SBI Card Lessons learned while paying more then the credit limit from SBI Card

[priyanshurajput19]

First-time post, apologies for any mistakes!

I have a Cashback Credit Card with a limit of ₹40,000, but I needed to make a payment of ₹1,00,000.

• I tried various methods to pay an excess amount towards my credit card bill in hopes of temporarily increasing my limit, but nothing seemed to work.
• Eventually, I tried using Cred and made a test payment of ₹100. To my surprise, that amount was credited to my card, raising my available balance to ₹40,100.
• Confident with this, I paid ₹60,000 through Cred to my SBI credit card. However, the payment wasn’t credited for over 8 hours. After reaching out to customer support and following up, it took nearly two days for the amount to reflect in my account.
• Since I urgently needed to complete the payment, I opted to pay through NEFT instead, breaking the amount into chunks of ₹20,000. These payments were credited within 30 minutes.

Lessons learned:

• Payments via Cred aren’t always instant.
• If you need to pay more than your credit limit, the best option is to transfer the extra amount to your credit card using NEFT. It’s faster and more reliable in my experience.

 

[kgaurav00]

First-time post, apologies for any mistakes!

I have a Cashback Credit Card with a limit of ₹40,000, but I needed to make a payment of ₹1,00,000.

• I tried various methods to pay an excess amount towards my credit card bill in hopes of temporarily increasing my limit, but nothing seemed to work.
• Eventually, I tried using Cred and made a test payment of ₹100. To my surprise, that amount was credited to my card, raising my available balance to ₹40,100.
• Confident with this, I paid ₹60,000 through Cred to my SBI credit card. However, the payment wasn’t credited for over 8 hours. After reaching out to customer support and following up, it took nearly two days for the amount to reflect in my account.
• Since I urgently needed to complete the payment, I opted to pay through NEFT instead, breaking the amount into chunks of ₹20,000. These payments were credited within 30 minutes.

Lessons learned:

• Payments via Cred aren’t always instant.
• If you need to pay more than your credit limit, the best option is to transfer the extra amount to your credit card using NEFT. It’s faster and more reliable in my experience.

Beware when you pay excess amount than your credit limit.

 

[vine]

SBI card allows for credit overlimit but there are charges.

 

[kgaurav00]

First-time post, apologies for any mistakes!

I have a Cashback Credit Card with a limit of ₹40,000, but I needed to make a payment of ₹1,00,000.

• I tried various methods to pay an excess amount towards my credit card bill in hopes of temporarily increasing my limit, but nothing seemed to work.
• Eventually, I tried using Cred and made a test payment of ₹100. To my surprise, that amount was credited to my card, raising my available balance to ₹40,100.
• Confident with this, I paid ₹60,000 through Cred to my SBI credit card. However, the payment wasn’t credited for over 8 hours. After reaching out to customer support and following up, it took nearly two days for the amount to reflect in my account.
• Since I urgently needed to complete the payment, I opted to pay through NEFT instead, breaking the amount into chunks of ₹20,000. These payments were credited within 30 minutes.

Lessons learned:

• Payments via Cred aren’t always instant.
• If you need to pay more than your credit limit, the best option is to transfer the extra amount to your credit card using NEFT. It’s faster and more reliable in my experience.

you are able to purchase of 1L through your card??

 

[priyanshurajput19]

They did not charged me anything. When I was searching for a way, I came across a notification that bank have stopped people from paying more than the outstanding.

 

[priyanshurajput19]

And i got 5 percent cashback

 

[priyanshurajput19]

you are able to purchase of 1L through your card??

Yes. I was able to ho through the purchase

 

[kgaurav00]

Yes. I was able to ho through the purchase

its very surprising usually banks didn't allow such transactions.
Your transaction are also unique because you make 1.5 times advanced payment of your credit limit.

 

[priyanshurajput19]

its very surprising usually banks didn't allow such transactions.
Your transaction are also unique because you make 1.5 times advanced payment of your credit limit.

In fact, the other 60,000 that I paid through cred also got credited to my SBI card. Then I had to withdraw it to my bank Account.

 

[priyanshurajput19]

That’s why I guess payment to Cards going through NEFT is a way to increase limit without using the overlimit facility.

