| If the statement balance is | payment charges |
| Less than Rs.200 | NIL |
| Between Rs.200 to Rs.500 | Rs.100 |
| Between Rs.500 to Rs.1,000 | Rs.400 |
| Between Rs.1,000 to Rs.10,000 | Rs.600 |
| Between Rs.10,000 to Rs.25,000 | Rs.800 |
| Above Rs.25,000 | Rs.950 |
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It is easy to understand what is SSP payment in SBI credit card. SSP stands for Sales Service Provider. So SSP payment is the minimum payment that you need to pay SBI towards your SBI credit card bill. It is calculated as a percentage of the total outstanding amount. Let me share what happens if you fail to pay it.
What Happens if you Do not do the SSP Payment in SBI Credit Card?
If you fail to make the SSP payment, you will be
Charged a fee for it
The later you pay, the more the charge will rise
Your credit score might be affected
The bank may even take legal action against you
Also, as per my knowledge, SSP payment is usually 5% of the total outstanding amount but I will suggest you clarify it with the bank officials only. The rate might have changed now.
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From SBI’s official sites, I came to learn the SSP payment full form in credit card. It stands for Sales Service Providers. It falls under the umbrella of retail acquisition channels of credit cards. Through this customers can get their SBI card after applying through SSPs or DSAs ( Direct Sales Agents). So SSP in SBI credit card means the direct-to-customer acquisition channel.
You can learn about the
Fee
Schedule of charges
Overlimit transaction and other details of SBI card here:
https://www.sbicard.com/en/most-important-terms-and-conditions.page
What are the benefits of a credit card?
Some of the well-known benefits of credit cards are:
- Convenience:
Credit cards offer a convenient way to make purchases without carrying cash.
- Rewards Programs:
Many credit cards offer rewards such as cashback, points, or miles for spending.
- Build Credit:
Responsible use of a credit card can help build a positive credit history.
- Emergency Funds:
Credit cards provide a financial safety net for unexpected expenses.
- Security:
Credit cards often have fraud protection and are safer than carrying cash.
For other details, you can visit the bank or check its official website.
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The SSP payment meaning is simple. It denotes the minimum amount that needs to be paid towards your SBI credit card account to avoid late payment charges. Another way to define SSP payment in credit card meaning is that it denotes the due amount that a credit card issuer has to pay against your credit card bill. This is basically done to avoid late payment penalties. You can enquire about it from the bank you had availed your credit card from.
I am not, however, sure about what is the SSP payment full form since I have never seen anyone mention it, but yes, you can be sure of its meaning.
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Authors Of The Question
What is SSP payment in SBI credit card ?
Sam
16357 Views
4
2 Year
2022-08-09T21:38:35+00:00 2023-09-29T22:16:11+00:00Comment
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