SBI Card holders alert! Bank hikes processing fees for THESE transactions – Customers of the State Bank of India (SBI) will now pay more for transactions related to merchant EMIs and rent payments as a result of the bank’s revision to the processing fee for credit card users making transactions.
The new charges have come into effect from 15 November 2022. “W.e.f. 15 Nov 2022, Processing Fee on all Merchant EMI transactions will be revised to Rs.199 + applicable taxes from Rs.99 + applicable taxes. W.e.f. 15 Nov 2022, Processing Fee of Rs.99 + applicable taxes will be levied on all Rent Payment transactions,” SBI website reads.
As per the SMS sent to the customers, “Dear Cardholder, charges on your credit card shall be revised/levied w.e.f 15 Nov’22.”
SBI Card website also has made an announcement that “Accrual of 10X Reward Points on online spends at Amazon.in with SimplyCLICK/SimplyCLICK Advantage SBI Card will be revised to 5X Reward Points w.e.f 01 Jan’23. Your card will continue to accrue 10X Reward Points on online spends at Apollo 24X7, BookMyShow, Cleartrip , EazyDiner, Lenskart & Netmeds. T&C.”
Notice for SBI Cardholders
The country’s largest lender, State Bank of India (SBI) is the latest to revise processing fees for credit card related transactions. Prior to this, private sector lender ICICI Bank too had revised its charges on Credit Card towards rent payment.
In a message sent to its customers, the bank said, “Dear Customers, starting 20-Oct-22, all transactions on your ICICI Bank Credit Card towards rent payment will be charged at 1% fee.” With this, the ICICI Bank has become the first bank to levy a charge on rent payments using credit cards.
