Pay more from next month, SBI credit card charges hiked

In todays world, life without a credit card looks simply impossible, Almost everyone has a minimum of one credit card in his/her wallet. If you are a SBI credit card holder, then this piece of news is surely for you. State Bank of India Cards & Payment Services has revised the charges and fees of SBI Credit Card. The new charges will be levied with effect from 17 March 2023. Customers who were paying their rent via credit card would be charged Rs199 + applicable taxes, up from ₹99 + applicable taxes, according to an SMS and email sent to SBI Cards customers.

The SBI Cards had in November 2022 hiked the processing fee on rent payments made using credit cards to ₹99 plus GST at the rate of 18%.

A look at SBI credit card fees and charges

Annual & Renewal Fees

There are annual fees and renewal fees applicable on the SBI Credit Card (SBI Card). Annual fee is a one-time charge and renewal fee is charged every year. These fees may vary from Cardholder to Cardholder, and for different card variants.

Cash Advance Fees

The Cardholder can use the Card to access cash in an emergency from domestic/international ATMs. A transaction fee would be levied on all such withdrawals and would be billed to the Cardholder in the next statement. A transaction fee of 2.5% or ₹500 whichever is higher at domestic ATMs and 2.5% or ₹500, whichever is higher at international ATMs will be levied. 

Cash Payment fee

The Cardholders can pay SBI credit card dues at select branches of State Bank of India (SBI) by mentioning their credit card number & amount in pay-in slip and depositing the same at the branch counter. An instant payment acknowledgement receipt will be provided to the cardholder. This facility is available at a service fee of Rs. 250 + applicable taxes. 

Interest Free Grace Period

The interest free credit period could range from 20 to 50 days subject to submission of claims by the merchant. 

Finance Charges

Finance Charges are payable at the monthly interest rate on all transactions including unpaid EMI installments from the date of transaction in the event of the Cardholder choosing not to pay his balance in full, and on all cash advances taken by the Cardholder, till they are paid back.