According to an Economic Times story, SBI Card has increased fees for a few credit card transactions. The changes suggested include adjustments to the financing and utility bill payment fee structures.
It's significant to remember that these changes have different effective dates. The new change in credit card rates will be effective from November 1.
SBI Credit Card Charges Increased by 0.25%
The finance charges for all unsecured SBI Credit Cards have been updated to 3.75% p.m. by SBI Card. This does not, however, apply to Shaurya, Defense. This will go into effect on November 1, 2024. According to the SBI Card website, the current rate of finance costs is up to 3.50% per month [42% per annum] from the date of the transaction.
As per the statement issued on the SBI Card website, “The minimum amount of Finance Charge levied on all transactions in the event of the Cardholder choosing not to pay his balance in full within payment due date, and on all cash advances taken by the Cardholder will be ₹25 each, exclusive of applicable taxes."
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New SBI Card Utility Bill Payment Fees
Starting December 1, 2024, if the total utility payments (such as phone bills, electricity bills, insurance premiums, donations, DTH, or internet services) exceed Rs. 50,000 in a billing period, a 1% fee will be charged.
Other New Features Added
Starting September 28, 2024, the SBI PRIME Credit Card and Club Vistara SBI Credit Card have been discontinued. They will no longer be issued, and existing users can't use them anymore.
According to new RBI guidelines, nominee registration for credit card insurance is now required. Users can add the nominee through either the SBI Card app or the website.
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