The SBI Credit Card’s fees have been updated, according to State Bank of India Cards & Payment Services. All cardholders are expected to pay the new charges on March 17, 2023.
Customers who paid their rent with a credit card will be charged Rs 199 in addition to any applicable taxes, which is an increase from the previous price of Rs 99 in addition to any applicable taxes, as stated in an email and SMS sent to users of SBI Cards.
“With effect from 17 Mar 2023, charges on Rent Payment Transactions with SBI Credit Card will be revised,” reads the text message sent out by SBI Cards. In November 2022, SBI Cards increased the processing cost for rent payments made using credit cards to Rs 99 plus GST at a rate of 18%. November 2022 marked the beginning of this increase.
“Please note that charges on your SBI Credit Card will be revised w.e.f. 17th Mar’23,” read an email sent to customers by SBI Cards.
It is important that you are aware that SBI Cards & Payment Services has updated a number of restrictions for its SimplyCLICK Cardholders. These new rules will go into effect in January 2023 and will continue in effect thereafter. According to the SBI Cards & Payment Services website, two rules regarding the redemption of vouchers and Reward Points will be changed in the new year 2023.
“W.e.f. The Cleartrip voucher that SimplyCLICK Cardholders receive upon reaching the online spend milestone on January 6, 2023, must be redeemed once only and cannot be combined with any other offer or voucher. For more information, please contact SBI Cards & Payment Services.
Additionally, as of January 1, the rules for earning reward points for SimplyCLICK/SimplyCLICK purchases made online at Amazon.in have been changed.
Find out what other banks charge for rent payments made with a credit card.
ICICI Bank From October 20, 2022, credit card rent payments will be subject to a 1% processing fee, according to ICICI Bank.
HDFC Bank will assess a fee of one percent of the total amount of each rental transaction beginning with the second rental transaction of the month.
Kotak Mahindra Bank As of February 15, 2023, rent payments will be 1% of Transaction Amount plus GST, according to Kotak Mahindra Bank. This has no effect on the White and White Reserve Credit Cards.
“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,” Bank of Baroda stated on its website.
