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What will happen with my next SBI credit card bill if I pay only the minimum due this month?
If you only pay the minimum amount due on your next SBI credit card bill, here's what will happen: 1. Minimum Payment Due Your bill will indicate a minimum payment amount, usually equal to about five percent of your outstanding balance. 2. Interest Charges: Any remaining balance will accrue interestRead more
If you only pay the minimum amount due on your next SBI credit card bill, here’s what will happen:
1. Minimum Payment Due Your bill will indicate a minimum payment amount, usually equal to about five percent of your outstanding balance.
2. Interest Charges: Any remaining balance will accrue interest at an APR between 30-40% or higher.
3. Late Fees: If you miss your minimum payment date, late fees could apply ranging from Rs 100-Rs 500 or even higher, depending on the card and outstanding balance.
4. Credit Utilization Ratio: Carrying an increased balance can significantly increase your credit utilization ratio and harm your score over time.
5. Loss of Grace Period: Any new purchases might find themselves without their usual grace period of 20-30 days for interest-free transactions to accrue, meaning new transactions could begin accruing interest immediately instead.
6. Debt Difficulties: Making only minimum payments makes it more challenging to eliminate debt as most of each payment goes toward interest charges than principal.
Pay as much of what you can each month to reduce your balance and avoid expensive interest and fees. While meeting at least your minimum payment will save money over time, making more will yield even greater dividends.
See lessI Applied for an SBI Credit Card Two Months Ago and Still Haven't Received It. What Should I Do?
If your application was rejected by SBI without notification to you within three months, chances are it was rejected without being informed by them. SBI is highly competitive in the credit card market and rarely misses an application, though due to being a government entity their customer service miRead more
If your application was rejected by SBI without notification to you within three months, chances are it was rejected without being informed by them.
SBI is highly competitive in the credit card market and rarely misses an application, though due to being a government entity their customer service might not be as responsive as with private banks like ICICI, Kotak Mahindra, HSBC or Standard Chartered.
Here’s what you should do:
Have a strong repayment history and secure income to qualify.
Consider applying for a credit card through SBI’s marketing agents located at kiosks in malls or other public places, and receive a response either way by the following day. Using this approach may also work with agents from other banks.
If your application lacks strength in any area, refrain from applying repeatedly as this will damage your credit score. Instead, focus on strengthening it before applying again when in a stronger position; banks will likely offer you credit cards this way!
See lessMy credit card due got debited twice as auto-debit happened even after I paid the bill manually. What do I do to credit back the extra amount? I am using an SBI card.
Follow these simple steps to recoup any additional amounts credited back onto your State Bank of India credit card: 1. Get in Touch With Customer Service: Reach out to SBI credit card customer service and inform them of the double charges, detailing dates and amounts involved. 2. Request an InvestigRead more
Follow these simple steps to recoup any additional amounts credited back onto your State Bank of India credit card:
1. Get in Touch With Customer Service: Reach out to SBI credit card customer service and inform them of the double charges, detailing dates and amounts involved.
2. Request an Investigation: Request that they investigate and reverse any extra charges that were imposed as a result of auto-debit, explaining that you had already made payment manually so the auto-debit charge was simply accidental.
3. Secure a Reference Number: Once speaking to customer service representative, be sure to request a Reference Number so they can begin the process of reverse charging/crediting back your account with any extra amount that has been charged back into it.
4. Follow Up: Reconcile with your bank within several business days to make sure the credit has been applied – you should see it appear on your next credit card statement.
5. If Necessary: If customer service cannot resolve your issue, consider filing a formal written complaint with the bank’s grievance redressal department and provide as much detail and documentation as possible in support.
Aiming to understand SBI’s customer support properly will allow them to quickly assist you with reversing the double debit and returning any overpayment to your account with minimal hassle. With their assistance, the extra amount should quickly return.
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