Pre payment of Credit card bill

[Sak911]

Hi,
I am new user of SBI cash back credit card.
Also I am a new user hence asking basic question

I have a very basic limit of 20k on my card.
My statement generation date is 16th October.
Now I did make some purchases between 16th Sep till now.

My question :
1)Can I do prepayment of my dues before the bull generation date ?
If so how, because I don’t see any option for that.

2) if I do prepayment does my credit limit gets released. ?

Thanks for patience. Please see the attachment for details.

 

[rp0703]

Hi,
I am new user of SBI cash back credit card.
Also I am a new user hence asking basic question

I have a very basic limit of 20k on my card.
My statement generation date is 16th October.
Now I did make some purchases between 16th Sep till now.

My question :
1)Can I do prepayment of my dues before the bull generation date ?
If so how, because I don’t see any option for that.

2) if I do prepayment does my credit limit gets released. ?

Thanks for patience. Please see the attachment for details.

You can make payment before bill generation. Once payment gets credited in your card account you limit will be restored upto the amount you have paid.

You can make credit card payments via third party apps like cred, Paytm. In the pic you need to select the option any other amount and enter the amount you want pay then make payment via upi, net banking or debit card.

 

[Sak911]

Ok thanks for quick reply.
So if I make payment today then they will restore limits in 2-3 days. ?

 

[rp0703]

Ok thanks for quick reply.
So if I make payment today then they will restore limits in 2-3 days. ?

depends. like if you pay using cred then it will be instantaneous but in rare case may take 2 working days.

 

[shikharjain10]

What happens If I pay more than the limit, example if I want to buy something worth 30K and my creditcard limit is 20k, can I first add 10k to my creditcard from my bank account and then make the payment of 30k?

 

[ltf4ever]

What happens If I pay more than the limit, example if I want to buy something worth 30K and my creditcard limit is 20k, can I first add 10k to my creditcard from my bank account and then make the payment of 30k?

you might incur overlimit charges even though you have prepaid the card with 10k.

 

[akshayhs]

Ok thanks for quick reply.
So if I make payment today then they will restore limits in 2-3 days. ?

If you pay via Amazon pay, then the limit is restored the same day (I wouldn't assure you it will be under 30 mins, but in my case it has been restored within minutes of payment). I use Amazon Pay or HDFC BillPay for paying my SBI card dues. In both portals, the repayment is processed swiftly.

Edit: Didn't notice the second screenshot. That's also an instant restore.

 

[Wealth is my birth right!]

What happens If I pay more than the limit, example if I want to buy something worth 30K and my creditcard limit is 20k, can I first add 10k to my creditcard from my bank account and then make the payment of 30k?

I used to pay from hdfc portal via debit card and same getting credit to sbi within 20 secs.
Then Reg 30k no don’t do that it’s over use than ur limit and ur rewards may be capped till 20k only like in IndusInd

 

[Tosh]

What happens If I pay more than the limit, example if I want to buy something worth 30K and my creditcard limit is 20k, can I first add 10k to my creditcard from my bank account and then make the payment of 30k?

Adding on to what have already mentioned in previous replies most card have transaction limits (usually upto max credit limit on card) not sure how SBI works but if it's same as some other banks then transactions with amount greater than credit limit might fail or if they do go through you'll have reduced rewards or charges applied.

 

[hs23]

I have SBI Vistara prime with 1L limit and need to make 2.5L International payments this week. I plan to pay all bills same day.

Will the overlimit charges apply for transaction exceeding card limit even after full prepayment? Eg I prepay 1.6L, can I spend 2.5L on the card?

If the card is prepaid but not exceeding card limit, are amounts beyond monthly card limit counted towards milestone benefits and CV? Eg I will cap each transaction at 95k. Total 1.5L over monthly limit.

 

[knowbie]

I have SBI Vistara prime with 1L limit and need to make 2.5L International payments this week. I plan to pay all bills same day.

Will the overlimit charges apply for transaction exceeding card limit even after full prepayment? Eg I prepay 1.6L, can I spend 2.5L on the card?

If the card is prepaid but not exceeding card limit, are amounts beyond monthly card limit counted towards milestone benefits and CV? Eg I will cap each transaction at 95k. Total 1.5L over monthly limit.

You will incure over limit charges. The pre-payment will only restore your credit limit

 

[hs23]

How to make a purchase higher than credit limit?

I hold a SBI Vistara Prime Card with ₹40,000 limit. SBI is refusing to transfer limit from my SBI Simply Save credit card (with ₹2L limit now) to SBI Vistara Prime Card. I've been escalating this but I need to make a payment (in 1 transaction, cannot split) for ₹42,600. Can I do this on SBI by...

www.technofino.in

Are you sure? finding conflicting reports in different threads.

 

[rp0703]

I have SBI Vistara prime with 1L limit and need to make 2.5L International payments this week. I plan to pay all bills same day.

Will the overlimit charges apply for transaction exceeding card limit even after full prepayment? Eg I prepay 1.6L, can I spend 2.5L on the card?

If the card is prepaid but not exceeding card limit, are amounts beyond monthly card limit counted towards milestone benefits and CV? Eg I will cap each transaction at 95k. Total 1.5L over monthly limit.

You'll be charged over limit fee. Also as mentioned in FAQ's you can only use over limit facility upto 50% of your current limit. In your case upto Rs. 50K. So max transaction can be done of Rs. 150K.

 

[hs23]

If I apply for IDFC WOW card with FD of 5000, Can I prepay 1.5 lakhs and used it without overlimit fees? According to TnC, no overlimit applicable on this but I dont know if they allow transaction beyond credit limit.

 

[shrewdoc]

I used up over the limit of I think around ₹5-10k and as a gesture of goodwill, bank didn't levy the overlimit charges since it was an honest mistake. You can take a chance and over the limit but as @rp0703 says, it can be maximum of upto 50% of your credit limit. Moreover, that risk is not worth taking.

Instead, I would suggest you to skip paying via card this time. Getting a secured card just for the sake of one transaction and not using it any further is not advisable.

 

[hs23]

Thanks for the guidance.

I need to make such payments 3-4 times per year, in this case in WOW card a feasible option? I talked to Niyo Global CC team and they said I can do this. Niyo has 150 Rs overlimit fee and I would prefer to not deal with Neo banks. Plus IDFC WOW has a better reward rate and no overlimit fee.

 

[shrewdoc]

If you have confirmed expenses planned, you can request the bank to increase your credit limit and cite the reason that you have 2.5L+ payments quarterly confirmed. They should consider that into extending your CL. Avoid spending over the limit as it shows credit hungry behaviour.

Thanks for the guidance.

I need to make such payments 3-4 times per year, in this case in WOW card a feasible option? I talked to Niyo Global CC team and they said I can do this. Niyo has 150 Rs overlimit fee and I would prefer to not deal with Neo banks. Plus IDFC WOW has a better reward rate and no overlimit fee.