SBI Card increases credit card charges; check effective dates, revised charges, other details

New credit card rules: SBI Card has recently raised fees for certain credit card transactions. These changes involve adjustments to the fee structure for utility bill payments and finance charges. It's important to note that the effective dates fo...

By Sneha Kulkarni, ET Online | Updated: Oct 08, 2024, 05.28 PM IST

SBI Card has recently raised fees for certain credit card transactions. These changes involve adjustments to the fee structure for utility bill payments and finance charges. It's important to note that the effective dates for these changes differ.

Revised SBI Card charges

Finance charges

SBI Card has revised the finance charges to 3.75% p.m. on all unsecured SBI Credit Card. However, this is not applicable to Shaurya, Defense. This is effective from November 1, 2024. The current rate of finance charges is upto 3.50% per month [42% per annum] from the transaction date, according to the SBI Card website.

New credit card rules: Latest HDFC Bank, IDFC FIRST Bank credit card rules effective from September 2024

According to the SBI Card website, “The minimum amount of Finance Charge levied on all transactions in the event of the Cardholder choosing not to pay his balance in full within payment due date, and on all cash advances taken by the Cardholder will be Rs 25 each, exclusive of applicable taxes.
a. Finance charges on cash advances are applicable from the date of transaction until the payment is made in full.
Example 1 - Card Statement date – 15th of every month.
Transaction done between 16th June’19 – 15th July’19
1. Retail Purchase of Rs. 5000 – On 20th June’19
2. Cash Withdrawal of Rs. 7000 – On 10th July’19.”

Utility Payment

If the total amount of utility payments made in a billing period exceeds Rs.50,000, a 1% fee will be applied. This is applicable from December 1, 2024. The utility payments include payment of telephone, mobile, electricity bills, and insurance premiums on time.

New airport lounge access rules for 19 ICICI Bank debit cards effective from October 1, 2024

You can use credit cards to pay for various utility bills such as postpaid and prepaid mobile bills, broadband, insurance premiums, electricity, charitable donations, and DTH services.

SBI Card: Other changes made to credits in 2024

Discontinuation of these cards
The issuance of new Club Vistara SBI Credit Card and SBI Credit Card PRIME has been discontinued with effective from September 28, 2024.

As per RBI guidelines, Nominee registration for Credit Card Insurance is mandatory. Log in to the SBI Card App or Website to add or update Nominee details to your Air Accident/Personal Accident Insurance policy.
W.e.f. 15 July 2024, accrual of Reward Points on Govt Related transactions will be discontinued for certain credit cards.
W.e.f. 01 Jun 2024, accrual of Reward Points on Govt Related transactions will be discontinued for certain credit cards.
W.e.f. 15 Apr 2024, accrual of Reward Points on Rent Payment transactions will be discontinued for certain credit cards.
W.e.f. 01 Apr 2024, accrual of Reward Points on Rent Payment transactions will be discontinued for certain credit cards.
W.e.f. 15 Mar 2024, Minimum Amount Due (MAD) definition will be as follows: Total GST + EMI amount + 100% of Fees/Charges + 5% of [Finance Charge(if any) + Retail Spends and Cash Advance (if any)] + Overlimit Amount (if any)
In case 5% of (Finance Charge + Retail Spends and Cash Advance) is less than Finance Charges, then MAD calculation will be Total GST + EMI amount + 100% of Fees/Charges + 100% of Finance Charges + Overlimit Amount (if any)
W.e.f. 01 Mar 2024, issuance of physical card for DreamFolks Membership will be discontinued. AURUM Cardholders can visit aurumcreditcard.com or SBI Card Mobile App to avail DreamFolks Membership benefits.

Five newly launched co-branded credit cards, debit cards

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Recently, a number of banks and card issuers have launched co-branded credit cards and debit cards aimed to cater to diverse customer segments. Here are some of the most recent launches of co-branded debit and credit cards.