How does credit card considers the annual transaction milestones to waive of the annual charges?
Suppose I have SBI Cashback card, so if we spend 3L In annuall cycle the Renewal Fee get's waived off.
Now, my limit is 50K and I spent 50K in billing cycle but to avoid the over credit utilisation and maintain 30% credit use ratio, If I paid 30k out of 50k before the Bill generation.
So I spent 50k but bill generated for only 20k as i already paid amount in advance before the bill generation.
1. Now how does totally annual transaction spend works, will sbi count 50k as totall payment OR
only 20k spent which was bill generated as per monthly statement?
2. So in short how the annual fee waiver Milestone for credit card works, is it on Bill generated amount of each month OR irrespective of bill generation amount of statement, whatever we spend using CC will be counted as Spend?
Suppose I have SBI Cashback card, so if we spend 3L In annuall cycle the Renewal Fee get's waived off.
Now, my limit is 50K and I spent 50K in billing cycle but to avoid the over credit utilisation and maintain 30% credit use ratio, If I paid 30k out of 50k before the Bill generation.
So I spent 50k but bill generated for only 20k as i already paid amount in advance before the bill generation.
1. Now how does totally annual transaction spend works, will sbi count 50k as totall payment OR
only 20k spent which was bill generated as per monthly statement?
2. So in short how the annual fee waiver Milestone for credit card works, is it on Bill generated amount of each month OR irrespective of bill generation amount of statement, whatever we spend using CC will be counted as Spend?
