SBI Credit Card Fees: Now you will have to think whether you should pay your rent through SBI credit card or not because from November 15, 2022, processing fees will also have to be paid on them.
New Delhi. If you have SBI’s credit card (SBI Card), then this news is useful for you. In fact, the company will charge a processing fee on rent payments made using credit cards. According to an SMS sent to customers, the credit card company will charge Rs 99 plus GST on rent payments made through credit cards. The new changes has effective from November 15, 2022.
Apart from this, SBI Card is also going to change the processing fee for merchant EMI transactions. Earlier this fee used to be Rs 99, which will now increase to Rs 199. GST will also be levied on this at the rate of 18 percent.
ICICI Bank has also increased the charge
Earlier, ICICI Bank had also announced to charge one percent processing fee of rent from its credit card holders. The processing fees have come into effect from October 20, 2022. ICICI Bank had said in an SMS sent to its credit card holders, “Dear customer, starting 20-10-2022, all transactions on your ICICI Bank credit card towards rent payment will be charged at 1% fee.”
Other banks also imposed restrictions on rent payments.
On the other hand, HDFC Bank users will get 500 limited reward points only on rent payments through credit cards, while Yes Bank has limited such transactions to 2 times a month.
Rent Payment through Third Party Apps
There are usually third party apps like Paytm, Freecharge, Mobikwik, Cred, RedGiraffe, MyGate, Magicbricks which allow people to make rent payments through credit cards. These third-party apps also charge a convenience fee for making rent payments through credit cards.