Make SBI Credit Card Payment on Time to Boost Your Credit History

1. Make SBI Credit Card Payment on Time to Boost Your Credit History

2. State Bank of India (SBI), one of the leaders in India’s credit card space, offers a variety of cards having unique features and benefits. These cards serve different purposes an individual can have. A travel junkie can apply for a travel credit card offering a bundle of air miles that can be redeemed for exclusive purchases later on. Whereas, someone craving for rewards or cashback can apply for specific cards offering such benefits.

3. As much important is to make the most of attractive offers, you also need to make SBI Credit Card payment on time. Doing so will greatly boost your credit profile and reward you later on with exciting credit deals. A few know how to make the payment in a quick and hassle-free manner. But a majority of them may not know the same and end up paying late payment fees and degrading their credit profile in the process. Let’s read out the payment modes one after another in this post.

4. SBI Credit Card Online Payment At a time when digitization is at its peak, the online payment is fast catching amongst the credit card shoppers. Here’s a list of online methods that you can look upon to pay your SBI credit card dues.

5. Pay via Net Banking – Internet banking is one of the most convenient ways by which you can pay the outstanding dues. It doesn’t matter whether you have a net banking facility of SBI or some other, you can make the payment. If you want to make payment via SBI net banking, you can log in to the same a few days before the due date and pay. If you want to pay SBI credit card bills using the net banking facility of other banks, it’s possible. All you need to do is to add SBI credit card to the online account of another bank. You will receive an SMS regarding the addition. Once SBI generates your credit card bill, you’ll be intimated of the outstanding dues on your mobile or email ID. You can take note of the same and pay the same.

6. Payment via IMPS/NEFT or RTGS – You can even transfer the money to your SBI credit card using any of the Immediate Payment Service (IMPS), National Electronic Fund Transfer (NEFT) or Real-time Gross Settlement (RTGS). In any of these, you need to add SBI credit card as the beneficiary. The method will be applicable if you pay via net banking of banks other than SBI.

7. Payment via Debit Cards – You can make the payment even by debit cards at any of the trustworthy payment gateway websites such as bill desk. So, these were some of the Online Payment Credit Card SBI methods that you can use to pay the outstanding amount.

8. How Does the Timely SBI Credit Card Payment Impact Your Credit History? The timely payment helps maintain a good credit history, largely reflected from your CIBIL score, which ranges from 300 to 900 in India. You could so easily get a score past 750 if the timely repayment track spans past 6 months to a year. This will open up the credit avenues for you to make the most of.

9. What to Avoid While Using SBI Credit Cards? Yes, there are bundles of SBI credit card offers to be proud of. But utilizing all can backstab you financially by raising the dues beyond your comfort to pay on time. This could either force you to delay or default on the payment. In both cases, late payment fees will be levied. There’s also a minimum due teaser that you can succumb to. It’s actually constitutes around 5% of the outstanding balance in a billing cycle. Looking at the minimum due, you may feel like paying so and take heart from the fact that you got away without paying the entire due amount. This is where it will start to bite you. Maybe you realize a lot late. The unpaid balance you may have will be subject to higher interest rates of 3%-4% per month. If you continue to do so for a year, the rate can go up to the highs of 36%-48%. This won’t be good to your credit health. That’s why utilizing the credit limit according to your income is extremely vital.