SBI Credit card payment information
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This is regarding my recent experience with SBI card. I thought It will be helpful to other dimers.
My experience with SBI card
There was a transaction on SBI card which I did 4 months back. I had cleared the due for the transaction at that time. Now this month, I got the refund just after 4 days from bill generation. I cleared the due deducting that amount since total outstanding and unbilled amount was same in SBI card website after the payment. I have been using this card since last 3 years so well aware of SBI card website/system. Also Credit card company considers the merchant refund as the payment if the customer had paid for the transaction. I have personal experience with Amex, ICICI, HSBC. I was charged 5.1k as the penalty in this month statement. I have escalated to SBI Customer care head since I didn’t get proper response from Nodal officer.
I created this post since, many dimes would be expecting 10% cashback (8000 Rs) for GIF. So if 8000 cashback is credited after bill generation but before due date, it might not be considered as the payment. You might need to pay full outstanding as per bill even if you don’t use the card.
Brace yourself. More charges are coming since many banks have posted losses in the last quarter due to NPA
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this is considered as the payment if the customer has paid for that transaction before. I have been using credit card since 3-4 years and I have personally experience with Amex, HSBC, ICICI, CITI. Can share the statement if you want.
Hypothetically, if the transaction amount is 1-2 lac and customer has not used the card after that. Why customer should pay 1-2 lac provided if customer has credit of 1-2 lac
Bottom line here – we need to keep an eye on statements. OR ELSE we need to sell our properties to pay bills……….
1000% true… Interest charges comes to 12-13% excluding GST on total outstanding amount, which comes to 100-110 days of interest period with 3.39% pm.
“Also Credit card company considers the merchant refund as the payment if the customer had paid for the transaction” – this is not the case with icici too. They mention it explicitly on every refund mail
yes, they have to
if they do not consider as payment, then in case of high value transaction its too risky
Any refund (no matter the amount and transaction date) credited after bill generation and beford due date of bill payment is considered in next month’s bill only.
which bank?
Standard Rule is you have to pay minimum pay amount as per statement even if you received the refund. If you are paying more than minimum payment then you can adjust the refund. I am paying in the same way to SBI and other cards, no issues till date
I had paid the more than minimum pay amount. Moreover, use CC as DC, I mean credit the amount first and then transact, you will never face any issue. But that is not the benefit of CC)
Why complain? CHECK STATEMENT, whatever is the full amount or minimum amount, you have to pay that, no made up amount in your head by yourself. Outstanding amount and others are real time, what you have to pay is what is on the statement, Straight and simple.
The full payment was done before due date. (Considering my payment + merchant refund which I paid for 4 months back)
i have sbi simply save cc and my bill genrated for Rs 19000 and i paid 9000 rs normally and remaining 10000 i paid from cancellation of product refund so will they consider 10000 as my payment of card?
in hdfc cc no issue with this
please suggest fast because due date is 26th oct !
setup auto debit if u have account.
or
better you full amount.
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
@Rockstar008 You gotta pay what amount was generated with statement on 13rd Nov. Refunds are not payment so that will adjusted in next bill. Just pay the remaining amount and fine now otherwise interest will keep adding up. Then call the customer care and ask for charges reversal by telling them you didn’t know and you are new and it is your first credit card. Always pay amount which comes with mighty statement. Deal refund/chargeback etc later. This is how these CC companies make money.
""So if 8000 cashback is credited after bill generation but before due date, it might not be considered as the payment. You might need to pay full outstanding as per bill even if you don’t use the card.""
this is the always have been the norm followed. you need to pay amount generated in bill.