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SBI Credit card shocking Financial charges

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Deal Cadet
Rockstar008

Hi Dimers, For my SBI credit card I got a credit card statement today which shows an entry related to FIN CHARGES ON Retail of Rs 1347 + GST. I got a total amount due as 44082 in statement generated on 13rd Nov which was supposed to be payed by 3rd Dec. I got a refund of 1771 on 20 Nov and I payed balance amount of 42311 on 27 Nov so my total payment before due date was 1771+42311 which equals the total due amount but today its shocking to see this financial charges of 1559 in december’s which is frustrating me. This is my third month with SBI credit card. Never faced any such issues with other credit cards. Please suggest guys as I am clueless

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Deal Newbie Deal Newbie
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Refund not counted as payment.
So u should paid full amount.
Ask customer care to refund the charges.
If they don’t refund simply say u want to close this card then they definitely refund the charges.

Deal Cadet Deal Cadet
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patel749 wrote:

Refund not counted as payment.
So u should paid full amount.
Ask customer care to refund the charges.
If they don’t refund simply say u want to close this card then they definitely refund the charges.

But in icici, HDFC, Axis refunds are considered as payments. Whats wrongs with SBI??

Deal Cadet Deal Cadet
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Also why so high financial charges. I had already payed 42311 out of 44082 then they should levy interest on 1771 only. Why is the interest so much??

Deal Subedar Deal Subedar
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If you don’t pay full amount, they charge interest on full amount … Many other cards do the same. Just call and ask them to reverse as one time mistake … And always pay full amount.
Have tried this approach and it works mostly …

Deal Subedar Deal Subedar
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Rockstar008 wrote:

But in icici, HDFC, Axis refunds are considered as payments. Whats wrongs with SBI??

Axis refund or CB not counted

Deal Cadet Deal Cadet
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Manitian wrote:

If you don’t pay full amount, they charge interest on full amount … Many other cards do the same. Just call and ask them to reverse as one time mistake … And always pay full amount.
Have tried this approach and it works mostly …

Very sad 🙁.. have already emailed them and tweeted too. Lets hope I get the resolution otherwise will follow the escalation matrix.

Deal Newbie Deal Newbie
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Rockstar008 wrote:

But in icici, HDFC, Axis refunds are considered as payments. Whats wrongs with SBI??

Not in ICICI as well

Deal Subedar Deal Subedar
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they will give you 1 waiver in a year, so use it wisely. with SBI, strictly refunds not counted as payments

Hunk Hunk
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Refunds are not counted as payment with many CCs. I don’t understand what difference does it make to credit the current statement or upcoming, eventually it is a credit. Unless there are multiple refunds every month on customer’s cc to avoid making payment for outstanding balance. And in any case they will not give you Point benefits either for the refund.

Deal Cadet Deal Cadet
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Rockstar008 wrote:

Also why so high financial charges. I had already payed 42311 out of 44082 then they should levy interest on 1771 only. Why is the interest so much??

No.. Finance charges will be levied on total due if you failed to pay less than total due..

Deal Cadet Deal Cadet
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I am also paid due in full but showing 2000 finance charges in September month statement.

Deal Cadet Deal Cadet
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Currently even in ICICI/HDFC reversals are not counting and auto-debit deducting full amount. All depends on statement generation. If refund was before statement generated, it will be less from total amt but if next day of statement generation then you need to pay full. Like Total due- Rs.10000. Refund received- Rs.1000. Statement generated without this refund. You can’t assume to pay 9000 now and count this 1000 as credit because this was not counted in previous statement. In next statement it will put Finance charges on rest 1000 even though there is credit entry of refund.

Community Angel Community Angel
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@whitewalker Have a look at this and double confirm your dues now (if skipped). Seems they have fixed it now. However, you can still pay the full amount (additional 2 days after due date) to avoid fin chg or even ask them to refund this for the 1st time. Pls hurry up!

Deal Lieutenant Deal Lieutenant
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deb3l wrote:

@whitewalker Have a look at this and double confirm your dues now (if skipped). Seems they have fixed it now. However, you can still pay the full amount (additional 2 days after due date) to avoid fin chg or even ask them to refund this for the 1st time. Pls hurry up!

