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Saturday, May 14, 2011

SBIN00CARDS - Pay your SBI Card bill through NEFT



SBIN00CARDS - Pay your SBI Card bill through NEFT

A long outstanding demand of SBI card holders has been met by the SBI Cards Ltd.

SBI Credit Cards dues can be paid via the NEFT mode.

The IFSC code for SBI credit card remittances is SBIN00CARDS
This option has gone live from 26th april2011 and I am sure, SBI cards have received substantial payments through the NEFT option.

To popularize this mode, SBI Cards should offer 1%cash back or reward points.
Compared to the costs of other Bill payment modes, NEFT is considerably cheaper. Moreover, the payment received is ‘final’ and there is no question of ‘cheque bounce’.

Hence, the savings have to be shared with the credit card holders too.

It has been more than 2 years, since RBI has introduced separate Transaction Code (No. 52) in NEFT for credit card transactions. In the last couple of years, many Banks have introduced the NEFT option for remitting credit card dues.

However, SBI Cards has introduced just now.

Hm, ‘Better Late than Never’.  




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1 comment:

vas said...

I tried several times to register for NEFT on onlinesbi. The SBI website always declared SNIN00CARDS as invalid IFSC code. I have picked third party option only. Can you help please. Thank You.

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