The country's leading credit card company, SBI Card, has announced a revision in late payment charges via a notice dated March 29, 2026. The revised charges will apply from May 1, 2026.
According to the notice, for outstanding amount over ₹100 and up to ₹500, late payment charges will be revised to ₹100. Currently, for outstanding amounts up to ₹500, the company does not levy any late payment fees. Similarly, for outstanding amounts higher than ₹500 and up to ₹1,000, late payment charges of ₹500 will apply. The same is currently fixed at ₹400.
SBI Card current vs revised late payment charges
| Outstanding amount due (₹) | Current rate (₹) | Revised late payment charges (₹) |
|---|---|---|
| 0 to 100 | Nil | Nil |
| Greater than 100 to 500 | Nil | 100 |
| Greater than 500 to 1,000 | 400 | 500 |
| Greater than 1,000 to 10,000 | 750 | 750 |
| Greater than 10,000 to 25,000 | 950 | 950 |
| Greater than 25,000 to 50,000 | 1,100 | 1,100 |
| Greater than 50,000 | 1,300 | 1,300 |
Source: SBI Card
When do late payment charges on credit cards apply?
Late payment charges are levied if the cardholder fails to pay the minimum amount due by the payment due date.
As per SBI Card's terms and conditions, the company charges an additional late payment charge of ₹100 in case the customer fails to pay the minimum amount due by the payment due date for two consecutive cycles. And this charge continues to apply for every payment cycle until the minimum amount due is cleared.
Annual fee reversal revised for BPCL SBI Credit card
In another announcement, SBI Card notified that with effect from May 1, 2026, the annual fee of ₹499 for BPCL SBI Credit Card will be reversed or refunded after the annual spend limit of ₹1 lakh is reached. The current spending limit for annual fee reversal is ₹50,000.
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