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What are the annual fees or charges for an SBI bank credit card? How can we avoid them?
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 asRead more
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.
See lessWhy did my SBI credit card get declined when I have money?
If you ever get yourself in a quagmire whereby your card transaction has been declined the first thing that you ought to do is to contact your bank so that you can be informed on why it was declined. Every other problem bar the fraudulent ones can preferably be handled on the telephone. Similarly, dRead more
If you ever get yourself in a quagmire whereby your card transaction has been declined the first thing that you ought to do is to contact your bank so that you can be informed on why it was declined. Every other problem bar the fraudulent ones can preferably be handled on the telephone. Similarly, do not attempt charging the card multiple times if it has been declined since multiple declines can warrant your bank to frozen the card over fraud. Please ensure that your phone number is correct with the credit card company so that they inform you on the transactions. Here are some common reasons for a declined transaction: Here are some common reasons for a declined transaction:
1. Tech Issues: The new credit card that many people are getting come with a chip that can only be used with a PIN number for the transaction. This can also occur if the businessman has substandard point-of-sale (PoS) machine, if you have forgotten the PIN or new in the use of the card and did not set the PIN yet.
2. Incorrect Information: When you make a wrong entry of the billing address, CVV or 3D secure password while making your purchase online your transaction will be declined.
3. Unusual Currency: If you tend to shop with one type of currency and you attempt to use your card for perhaps, a huge transaction in another sort of currency like purchasing a ticket using dollars while you use rupees, it may be declined. However, it is recommended to inform the credit card company in such purchases in advance.
See lessWhat are the pros and cons of SBI credit cards?
From the leading largest bank of India, namely the SBI, it was recently disclosed that it ceased offering lifetime free credit cards. Stated reasons for such change is due to baker’s need for high profitability and due to market trends. The credit card business in India has also grown intensely compRead more
From the leading largest bank of India, namely the SBI, it was recently disclosed that it ceased offering lifetime free credit cards. Stated reasons for such change is due to baker’s need for high profitability and due to market trends.
The credit card business in India has also grown intensely competitive over the years, and there is a proliferation of new recorded methods employed by banks in the course of generates revenues from credit card services. Thus people are attracted to lifetime free credit cards but they are less beneficial to these banks because they do not make money from the annual fees.
Thus, SBI can at least have a much more stable and regular source of revenue through annual or renewal fees instead of having to offer the lifetime free credit cards. This way the bank is able to recuperate the costs associated with the credit cards as well as fund improvements of customer’s experience on the credit card.
This is perhaps a good place to mention that while SBI no longer has the lifetime free credit cards policy, it has several other credit cards with differing fees and incentives. This makes it possible for customers to select cards which are accessible regarding their spending routines and fiscal status regardless if the cards have an annual fee or not.
The move to cut down on the free credit cards for life abiding customers is one that is wells in line with other player practices and that SBI embarked on in its bid to embed a good financial health status. A positive impact is the alteration makes for a healthier and profitable credit card portfolio in the long run.
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