SBI tweaks Credit Card Rules: New charges on utility bills and finance rates | Know details

SBI Credit Card New Rules: In recent times, the use of credit cards has surged, with many people using them to pay utility bills such as electricity, water, and gas. However, if you use an SBI credit card, you may find it more expensive in the near future. SBI Card has announced significant changes to its credit card rules that could result in higher costs for users.

Charges for Utility Bill Payments Starting December 1

Effective from December 1, paying utility bills with an SBI credit card will come with additional costs for some customers. According to the new rules, if your utility bill exceeds Rs 50,000, you will incur an extra charge of 1 per cent on that payment. For bills under Rs 50,000, no additional charges will apply.

Changes to Finance Charges

SBI has also revised the finance charges for all unsecured credit cards, except for the Shaurya/Defense Credit Card. Effective from November 1, 2024, the finance charge on unsecured credit cards will be set at 3.75 per cent. Unsecured credit cards do not require a security deposit or collateral, while secured credit cards are linked to collateral, such as a fixed deposit.

If you hold an SBI credit card, you may now face additional charges. However, these changes won’t affect all users. To avoid extra charges on utility bill payments, consider keeping your payments below the Rs 50,000 limit.