What are the annual fees or charges for an SBI bank credit card? How can we avoid them?
What are the annual fees or charges for an SBI bank credit card? How can we avoid them?
Share
Lost your password? Please enter your email address. You will receive a link and will create a new password via email.
Please briefly explain why you feel this question should be reported.
Please briefly explain why you feel this answer should be reported.
Please briefly explain why you feel this user should be reported.
In the case of SBI credit cards, one should note that the fee charged is usually on an annual basis and depends on the kind of card used. For instance, the apparently unadorned SBI Classic card will set you back by around ₹500 annually. However, the annual fees based on the category of the cards as SBI platinum, SBI signature, SBI infinite or even higher could cost anywhere between ₹1000 and ₹5000, or even higher.
If you’re looking to avoid paying the annual fee on your SBI credit card, here are some strategies you can try:If you’re looking to avoid paying the annual fee on your SBI credit card, here are some strategies you can try:
1. **Request a Fee Waiver**: You should write an email to your bank requesting for the waiver of the annual fee. This is especially so if you frequently spend or charge a lot on your credit card. The fee is usually flexible and many a times, banks forgo it especially to premium customers.
2. Meet Spending Requirements: There are SBI credit cards which come with fee704 but you can be exempted from this fee if you spend to a given amount within the one month or the year. This range may be from ₹50,000 to ₹2,00,000 to ₹ or above depending on the card.
3.Choose a No-Fee Card: Some of the SBI credit cards that are available are SBI Unnati where charges no annual fee. These won’t have as many frills as the premium cards, but are a perfect way to avoid annual fees.
4. Downgrade Your Card: If you have a premium SBI card, you can downgrade to an SBI credit card with a lower or no annual fee at all. Like this, you will be able to remain in the black and avoid annual fees at the same time, thus being able to have all the credit card necessities you need.
5. Take Advantage of Free Periods: Most of the SBI credit cards introduced in this year contain a waiver of the first year’s fees. This is precisely why it is wise to be careful and cancel the card before the expiry of this period so that you do not incur any annual charges.
Following these tips, you can minimize or ideally, even stop paying the annual fees for the SBI credit card.
Hey bro, here’s what you need to know about SBI credit card fees and how to avoid them.
Annual Fees for SBI Credit Cards
SBI SimplyCLICK Credit Card – ₹499
SBI IRCTC Credit Card – ₹500
SBI Card ELITE – ₹4,999
SBI Card PRIME – ₹2,999
SBI Card UNLIMITED – ₹1,499
Each card has different benefits, but the fees can stack up if you’re not careful.
Other Common Charges
Late Payment Fee: ₹100 – ₹1,000 if you miss the due date.
Overlimit Fee: ₹500 – ₹1,000 if you exceed your credit limit.
Cash Withdrawal Fee: 2.5% of the amount or ₹300, whichever is higher.
Foreign Transaction Fee: 3.5% on international spends.
How to Avoid These Fees?
Pick a Card That Fits Your Spending
Some SBI cards waive annual fees if you spend a certain amount in a year.
Hit Spending Targets
Many cards waive fees if you meet spending criteria. Check what your card offers and try to hit that target.
Pay on Time
Avoid late fees by paying on time. Set reminders or automate payments.
Stay Within Limits
Keep an eye on your spending to avoid overlimit fees.
Use Points and Cashback
Use your rewards to offset fees, or get cashback where possible.
Call SBI and Negotiate
Sometimes, if you’ve been a good customer, you can call SBI and ask them to waive your annual fee.
That’s pretty much it! Stick to these tips, and you can avoid or reduce a lot of those fees. Let me know if you need anything else!