 

[Zacobite]

First-time post, apologies for any mistakes!

I have a Cashback Credit Card with a limit of ₹40,000, but I needed to make a payment of ₹1,00,000.

• I tried various methods to pay an excess amount towards my credit card bill in hopes of temporarily increasing my limit, but nothing seemed to work.
• Eventually, I tried using Cred and made a test payment of ₹100. To my surprise, that amount was credited to my card, raising my available balance to ₹40,100.
• Confident with this, I paid ₹60,000 through Cred to my SBI credit card. However, the payment wasn’t credited for over 8 hours. After reaching out to customer support and following up, it took nearly two days for the amount to reflect in my account.
• Since I urgently needed to complete the payment, I opted to pay through NEFT instead, breaking the amount into chunks of ₹20,000. These payments were credited within 30 minutes.

Lessons learned:

• Payments via Cred aren’t always instant.
• If you need to pay more than your credit limit, the best option is to transfer the extra amount to your credit card using NEFT. It’s faster and more reliable in my experience.

3 points :
1)Cred Payment is mostly instant..some delays sometimes... its the banks that take longer for accounting and will finally still show the date you paid via cred
2)SBI is v finicky about extra payment.. They even refund it many times ( I have experienced it) so don't try on sbi.. if u spend immediately it works
3)Try hdfc / yes bank etc.. extra pay works well

 

[priyanshurajput19]

3 points :
1)Cred Payment is mostly instant..some delays sometimes... its the banks that take longer for accounting and will finally still show the date you paid via cred
2)SBI is v finicky about extra payment.. They even refund it many times ( I have experienced it) so don't try on sbi.. if u spend immediately it works
3)Try hdfc / yes bank etc.. extra pay works well

I was purchasing scooter and wanted 5% cashback. That’s why I did it.😅😅

 

[Zacobite]

I was purchasing scooter and wanted 5% cashback. That’s why I did it.😅😅

v nice.. no harm trying.. not illegal.. good luck

 

[Infamous]

Quick question - If I pay more than my limit and then transact the amount which is higher than my sanctioned limit, (but still falls under the temporary credit that I have paid), will I have to bear overlimit charges? Will the transaction go through?

 

[mukku.bel]

Quick question - If I pay more than my limit and then transact the amount which is higher than my sanctioned limit, (but still falls under the temporary credit that I have paid), will I have to bear overlimit charges? Will the transaction go through?

Yes the transaction will go through.
The rule of thumb for overlimit charges is that an over limit charge is levied if your outstanding amount becomes negative.
However here in this particular case since you have already funded the account and the temp limit is greater than or equal to the transaction amount your outstanding will either be zero or positive so there won’t be any overlimit fee charged on your account.
Hope this helps.

 

[kgaurav00]

Quick question - If I pay more than my limit and then transact the amount which is higher than my sanctioned limit, (but still falls under the temporary credit that I have paid), will I have to bear overlimit charges? Will the transaction go through?

according to rules its attract over limit charges..

 

[Infamous]

Yes the transaction will go through.
The rule of thumb for overlimit charges is that an over limit charge is levied if your outstanding amount becomes negative.
However here in this particular case since you have already funded the account and the temp limit is greater than or equal to the transaction amount your outstanding will either be zero or positive so there won’t be any overlimit fee charged on your account.
Hope this helps.

yeah sounds about right. Best bet would be to ask the bank tho.

Alsp I've heard that Amex can temporarily increase your limit as a gesture, that could help too.

 

[bing1309]

If you have not agreed for overlimit terms and conditions no such charges will be levied. But axis etc have already cut short it with maximum limit option in credit card per transaction soon all banks will adopt and block your transactions above the limit.

 

[priyanshurajput19]

If you have not agreed for overlimit terms and conditions no such charges will be levied. But axis etc have already cut short it with maximum limit option in credit card per transaction soon all banks will adopt and block your transactions above the limit.

Yes, even SBI didn’t allow it. The only way to go over limit is to pay for your card through NEFT transfer.

 

[priyanshurajput19]

yeah sounds about right. Best bet would be to ask the bank tho.

Alsp I've heard that Amex can temporarily increase your limit as a gesture, that could help too.

Just to supplement, I wasn’t charged extra in the transaction went on smoothly.