Have an SBI account? You can pay credit card bills of other banks in few clicks - Here's how SBIOnline helps
There is a very unique scheme offered by SBIOnline where it allows customers to transfer money online from their SBI account to any VISA Credit Card issued in India.
Credit cards have become highly popular across India. As amazing a credit card sounds, it is also a form of loan. Hence, you have to pay what you owe to the bank. You can pay your credit card bills by either visiting the bank branch using cheque or through internet banking. Interestingly, there is a very unique scheme offered by State Bank of India, where it allows customers to transfer money online from your SBI account to any VISA Credit Card issued in India. This service is called as Credit Card (Visa) Bill Pay.
A Credit Card (Visa) Bill Pay is defined as quick, simple and a convenient alternative to Demand Drafts, cheques or pay orders.
Here's how you can use Credit Card (Visa) Bill Pay -
The service is available online and requires an Internet Banking enabled account with State Bank of India.
You must log on to OnlineSBI.com using the Internet Banking Username and Password, provided by State Bank of India. A customer while adding a payee must know 16 digit card number and name.
For registering a Payee details at SBI's special service, you must click on Manage Credit Card (Visa) Bill Pay link in the Profile tab. Authenticate yourself with the Profile Password.
You will be directed to a page for registering the Payee Name and card number. Furnish all the details in regards to the payee, and set a nickname for her or him.
While registering the payee, SBI will send a a high security password in your mobile number. This is done basically to double check your identity. After a payee is authorized you can start transferring funds to the Card.
A customer also has the advantage of setting transaction limit for this Payee. According to SBI, Rs 25,000 is per transaction limit or a card. While per day limit for any user is set at Rs 50,000.
How to pay a Visa Credit card?
As per SBIOnline website, to pay the bill of a VISA credit card, Log into OnlineSBI and select the Credit Card (Visa) Beneficiary link in the Payments and Transfers tab, select the Payee, and enter the amount you wish to transfer.
However, first you have to register the payee. The VISA Credit card can be issued by any bank in India.
Generally, it will take about 2-3 working days for the VISA system to complete the payment.
For each Credit Card (Visa) Bill Pay transaction, SBI recovers a nominal service charge of Rs 15. This is only applicable on other bank credit cards. For paying bills of SBI credit card, you must use Bill Payment Facility, which is free of charge.