Credit Card from SBI: If you use an SBI credit card, you may be surprised. For transactions made with SBI’s credit card, you will now have to pay a higher fee.
There is good news for SBI’s millions of clients. If you use the SBI Credit Card, this news may come as a rude awakening. Shopping with an SBI card will be more expensive starting tomorrow, December 1st. Actually, EMI purchases made with an SBI credit card will now cost you more money.
SBI Cards and Payment Services Private Limited (SBICPSL) has announced that EMI transactions will henceforth be subject to a processing fee of Rs 99 plus VAT. This new rule will take effect on December 1, 2021, which is tomorrow.
Other processing fees will be required to be paid.
For all EMI transactions made at SBICPSL retail stores and e-commerce websites like Amazon and Flipkart, SBI will impose processing fees to its millions of consumers. These fees are in addition to the interest charges incurred when the purchase was converted to an EMI. Customers were notified of the new charge via email by the corporation.
When will the data be made available?
On the transaction that is converted into an EMI, there are processing fees. Let us inform you that, under the new rule, every transaction completed prior to December 1 will be excluded from the processing fee. While making purchases at retail locations, the corporation will advise cardholders about the processing charges on EMI transactions via charge slips.
In this regard, the company will provide information regarding the processing charge on the payment page for online EMI transactions. The processing charge will be returned if your EMI transaction is canceled. In the event of a pre-closure, however, it will not be returned. Furthermore, reward points will not be applied to transactions that are converted to EMI.