What is Credit Card Settlement?
Credit card settlement means negotiating to pay less than the total outstanding—a last-resort move when you're unable to pay your full SBI Aurum Credit Card dues.
Why Settle a Card Like SBI Aurum?
The SBI Aurum is a premium lifestyle card. But if dues pile up due to high-value spending, settlement can help you avoid legal action or a debt trap.
When Should You Consider Settlement?
Only when you're: -Facing a financial crisis -Unable to pay minimum dues -Behind on multiple EMIs -Unemployed or lost regular income
How Settlement Affects Your Credit Score
Settlement flags your account as "settled" instead of "closed", causing: -Drop of 75–100 points -Black marks for future loans -Record stays for 7 years
How to Start the SBI Settlement Process
– Miss payments – Contact SBI Card or wait for their call – Explain your situation – Negotiate reduced payment Get terms in writing before paying
What You May Lose Post-Settlement
Post-settlement = loss of Aurum perks: -No concierge services -No lounge access -No reward point earnings -No EMI benefits
Alternatives Before Settling
Try these first: – Convert dues to EMI – Use available reward points – Request payment deferral Try debt consolidation loan
Ensure You Get a No Dues Certificate
Once settled: -Ask SBI for a No Dues Certificate -Keep proof of payment -Monitor your credit report for updates
What to Watch Out For
-Don’t agree to verbal promises -Don't ignore credit report updates -Always document every step -Avoid repeat settlements—it ruins credit trust
Final Thought – Use SBI Aurum Wisely
Enjoy the Aurum’s luxury benefits—if you can manage dues smartly. Settlement is a last resort. Spend within your limits and always pay bills on time to stay stress-free!