Bank of Baroda Credit Card Holders Alert! From February 1, 2023, you will have to think whether you should make your rent payment through Bank of Baroda credit card or not because extra charges will have to be paid on these.
New Delhi. The trend of credit card is increasing in the country. People use credit cards for everything from shopping to recharge and bill payment. Many people also pay the rent of the house with the credit card. Many platforms like Paytm, Credit (CRED), Nobroker, Payzapp, RedGirraffe have also made paying rent with credit card a profitable deal.
However, doing so now is going to be costly. Actually, the holders of Bank of Baroda Credit Card have got a big shock. The company has announced that it will charge 1 per cent fee on Rent Payments through credit cards. This rule will be effective from February 1, 2023.
Till now only this charge was felt
Till now Bank of Baroda did not levy any fee on such transactions. For this reason, many tenants used to enter the landlord’s bank account details or UPI address in the recipient’s option on platforms like Paytm, Cred, NoBroker, PayZap, Red Giraffe, Mobikwik, PhonePe and make payment by credit card. However, these third-party platforms charge a convenience fee for making rent payments through credit cards.
SBI Card and ICICI Bank have also increased the charge
Earlier, ICICI Bank had also announced to charge one per cent processing fee of rent from its credit card holders. The processing fees have come into effect from October 20, 2022. At the same time, extra charge is being levied on rent payments made using SBI’s credit card. The company is charging Rs 99 plus GST on rent payments made through SBI cards. This change of SBI card is effective from November 15, 2022.
