SBI Cards, the pure-play credit card company, has revised its reward points rules for online spending from early next year.
The credit card company backed by SBI has slashed accrual reward points on online spends at Amazon to 5X reward points. It also announced that Cleartrip vouchers will be redeemed in a single transaction and cannot be clubbed with any other offer or voucher, effective January 6, 2023.
According to the SBI card website, “Accrual of 10X Reward Points on online spends at Amazon.in with SimplyCLICK/ SimplyCLICK Advantage SBI Card will be revised to 5X Reward Points w.e.f 01 Jan’23. Your card will continue to accrue 10X Reward Points on online spends at Apollo 24X7, BookMyShow, Cleartrip , EazyDiner, Lenskart & Netmeds. T&C.”
Processing fees for credit card related transactions were revised effective November 15, 2022.
“Processing Fee on all Merchant EMI transactions will be revised to Rs.199 + applicable taxes from Rs.99 + applicable taxes. W.e.f. 15 Nov 2022, Processing Fee of Rs.99 + applicable taxes will be levied on all Rent Payment transactions,” stated the SBI Card website.
Steps to redeem credit card reward points through website:
- Login to sbicard.com
- Click on “Rewards” and then click on “Redeem Rewards”.
- Browse through the Rewards Catalogue and choose item of your choice
- Click on “Redeem now” and confirm.
How to redeem my credit card reward points through Mobile App
- Login to SBI Card mobile app.
- Click on “Rewards” at the left-hand side and click on “Redeem Rewards”
- Browse through the Rewards Catalogue and “select” the reward items of your choice
- Click on “Redeem” and confirm.
Also, rent payments using credit cards will be subject to a processing fee, according to SBI Cards. Customers who use a credit card for rent paying would be charged Rs 99 plus GST at a rate of 18 percent, according to an SMS that was issued to them. The fees start to apply on November 15, 2022.
The processing cost for merchant EMI transactions has also changed at SBI Cards. The cost has increased from Rs 99 to Rs 199 by the company. Such transactions will also be subject to GST at a rate of 18 percent.
Banks such as ICICI Bank and HDFC Bank have also revised certain charges on credit card spendings.