June 12, 2024
New Delhi
Finance How to Uncategorized

How to Change the SBI Credit Card Billing Cycle?

How to Change Billing Cycle of SBI Credit Card

Changing the billing period for some credit cards used to be complicated. However, according to a recent RBI regulation, all credit card issuers must provide the option of changing the billing cycle. We can now change the billing cycle and statement date online using an SBI credit card, and simultaneously, the due date for payment also changes.

Credit cards are a fantastic tool that provides peace of mind and comfort to cardholders, but at the same time, you need to know a few fundamental things about them to ensure you’re getting the maximum advantage out of them. A credit cardholder should know plenty of words regarding credit cards, including the credit card billing cycle. Knowing the details of your billing cycle may be the most beneficial thing.

What is the Credit Card Billing Cycle?

As the name suggests, the billing cycle is related to the money you owe your card issuer for using your credit card for purchases. If you are well aware of the details of the billing cycle, then only you can save a lot of money on late fees and interest. It would help if you understood the specifics of a credit card billing cycle and how it impacts your monthly payment amount.

The duration between the last statement closure date and the next is known as the billing cycle or billing period. Billing cycles exist for most financial instruments that require monthly payments, including credit cards, auto loans, and student loans.

Depending on the credit card provider, your billing cycle can range between 28 and 31 days. The concept of an equal billing cycle is one in which the number of days in the cycle does not deviate from a given fixed date or day (such as the sixth of each month or the fifteenth of each month) by more than four days.

If you make the final payment within the grace period, which is the period between the end of a billing cycle and the day that your payment is due, you can receive a good credit score.

Guidelines regarding the billing cycle.

Ensuring the consistency of your credit card billing cycle’s due date is essential. The CARD Act stipulates that your due date must remain the same for every payment cycle. It is also required that your due date be at least 21 days after the end of a billing cycle to allow you enough time to arrange your funds.

The RBI has directed credit card issuers to allow their consumers the ability to change their credit card billing cycle at least once. Cardholders shall be given the option to change the credit card’s billing cycle at least once, as per the cardholders’ convenience.”

There are government guidelines to guarantee that the number of days in each month should be as “equal” as possible, but the number of days in your billing cycle may vary from month to month, depending upon how many days are in the month.

How to know your SBI credit card billing cycle?

Your monthly statement should include information about your SBI credit card billing cycle, which is listed. Your billing period’s beginning and ending dates are usually found next to the balance mentioned on the first page of your statement. You’ll need to count the total days of the billing period, or your card issuer may list how many days are in your billing cycle. The number of days is counted from the opening date to the end of the closing date.

For instance, if your billing cycle began on October 23 and ended on November 20, it would be 29 days long.

The impact of your billing cycle on your credit score.

Most credit card issuers typically send Monthly reports of account information to Experian, Equifax, and TransUnion, the three major credit card agencies. Every move you make throughout a billing cycle, such as new purchases, debt transfers, or minimum payments, will be reported to one or more credit bureaus after the billing period and will show up on your credit report.

Benefits of changing the credit card billing cycle.

Paying your credit card bill on time is essential if you use a credit card. There will be severe consequences if you fail to pay your credit card bill by the due date. In addition, if the deadline is missed by more than three days, you will be assessed a steep late fee. The likelihood of missing a credit card payment by the due date increases when users receive credit cards with due dates that don’t align with their cash flow cycles. Therefore, it’s essential to change your billing cycle according to the cash flow date in your account so that you can quickly settle your credit card debt.

How to change your SBI credit card billing cycle?

The best way to get all credit card payments is to schedule your due date for when you have the funds available. The general guideline is to choose a bill due date that falls on or after the day your salary is credited. When it comes time to make the payment, you have enough money. Choose a day later in the month if you don’t want to run out of money. To change the SBI credit card billing cycle, you are required to follow the given instructions:

  • Open the SBI Card mobile application.
  • Enter your saved login credentials (user ID and password) to log in.
  • In the window’s lower right corner, you will see the ‘+ MORE’ icon. Click on this one.
  • This will take you to the option of “MAILBOX.” Press that button in the mailbox.
  • In the window’s lower right corner, you will find the pencil icon. Click this icon.
  • Then there will be many options. Select the “Compose email” window.
  • Then select the “Statement Related Issues” category under this window.
  • Under the statement-related issues category, choose the “Billing Cycle Change” subcategory among the many other options.
  • Then, two buttons are visible at the bottom of the screen. Press “CONTINUE WITH EMAIL.”
  • Enter the desired billing cycle or statement-generating date in the query.
  • Select “CONTINUE” to check and send.
  • Customer service for SBI Cards will examine and confirm the billing cycle change, which will be changed within two or three working days.
  • This is the easiest method to change your SBI credit card billing cycle.

Final Words.

Paying your credit card payments on time is essential to ensure timely fees and a good credit score impact. However, it becomes difficult to make timely payments when the due date conflicts with your financial flow. You can facilitate timely payments by ensuring that due dates align with your financial conditions by modifying your billing cycle.

FAQ`s

Can I set my credit card billing cycle to start on any day?

No, credit card issuers especially have a billing cycle with a set of dates. One of these can be selected to meet your demands.

Can I use my credit card from when it’s billed to when it’s due?

Yes, undoubtedly. Any purchases made after the date on which your credit card is invoiced will be included in the next billing cycle.

Can I pay my credit card bill before the due date?

Of course! Any credit to your account will be shown on your statement and deducted from the unbilled charges.

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