SBI Credit card shocking Financial charges
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But in icici, HDFC, Axis refunds are considered as payments. Whats wrongs with SBI??
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..
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.
they will give you 1 waiver in a year, so use it wisely. with SBI, strictly refunds not counted as payments
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.
I am also paid due in full but showing 2000 finance charges in September month statement.
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.
Thanks. I took the risk and paid only minimum due. I will ask cc today and pay the remaining if required.
that is why credit card is called as most risky loan.
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..
Tricky card calculations.
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.
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
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
can’t blame sbi ,it is the lack of knowledge of person.
I have been following the process of adjusting the refund for other cards and never faced any issue. This is the first kind of issue I have faced in last 12 years.
Same did happen with me. SBI doesn’t consider refund as Payment. Can’t do much about tha.
Did they reverse your charges??
OP take it as a lesson learnt and make sure you always pay full.
Its very complex to understand man.. anyways now I got a bill of 1600 to pay.. should I clear it at the earliest as they might be incurring interest on this too or I can wait till 2nd Jan 2022 which is my deadline to pay as I am still fighting with them. Please suggest
What if a high value purchase, say 1L, is cancelled & refunded after the statement generation date? Paying the statement amount will result in a credit of 1L. How to transfer it back to the bank a/c? And how to claim interest on it?
I think if the unbilled amount is in negative and in huge amount like in this example, the Customer care would refund the money to the savings account but they won’t give a single penny as interest to the customer.
Can someone suggest what i missed here,
last month i got some Fin charges of 2300rs approx and as confirmed here and from Customer support that charges can't be reversed for less than 6 month old card, i paid entire amount (visible total dues in statement a day before)
but in this month i again got fin charges of rs 83.
not sure what i missed
bill amount was 4007 something i paid 4008 1 day before due date , still got charges.
(As per statement page i cal clearly see that Purchases was 4006.60 Payment 4008)
These charges are interest amount for your last month's late payment..
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..