SBI Credit Card Holders ATTENTION! State bank raises fees on EMI transactions, rent payments from November 15


In a move that could make using credit cards even more expensive, the State Bank of India Cards & Payment Services has revised certain charges for its credit card users. The new charges will take effect from November 15. The fees therefore do not apply to transactions made before November 15. will be reviewed/withdrawn from Nov 15, 22,” and asked its customers to visit the website for more details.

While the SBI has revised fees for EMI transactions, it has introduced a new surcharge on credit card rental payments. “Charges on your credit card will be revised/levied from Nov. 22. The processing fee for merchant EMI transactions has been revised to Rs 199 + applicable taxes from prior Rs 99 + applicable taxes. The rental payment transaction processing fee will be Rs 99 + applicable taxes” the bank said.

SBI credit card fees

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However, it is not yet clear whether the transaction was made before November 15 and the billing cycle is after November 15, or whether the new rates will apply to those transactions.

This has made the SBI the second bank to charge administration fees for rent payments with credit cards. Previously, the ICICI Bank had said it would charge its credit card holders a one percent fee for rental payments effective October 20..

There are several third-party platforms such as RedGiraffe, Mygate, Cred, Paytm and Magicbricks that allow users (renters) to pay rent using their credit cards. However, they charge a certain service fee instead. All the users need to do is enter their credit card details on the platform, then go to the rental payment option and fill in the details like name, bank account number, IFSC code or UPI (Unified Payments Interface) address of the add the landlord and then make the desired payment.





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