South Indian Bank Credit Card Charges

South Indian Bank Credit Card Charges & Fees

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South Indian Bank Credit Card Fees & Charges in India

**Disclaimer: Standard Chartered Bank is not a Finserv MARKETS partner. Offers would be from partner Banks/NBFCs only.

 

To enjoy additional convenience and perks, apply for a South Indian Bank stop carrying cash. With the South Indian Bank credit card, you'll enjoy unparalleled convenience, unrivalled benefits, and jaw-dropping deals. South Indian Bank credit card offers a world of interesting features and perks. Dining discounts, movie ticket reductions, fuel price waivers, vouchers, and cashbacks are all available.

South Indian Bank Credit Card Fees

  • SIB Credit Card Fees for Annual Membership

For primary and add on credit cards, the cardholder must pay an annual membership fee determined by the bank. Depending on the schemes, different cards may have different costs. Annual fees will not be returned to the cardholder when the credit card is closed.

  • SIB Credit Card Fee for Cash Advances

The cardholder can withdraw money from an ATM anytime in India and abroad using the credit card. A cost of 2.0 percent of the amount withdrawn, or INR 300, will be levied for each transaction, and it will be applied to the following monthly payment. Unlike other purchases, ATM transactions do not have an interest-free period.

  • SIB Credit Card Charges for Late Payments

If the minimum amount due is not paid on or before the due date, late fees will be applied. The following are the late payment penalties that apply.

South Indian Bank Credit Card Charges

Statement Balance

Late Payment Charges

For up to INR 10,000

INR 300

INR 10001 to INR 25,000

INR 600

Above INR 25,000

INR 700

Top South Indian Bank Credit Cards Charges & Fees

South Indian Bank credit cards come in a variety of categories to meet the demands of a wide range of clients. South Indian Bank has a credit card that fits your lifestyle. The SIB credit card fees and charges also differ with each card. Here is the list of South Indian Bank credit cards, each designed to meet a certain need:

 

1. South Indian Bank SBI Platinum Card:

 

With the South Indian Bank SBI Platinum Credit Card, you can enjoy infinite features and lifestyle benefits. With a plethora of features and benefits, this breath-taking and appealing credit card is ready to make your life easier. This SBI credit card meets all of your lifestyle needs, whether it's for grocery shopping, vacation, earning rewards, or a welcome gift. This is why many credit card users prefer to use this card because it offers a variety of lavish features and bonuses to pick from.

  • Annual Fee:₹2,999 (one-time)

  • Renewal Fee:₹2,999 (per annum)

  • Add-on Fee: Nil (per annum)

 

2. South Indian Bank SimplySAVE SBI Card:

 

When it comes to using South Indian Bank, cash points, 10x value back, fuel surcharge waivers, welcome deals, and much more come in handy. This well-designed card, with its plethora of unrivalled lifestyle features and benefits, caters to everyone's demands. What's more intriguing about this card is that the more you spend with it, the more you save. You can use this card for a variety of lifestyle necessities, and it will reward you with a variety of incentives such as cash back, rewards, and welcome gifts.

  • Annual Fee:₹499

  • Renewal Fee:₹499

  • Add-on Fee: Nil (per annum)

 

3. SIB-OneCard Credit Card:

 

With the brand-new SIB-OneCard Credit Card, South Indian Bank provides you the 100% digital Credit Card of your dreams, an appealing blend of convenience and security. The SIB-OneCard Credit Card is a premium metal-based Credit Card that can be fully controlled via the OneCard app. The SIB-OneCard Credit Card opens up a world of possibilities with its quick virtual card issuance and appealing Reward Points system.

  • Lifetime free credit card with zero joining and annual fees

  • 100% digital customer on-boarding process

  • Instant virtual card issuance

How to Avoid Late Fee Charges on South Indian Bank Credit Cards?

  • Charges for late payments

One of the most compelling reasons to avoid paying your credit card account after the due date is to avoid incurring late fees. Late credit card payments attract steep fees from banks, and this is a cost that can be easily avoided.

  • High Interest rates

Credit card issuers levy interest rates as high as 30% of the credit card late balance if bills are not paid for more than 60 days. This high rate of interest is also applied to any new transactions you make with your credit card. If you keep doing this, the interest on your credit card account will soon be greater than the actual credit card charge.

  • Negative impact on your credit score

Late credit card payments result in a lower credit score, negating the credit card's primary value. Your credit score can be enhanced by making good use of your credit card and paying your payments on time. A solid credit score is required to ensure that you will be eligible for bigger loan amounts in the future. Your financial health will be harmed if you do not pay your bills on time.

  • Reduced credit limit

Following multiple missed payments or frequent late credit card payments, banks and credit card issuers have the ability to restrict your credit limit. Your purchasing power will be harmed, and your financial well-being will be jeopardised.

  • Interest is charged on unpaid amounts

You are not obligated to pay simply the minimal amount due out of your total credit card payment before the due date, contrary to popular belief. It is a common misconception that paying only the minimum sum prevents you from incurring interest charges. This is not the case. In reality, you will begin paying interest on the outstanding balance as soon as your payment is due. As a result, it is strongly recommended that you pay off your credit card balance in full.

  • Zero interest-free term

If you don't pay your credit card bill on time, your interest-free period may be over. The term 'interest-free period' refers to the time period during which your bank will fund your purchase without charging you any interest. This time frame can span anywhere from 20 to 25 days. If you don't pay your credit card bill on time, the bank will take away your credit card privileges.

Frequently Asked Questions

  • ✔️Are there any charges for a South Indian Bank credit card?

    South Indian Bank credit card charges include a finance cost of 3.35 percent every month.

  • ✔️What are the different fees & charges on South Indian Bank credit cards?

    Surcharges, convenience fees, and minimum purchase restrictions are three sorts of charges related to South Indian Bank credit cards.

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