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SBI: State Bank of India to change credit card charges from March 17 : Here's what it means for customers
SBI Cards increased its processing fees for credit card rent payments to Rs 99 + GST at 18% in November 2022.
Updated : Feb 15, 2023, 06:15 AM IST
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The State Bank of India Cards & Payment Services has announced that it has changed the fees associated with the SBI Credit Card. The new fees are scheduled to take effect on March 17, 2023 for all cardholders. According to an SMS and email that was issued to SBI Cards users, consumers who paid their rent through credit card will be charged Rs 199 in addition to any applicable taxes, which is an increase over the previous price of Rs 99 in addition to any applicable taxes.
According to the text message sent out by SBI Cards, “With effect from 17 Mar 2023, charges on Rent Payment transactions with SBI Credit Card will be revised,”
In November 2022, SBI Cards increased the processing cost for rent payments made using credit cards to Rs 99 + GST at the rate of 18%. This increase took effect in November 2022.
In an email sent to consumers by SBI Cards, it was said, “Please note that charges on your SBI Credit Card will be revised w.e.f 17th Mar’23.”
It should be brought to your attention that the SBI Cards & Payment Services has updated a number of restrictions for its SimplyCLICK Cardholders, and these new rules started being enforced from January 2023 forward. On the website for SBI Cards & Payment Services, it is stated that in the New Year 2023, two regulations pertaining to the redemption of vouchers and Reward Points would be modified.
“W.e.f. 6 Jan 2023, the Cleartrip voucher issued to SimplyCLICK Cardholders on reaching online spend milestone should be redeemed in a single transaction only and cannot be clubbed with any other offer/ voucher. For more details,” SBI Cards & Payment Services stated.
Furthermore, the regulations for Reward Points on online purchases at Amazon.in with SimplyCLICK/SimplyCLICK have modified as of January 1.
Check out what other banks charge for credit card rent payments.
ICICI Bank
According to ICICI Bank, rent payments made by credit cards will be subject to a 1% processing fee from October 20, 2022.
HDFC Bank
Beginning with the second rental transaction of the month, HDFC Bank will charge a fee of 1% on the total transaction amount.
Kotak Mahindra Bank
According to Kotak Mahindra Bank, rent payments will be 1% of Transaction Amount + GST from 15 February 2023. The White and White Reserve Credit Cards are not affected by this.
Bank of Baroda
Bank of Baroda stated on its website, “As communicated, from 1 February 2023, a fee of 1% of the total transaction amount will be levied on all rent payment transactions (Merchant Category Code or MCC 6513) done using your Bank of Baroda Credit Card.”
