If you’re using SBI credit cards for transactions on digital gaming platforms, then be careful. The State Bank of India (SBI), has some important news for its credit card users. They are changing their rules, and these changes will be effective from December 2024.
SBI Card users will no longer earn reward points while making purchases on certain gaming websites or apps with specific SBI credit cards from December 1, 2024. If you want to find out which cards are affected, check the complete list of SBI credit cards here.
Changes in SBI Card Utility Bill Payments
Other changes which are going to be effective from December 1, 2024, are related to utility bill payments with SBI Cards. If your total utility bills add up to more than Rs 50,000 in a billing period, you will have to pay an extra 1% fee. This rule applies to payments like mobile bills, telephone bills, electricity bills, and insurance premiums.
For example –
Let’s say you use your SBI credit card to pay various utility bills in a single billing period:
– Mobile Bill: Rs 20,000
– Telephone Bill: Rs 15,000
– Electricity Bill: Rs 12,000
– Insurance Premium: Rs 10,000
Together, these payments total Rs 57,000, which exceeds the Rs 50,000 limit. As a result, an extra 1% fee or Rs 570 would be added to your bill for that cycle. But, if your payments had stayed below Rs 50,000, no extra fee would apply.
Also Read: Big Changes in ICICI Bank Credit Cards from November 15, 2024
Changes in SBI Credit Cards from November 1, 2024
Apart from this, SBI Card has also made some important updates, which will be applicable from November 1, 2024.
Revised Finance Charges
SBI Card will be raising the interest charges on unpaid credit card balances from 3.50% to 3.75% per month. This means if you don’t pay off your balance in full by the due date, you will end up paying more in interest.
However, these new charges won’t affect the SBI Shaurya Credit Card and the SBI Defence Credit Card. Additionally, if you don’t pay your balance in full, there will be a minimum finance charge of Rs 25 + GST.
FAQs
1. What are the new SBI Card rules for gaming and utility bills?
Starting December 1, 2024, SBI Card will introduce new rules for transactions related to gaming platforms and utility bill payments. These changes include revised cashback limits, transaction fees, and eligibility criteria.
2. Why is SBI Card introducing these new rules?
The new rules aim to streamline transactions, reduce misuse, and align with regulatory guidelines for gaming and utility bill payments.
3. Will these changes affect my existing cashback offers?
Yes, cashback offers on gaming and utility bill payments may be revised. Check your SBI Card app or website for updated terms and conditions.
4. Are there any additional fees for gaming transactions?
Starting December 1, 2024, a nominal fee may apply to certain gaming transactions. The exact fee structure will be communicated by SBI Card.
5. How will the new rules impact utility bill payments?
Utility bill payments made through SBI Card may have revised cashback limits or eligibility criteria. Ensure you review the updated policy before making payments.
6. Can I still use my SBI Card for gaming transactions after December 1, 2024?
Yes, you can still use your SBI Card for gaming transactions, but the terms, fees, and cashback offers may change.
7. Where can I find the updated terms and conditions?
You can find the updated terms and conditions on the official SBI Card website, mobile app, or by contacting customer care.
8. Will these changes apply to all SBI Card variants?
Yes, the new rules will apply to all SBI Card variants unless specified otherwise in the updated policy.
9. How can I opt out of these changes?
You cannot opt out of these changes as they are part of SBI Card’s updated policy. However, you can choose to use alternative payment methods if the new rules do not suit your needs.
10. What should I do if I have issues with the new rules?
If you face any issues or have questions, contact SBI Card customer support. They will assist you with your concerns.
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