I always try to pay my credit card bill in full, but sometimes unexpected expenses come up, and I might need to carry a balance. What are the interest rates and fees on the SBI SimplySAVE Credit Card, and how expensive does it get if I don’t pay in full?
Oh man, I learned the hard way that credit card interest rates can be brutal if you’re not careful. The SBI SimplySAVE Credit Card has an interest rate of 3.5% per month (42% annually), which doesn’t sound too bad at first—until you realize how quickly it adds up if you don’t pay your bill in full. I once carried a balance thinking, “I’ll pay it off next month,” and the interest hit me harder than expected. It compounds daily, so even a small unpaid amount can balloon fast. And late fees? Those are no joke either. If you forget to pay, you could be charged anywhere from ₹400 to ₹1,300, depending on your outstanding balance. Trust me, it’s not fun getting slapped with a ₹950 late fee just because you were a few days late. And if you ever think about withdrawing cash from an ATM with this card—don’t. SBI charges 2.5% of the withdrawal amount (minimum ₹500) plus immediate interest at 3.5% per month, which means you start paying extra from day one. I made that mistake once when I needed quick cash, and I regretted it instantly. Also, for anyone who shops internationally, there’s a 3.5% foreign currency markup fee, which can make international purchases quite expensive. One sneaky fee I didn’t expect was the ₹99 + GST charge for redeeming reward points—I mean, why charge us just to use the points we earned? In short, this card is great if you pay your bill in full every month. But if you tend to carry a balance or forget payments, those fees will eat you alive. My advice? Set up autopay for at least the minimum due to avoid late fees, and always try to clear the full amount to avoid sky-high interest. I learned that lesson the hard way, so now I make sure my credit card is paid off like clockwork.
| Charge Type | Amount |
|---|---|
| Joining fee | Rs. 499 ( Reserved on spending Rs. 50,000 in 1st year) |
| Annual fee (Renewal Fee) | Rs. 499 ( Waived on spending Rs. 1,00,000/year) |
| Interest rate | 3.5% per month (42% per year) |
| Cash advance fee | 2.5% or Rs. 500 per withdrawal, whichever is higher |
| Foreign currency Mark-up | 3.5% of the transaction amount |
| Late payment fee | Rs. 0 or Rs. 1300 (based on outstanding amount) |
| Overlimit fee | 2.5% of the overlimit amount (min Rs. 600) |
| Card Replacement Fee | Rs. 100 |
| Reward Redemption Fee | Rs. 99 per redemption request |
| Fuel Surcharge Waiver | 1% on transaction between Rs. 500- Rs. 3,000 (Max Rs. 100 per month) |