Credit cards are becoming very popular these days because of the many benefits they have in their bucket. I have an SBI credit card too which has been a saviour for me in crucial times. Along with that, it has also helped me in purchasing items of EMI very smoothly. But I was among those who did not know what is minimum amount due in SBI credit card. And I literally had to pay for my lack of knowledge in this. This is because the minimum amount due is the amount that a credit card holder needs to pay towards their credit card account in order to avoid any late payment charges. So, in order to help you save from a situation like mine where I had to pay extra for not paying the minimum amount due to my SBI credit card, I will help you understand what is minimum due in SBI credit card.
NoBroker InstaCash Loan
Get upto Rs. 10 Lakhs Instantly in your Bank Account with hassle free auto repayment.
Instant approval and disbursement
Interest rate starting 12.99%
The minimum amount due is what is paid to avoid any late payment charges. It carries forward the balance amount and is known as revolving credit. Interest needs to be paid on it. While the total due amount in SBI credit card is the sum total of all the expenses done by you through your credit card during a billing cycle. You do not have to pay any extra charge if you pay your total due amount and you can reap benefits from the interest-free period.
How is the Minimum Amount Due on SBI Credit Card Calculated?The minimum due amount on the SBI credit card is calculated as 5% of the total outstanding amount on the credit card. If there are dues from the previous statement and they have been carried forward, that balance will also be included in the minimum due amount.
I believe now you have a fair idea of what is minimum amount due in SBI credit card and you will not repeat the mistakes that I made.
Read More: What is Unbilled Amount in Credit Card? What are the Benefits of a Credit Card? How does Credit Card work in India?Your Feedback Matters! How was this Answer?
NoBroker Cash Loans
✔
Max Funding✔
Lowest Interest Rates✔
Quick Sanction✔
Doorstep Assistance✔
No Hidden Charges
Get Cash Loan
Apply Now
Know your Borrowing Capacity
Check Eligibility
Compare Loans
Calculate Your EMI Now
What is Minimum Amount Due in SBI Credit Card?
Richa
5.7k Views
1
3 Year
2022-05-05T18:54:01+00:00 2022-05-05T18:54:02+00:00Comment
Share