Thanks. I took the risk and paid only minimum due. I will ask cc today and pay the remaining if required.

Deal Subedar Deal Subedar
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that is why credit card is called as most risky loan.

Critic Critic
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So If I have 5000 refund processed after bill generation but before due date still I’ll have to pay additional 5000 ? Thus making the card balance -5000..

Deal Newbie Deal Newbie
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Rockstar008 wrote:

But in icici, HDFC, Axis refunds are considered as payments. Whats wrongs with SBI??

No bank consider refund as a payment.
Check MITC from every bank.

Pro Shopping Friend Pro Shopping Friend
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cadence wrote:

So If I have 5000 refund processed after bill generation but before due date still I’ll have to pay additional 5000 ? Thus making the card balance -5000..

Correct

@Rockstar008 U still do not understand how interest is calculated for CC spends, pls go thru details
If u do not clear total amount due by due date, then they start charging interest(from purchase date) for every purchase in that statement plus penalty and GST over all these charges. Interest charges are roughly 3% per month and GST is 18% so calculate urself

If refunds are counted as payment then we can keep rolling our debt without paying ever like for eg u have 10K dues after bill generation now place order for 10k in FK/Amazon and cancel it so system counts that 10K refund as payment and generated 10K bill again next month, repeat same every month; so they flatly do not count card txn related refunds as payments; cashbacks or RP en cashment etc are counted as payment

Deal Cadet Deal Cadet
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Tricky card calculations.

Deal Cadet Deal Cadet
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Very bad experience for me. I have been using credit cards from last 11 years but never faced this issue and just started my journey with SBI and they gave me shock in just 3 months. Now they are saying reversal is not possible as you have not completed 6 months. They tried to take the request but it got rejected and I got following message-

Dear SBI Cardholder, we regret to inform that your request XXXXXXXXXXX for Finance Charges Reversal of Rs. 1347.67 on your SBI Credit Card ending XXXXXXXXXXXXXX couldn’t be processed due to our internal policy.

What to do now??? I am really frustrated with them.

Deal Lieutenant Deal Lieutenant
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Rockstar008 wrote:

But in icici, HDFC, Axis refunds are considered as payments. Whats wrongs with SBI??

icici – No
They even mail u and sms as well

Deal Subedar Deal Subedar
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Take time to read T&C before applying for CC. Be relieved that you have paid the minimum amount so your Cibil score won’t be impacted. Call CC and get a one time reversal.

Deal Cadet Deal Cadet
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pikkuboss wrote:

Take time to read T&C before applying for CC. Be relieved that you have paid the minimum amount so your Cibil score won’t be impacted. Call CC and get a one time reversal.

They are since you have not completed 6 months reversal is not possible sad

Deal Subedar Deal Subedar
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Rockstar008 wrote:

They are since you have not completed 6 months reversal is not possible sad

Then ask them to transfer the call to senior employees and threaten them that you will close the card if they don’t give a one time waiver. See what they say.

Deal Cadet Deal Cadet
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pikkuboss wrote:

Then ask them to transfer the call to senior employees and threaten them that you will close the card if they don’t give a one time waiver. See what they say.

Tried they said cannot do anything. You have to pay. I have written on twitter and mailed them also. Let see its a gamble. For just 1700 rs they have put interest on my entire 44k

Deal Subedar Deal Subedar
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Rockstar008 wrote:

Tried they said cannot do anything. You have to pay. I have written on twitter and mailed them also. Let see its a gamble. For just 1700 rs they have put interest on my entire 44k

It’s the company policy Bro. How else would they earn money.

Deal Cadet Deal Cadet
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there is nothing shocking about sbi rule,
what shocking is we dont know that refund isnt considered as payment…

Deal Cadet Deal Cadet
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can’t blame sbi ,it is the lack of knowledge of person.

Deal Cadet Deal Cadet
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aniket1587 wrote:

there is nothing shocking about sbi rule,
what shocking is we dont know that refund isnt considered as payment…

Never happened to me with other banks. I always pay the outstanding amount for other banks

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