SBI Card has recently announced a hike in fees for certain credit card transactions, making some changes that will impact many users. These adjustments involve new fee structures for utility bill payments and finance charges. It’s important for SBI cardholders to know how these changes will affect their finances.

Also, SBI Card has implemented several modifications in recent months that have affected many customers. Let’s take a closer look at what’s changing soon and what has already been updated with the SBI Card.

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Upcoming changes in SBI Card

Revised Finance Charges

From November 1, 2024, SBI Card will increase its finance charges from 3.50% to 3.75% per month. This means that if you carry a balance on your SBI credit card and do not pay it off in full by the due date, you will be charged more interest.

However, it’s important to note that these charges will not apply to the SBI Shaurya Credit Card and SBI Defence Credit Card. Additionally, if you don’t pay your balance in full, your account will incur a minimum finance charge of Rs 25 (plus applicable taxes).

Utility Bill Payment Fees

Another change which is going to be effective from December 1, 2024, is related to utility bill payments with SBI Card. If your total utility bill payments exceed Rs 50,000 during a billing period, you will incur a 1% fee. This applies to various payments like mobile, telephone, electricity bills, and insurance premiums.

Also Read: Travelling to Maldives? Indians Can Now Pay with RuPay Cards

Changes Made in September 2024

In September, SBI Card has stopped issuing two popular credit cards i.e. Club Vistara SBI Credit Card and the Club Vistara SBI Credit Card PRIME, which is effective from September 28, 2024.

Additionally, SBI now requires cardholders to register a nominee for Credit Card Insurance, according to new RBI guidelines. Cardholders can complete this process easily through the SBI Card app or website.

FAQs

1. What charges are revised by SBI Card from November 1, 2024?

SBI Card has revised annual fees, cash withdrawal charges, late payment penalties, and GST on fees. Check your card’s terms for specifics.

2. Will existing cardholders be affected by the new charges?

Yes, all active SBI Cardholders will be subject to the revised charges starting November 1, 2024.

3. Why did SBI Card update its fee structure?

The revisions align with regulatory guidelines, operational costs, and risk management strategies.

4. How can I check the revised charges for my SBI Card?

Log in to your SBI Card mobile app, visit the official website, or refer to the email/SMS notification sent by SBI Card.

5. Are there increased fees for cash withdrawals?

Yes, cash advance fees and interest rates on withdrawals have been revised upward for most card variants.

6. Can I avoid the new annual fee?

Some premium cards may waive the annual fee if you meet spending thresholds. Check your card’s eligibility criteria.

7. Will late payment charges apply immediately after November 1?

Yes, late payments post-November 1, 2024, will incur the revised penalties, even if the billing cycle started earlier.

8. How do the new charges compare to other credit cards?

SBI Card’s revised fees are competitive but vary by card tier. Compare your card’s terms with similar offerings.

9. Can I opt out of the revised charges?

No, the charges are mandatory. However, you can close your card before November 1 to avoid them (subject to closure terms).

10. Who should I contact for clarification?

Reach out to SBI Card customer care, via email, or through the app’s chat support for assistance.

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