SBI Credit Card Charges to Change From March 17: Here’s How Much Users Will Pay More

The SBI Cards had in November 2022 hiked the processing fee on rent payments made using credit cards to Rs 99 plus GST at the rate of 18%.

SBI Credit Card Charges: The State Bank of India Cards & Payment Services said it has revised the charges of SBI Credit Card and the new charges will be imposed on users from 17 March 2023. The SBI Cards customers who were paying their rent via credit card would be charged Rs 199 + applicable taxes, up from Rs 99 + applicable taxes, according to an SMS and email sent to SBI Cards customers.

“With effect from 17 Mar 2023, charges on Rent Payment transactions with SBI Credit Card will be revised,” reads the SMS from SBI Cards.

The SBI Cards had in November 2022 hiked the processing fee on rent payments made using credit cards to Rs 99 plus GST at the rate of 18%.

“Please note that charges on your SBI Credit Card will be revised w.e.f 17th Mar’23” an email from SBI Cards to customers said.

It should be noted that the SBI Cards & Payment Services had revised certain rules for its SimplyCLICK Cardholders that came into effect from January 2023. According to SBI Cards & Payment Services website, two rules regarding redemption of voucher and Reward Points will be changed in the New Year 2023.

“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 said.

Moreover, from January 1, the rules regarding Reward Points on online spends at Amazon.in with SimplyCLICK/SimplyCLICK  has changed.

Take a look at the processing fees other banks charge on rent payments made via credit card.

ICICI Bank

The ICICI Bank said the rent payments made via credit cards will attract processing fee at 1% and the fee was imposed from October 20, 2022.

HDFC Bank

HDFC Bank said it will impose a fee of 1% on the total transaction amount beginning with the second rental transaction of the calendar month.

Kotak Mahindra Bank

Kotak Mahindra Bank said the rent payments will come into effect from 15 February 2023, will be 1% of the Transaction Amount + GST. However, this is not applicable on White and White Reserve Credit Cards.

Bank of Baroda

The Bank of Baroda on its website said, “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.”