Grace period for SBI cashback card payment..

[mojo_jojo123]

Hi All,

The due date mentioned in my credit card statement is 23rd April , so SBI considers 22nd as last date or 23rd ? Also generally other Company provides 1-2 days grace period .. do SBI provide any such grace period

as per below link the definition of grace period is 3 days ,, but do they honor it ? Also will they report it to cibil if I make full payment on 24th .. Basically any harm if I pay on 24th ?

Most Important Terms and Conditions - Personal Credit Card | SBI Card

Most important terms and conditions - All the information and rules you need to know about SBI Cards. Access all the rules and regulations you need to follow to use your card.

www.sbicard.com

• Grace Period - Grace period of 3 days is allowed from the payment due date on credit card accounts, where payments are not overdue from previous billing cycle(s). The payment due date as mentioned on the credit card statement is the date by which clear funds must be credited to the credit card, however 3 grace days are provided to accommodate for processing time of payments.

 

[Thomas Shelby]

Hi All,

The due date mentioned in my credit card statement is 23rd April , so SBI considers 22nd as last date or 23rd ? Also generally other Company provides 1-2 days grace period .. do SBI provide any such grace period

The last date is considered as 23rd April.

 

[mojo_jojo123]

The last date is considered as 23rd April.

ok .. thanks .. any one with grace period experience ? Also cheq credits sbi cc instantly .. just tried now with 100 rupees payment .. does instant credit works on sunday as well ?

 

[panu24]

If you pay credit card bill using hdfc billpay or Paytm then its instant credit to SBI credit card. I don't remember well now but paying on Amazon also gets instantly credited to your SBI card. Yes instant credit works on Sunday as well.

 

[Strange]

Hi All,

The due date mentioned in my credit card statement is 23rd April , so SBI considers 22nd as last date or 23rd ? Also generally other Company provides 1-2 days grace period .. do SBI provide any such grace period

as per below link the definition of grace period is 3 days ,, but do they honor it ? Also will they report it to cibil if I make full payment on 24th .. Basically any harm if I pay on 24th ?

Most Important Terms and Conditions - Personal Credit Card | SBI Card

Most important terms and conditions - All the information and rules you need to know about SBI Cards. Access all the rules and regulations you need to follow to use your card.

www.sbicard.com

• Grace Period - Grace period of 3 days is allowed from the payment due date on credit card accounts, where payments are not overdue from previous billing cycle(s). The payment due date as mentioned on the credit card statement is the date by which clear funds must be credited to the credit card, however 3 grace days are provided to accommodate for processing time of payments.

SBI doesn't give any grace period. If you pay after due date, even if you paid within 3 days they will report delay in your cibl and charge you late payment fee. My friend paid his SBI Card bill on the 4th day after due date and SBI charged him late fee and reported 3 days delay in his cibil.

@TechnoFino Is SBI Cards not following new RBI guidelines?

 

[helloworld]

SBI doesn't give any grace period. If you pay after due date, even if you paid within 3 days they will report delay in your cibl and charge you late payment fee. My friend paid his SBI Card bill on the 4th day after due date and SBI charged him late fee and reported 3 days delay in his cibil.

@TechnoFino Is SBI Cards not following new RBI guidelines?

this is expected afaik, every bank gives 3 days grace period if didn't paid by that time it will report those 3 days too.

Due date is "due date", and must paid during that time.

after "due date", bank (here SBI) supposed to report bureaus (CIBIL ex.) about delay, so bank count these delay days and report that information whenever they submit to that bureaus (billing date or month end etc.).

But RBI says, wait 3 days and if paid make the count as 0 and report same to bureaus, if not paid then report delay days from due date.

If your friend pays (meaning SBI successfully reflecting funds in card account) in those 3 days = 0 days delay.

but if more than 3 days (settlement) = paid date - due date days as delayed.

those 3 only for those who paid in those 3 days not actual due date.

 

[TechnoFinoTechnoFino is verified member.]

SBI doesn't give any grace period. If you pay after due date, even if you paid within 3 days they will report delay in your cibl and charge you late payment fee. My friend paid his SBI Card bill on the 4th day after due date and SBI charged him late fee and reported 3 days delay in his cibil.

