If you SBI If you use credit card, then this news is for you. The bank has made changes to its credit card charges, which include increase in utility bill payments, finance charges, reward points and transaction charges. These changes have come into effect from November 1, 2024 i.e. today. Let us know how much the burden will increase on you due to the changes made by the bank.
1% surcharge on utility bill payments
1% surcharge will be levied on utility bill payments through SBI Credit Card. However, this charge will have to be paid only if the total bill in a billing cycle exceeds Rs 50,000. This fee will be applicable for essential services like electricity, gas and water. If the bill is less than Rs 50,000 in the same billing cycle, no additional charges will be applicable. Along with the new surcharge on utility bills, SBI is also increasing its charges on unsecured credit cards. From November 1, finance charges for all unsecured SBI credit cards will increase to 3.75% per month.
When are finance charges taken?
Finance charge is payable at monthly interest rate on all transactions, including unpaid EMI installments from the date of transaction in case the Cardholder does not pay his balance in full, and on all cash availed by the Cardholder , until they are paid. Note that finance charges on cash withdrawals are applicable from the date of transaction till the completion of payment.
Example 1 – Card statement date – 15th of every month.
Assuming no previous balance is carried forward from the statement of June 15, 2019, the cardholder will get a statement of July 15 showing transactions of Rs 12,000 as well as cash withdrawal of Rs 7,000 at the applicable rate for 5 days. Finance charges will be taken.
Image Credit: India-Tv.