year)

Date of transaction

15 April 2020

Amount of transaction

₹5,000

Date of transaction

20 April 2020

Amount of transaction

₹6,000

Date of statement generation

2 May 2020

Total due amount

₹11,000

Minimum amount due

₹5,000

Payment due date

22 May 2020

Next statement date

2 June 2020

1. 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 42%) ÷ 365 = ₹224.38

2. 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 42%) ÷ 365= ₹234.73

3. 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 42%) ÷ 365 = ₹69.04

Total interest charged will be ₹528.15 (₹224.38 + ₹234.73 + ₹69.04)

 

To keep your cost of borrowing low, it is essential to choose a credit card with lower interest rates and other charges. On Bajaj Markets, you can browse and compare different credit cards and apply for the one that best suits your financial requirements.

Frequently Asked Questions

The SBI Credit Card rate of interest is 3.5% per month or 42% annually.

The SBI Credit Card interest rate is calculated for each transaction separately using the formula.

[(Total number of days x Transaction amount x 3.5% per month x 12 months) x number of days] ÷ 365 days

The SBI pays interest on savings accounts at the end of every quarter in the months of March, June, September, and December. 

It may take up to 21 days once you submit your credit card application and the required documentation. 

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