@TechnoFino Is SBI Cards not following new RBI guidelines?

all banks should offer 3 days grace period, if your friend paid bill on 4th day after due date then its your friend's fault.

 

[mojo_jojo123]

so Can I pay bill on Monday i.e on 24th april without any fine / cibil hit ?

 

[Strange]

This video proves that SBI Card doesn't give grace period of 3 days after due date. His due date was 13th April but He paid this bill on 16th April and SBI card charged him for overdue and reported late payment in CIBIL.

@TechnoFino @helloworld

 

[helloworld]

This video proves that SBI Card doesn't give grace period of 3 days after due date. His due date was 13th April but He paid this bill on 16th April and SBI card charged him for overdue and reported late payment in CIBIL.

@TechnoFino @helloworld

 

[deep@vie]

View attachment 14965

when due date was 12th,Grace period ends on 15th.So,payment received till 15th won't be considered as late payment.

 

[TechnoFinoTechnoFino is verified member.]

This video proves that SBI Card doesn't give grace period of 3 days after due date. His due date was 13th April but He paid this bill on 16th April and SBI card charged him for overdue and reported late payment in CIBIL.

@TechnoFino @helloworld

See, it's mandatory for all Indian Banks to offer 3 days grace period to all credit cards, loan, or any credit product's repayment. It's not bank specific. And user have to check payment credit date also. If you pay via 3rd party app, that take some time to reflect on the Credit Card account. So paying on the 3rd day after due date is too much risky.

 

[drakesri]

so Can I pay bill on Monday i.e on 24th april without any fine / cibil hit ?

As long as the amount is credited in the banks account you will have no issues. But why do you want to delay at least pay the minimum due before the due date to avoid negetive impact on your CIBIL.

 

[mojo_jojo123]

thanks a lot friends for your input .. planning to pay today in full .. does SBI cashback card counts cashback also as payment ? I meant can I just pay today due amount - cashback amount without any issue in cibil / late payment etc ? My cashback amount is ~ 9900 and if SBI charges late fine on 9900 I will be screwed badly ..

 

[panu24]

Yes it does count cashback as payment but Its suggested to pay full due amount.

 

[mojo_jojo123]

Hi Folks , just wanted to see if people are paying statement amount or statement amount - cashback amount ?

 

[PavanPavan is verified member.]

Hi Folks , just wanted to see if people are paying statement amount or statement amount - cashback amount ?

For SBI statement amount - cashback amount

 

[Walter White]

Hi All,

The due date mentioned in my credit card statement is 23rd April , so SBI considers 22nd as last date or 23rd ? Also generally other Company provides 1-2 days grace period .. do SBI provide any such grace period

as per below link the definition of grace period is 3 days ,, but do they honor it ? Also will they report it to cibil if I make full payment on 24th .. Basically any harm if I pay on 24th ?

Most Important Terms and Conditions - Personal Credit Card | SBI Card

Most important terms and conditions - All the information and rules you need to know about SBI Cards. Access all the rules and regulations you need to follow to use your card.

www.sbicard.com

• Grace Period - Grace period of 3 days is allowed from the payment due date on credit card accounts, where payments are not overdue from previous billing cycle(s). The payment due date as mentioned on the credit card statement is the date by which clear funds must be credited to the credit card, however 3 grace days are provided to accommodate for processing time of payments.

Do not keep your Credit Card Payments for the deadline. You never know what can go wrong. Keep a 7 day buffer period for your own safety.

 

[borrasri]

Hi All,

My sbi cc due date is 9th every month and this month i paid TAD on 11th will they charge me late payment fee on this billing cycle as we have 3 days grace period but i paid within 2 days only.

 

[deep@vie]

Hi All,

My sbi cc due date is 9th every month and this month i paid TAD on 11th will they charge me late payment fee on this billing cycle as we have 3 days grace period but i paid within 2 days only.

No, check if payment date is considered as 11th.
If they do charge,raise to RBI OMBUSMAN.
they'll refund.