SBI hikes charges on EMI transactions, Rent Payments - Revised fee applicable from THIS DATE - DETAILS

SBI Credit Card Holders ALERT: State Bank of India (SBI) has announced that it has hiked the credit card charges for its users from November, significantly increasing the cost of using a credit card. The bank informed its customer about the additional charges via message and mail. 

According to the message received by the SBI customers, the charges on the EMI (Equated Monthly Installment) transactions and rent payments shall be revised from November 15.  

While for further details customers need to visit the website.  

The message reads, "Dear Cardholder, charges on your credit card shall be revised/levied w.e.f. from 15 Nov'22." 

However, transactions completed before November 15 will not be subject to these fees. 

It should be noted that the processing fee on merchant EMI transactions has been revised to Rs 199. Whereas the processing fee on rent payment transactions will be Rs 99. Taxes will be applicable on both. 

"Charges on your credit card shall be revised/levied w.e.f. from 15 Nov’22. The processing fee on merchant EMI transactions has been revised to Rs 199 + applicable taxes from earlier Rs 99 + applicable taxes. Processing fee on rent payment transactions will be Rs 99 + applicable taxes," said the SBI. 

With this, the SBI is now the second bank to charge a processing fee for rent payments made with credit cards. Prior to now, the ICICI Bank had announced that starting on October 20, it would impose a 1 per cent fee on users of their credit cards for rent payments. 

However, it's not yet known, though, whether the new rates will apply to transactions that were completed before November 15 but whose billing cycle began after that date.