With almost everyone carrying at least one credit card in their wallet, life without one in today’s world seems to be completely impossible. This information is unquestionably for you if you have an SBI credit card. The fees and charges for the SBI credit card have been updated by State Bank of India Cards & Payment Services. With effect from March 17, 2023, the additional fees will be applied. According to an SMS and email issued to SBI Cards users, those paying their rent using a credit card will now be charged Rs199 + applicable taxes, up from Rs99 + applicable taxes. The processing charge for rent payments made with credit cards was increased by SBI Cards to 99 plus GST at the rate of 18% in November 2022.
Examining the fees and charges for SBI credit cards
Annual & Renewal Fees
On the SBI Credit Card, there are annual fees and renewal costs (SBI Card). Both the annual cost and the renewal fee are one-time payments. Depending on the card variation and the cardholder, these costs may alter.
Cash Advance Fees
In an emergency, the cardholder can utilise local and foreign ATMs to get cash using the card. All such withdrawals would be subject to a transaction fee, which the Cardholder would be charged for in the subsequent statement. At domestic ATMs, a transaction fee of 2.5% or 500 will be charged; at international ATMs, a transaction fee of 2.5% or 500 will be charged, whichever is higher.
Cash Payment fee
By including their credit card number and the appropriate amount on a pay-in slip and depositing it at the branch counter, cardholders can settle their SBI credit card debt at a few SBI branches. The cardholder will receive an immediate payment acknowledgment receipt. The cost of using this feature is Rs. 250 plus any relevant taxes.
Interest Free Grace Period
The length of the interest-free credit period could be anything between 20 and 50 days, pending the merchant’s filing of claims.
Finance Charges
If the cardholder decides not to pay the full balance due on his account, finance charges are payable at the monthly interest rate on all transactions, including unpaid EMI installments from the date of transaction, and on all cash advances the cardholder takes out until they are repaid.