SBI Card will charge 1% extra on certain transactions from Nov: Know more

Credit card company will add up to 1% charges on select payments and wallet loads

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SBI Card will from November 1 change the fee structure and terms for certain transactions, wallet loads, education-related payments, card replacement, and late payment charges. Customers should review the changes to avoid unexpected costs and retain their credit history.

 

New charges on education payments and wallet loads

 

SBI Card will apply a 1 per cent fee on education payments made through certain third-party platforms such as CRED, Cheq, and MobiKwik. The charge applies to payments identified under specific Merchant Category Codes (MCCs) assigned by card networks.

 

The fee will not be levied on direct payments to schools, colleges, or universities, either through SBI Card’s official channels or on-site POS terminals.

 

Wallet load transactions exceeding Rs 1,000 will also attract a 1 per cent charge under select merchant codes.

 

SBI Card said merchant category codes are defined by card networks and may change without prior intimation, so cardholders should stay informed.

 

Other key charges to note

 

SBI Card maintains a set of fixed charges for various services:

 

1. Cash payment fee: Rs 250

 

2, Cheque payment fee: Rs 200

 

3. Dishonour fee: 2 per cent of the payment amount (minimum Rs 500)

 

4. Cash advance fee: 2.5 per cent of the amount (minimum Rs 500 domestically and internationally)

 

5. Card replacement fee: Rs 100–Rs 250 (Rs 1,500 for Aurum cards; emergency replacements abroad subject to a minimum of $175 for Visa and $148 for Mastercard)

 

Late payment charges

 

Late payments will attract charges based on the outstanding Minimum Amount Due (MAD):

 

Rs 0–Rs 500: Nil

 

Rs 501–Rs 1,000: Rs 400

 

Rs 1,001–Rs 10,000: Rs 750

 

Rs 10,001–Rs 25,000: Rs 950

 

Rs 25,001–Rs 50,000: Rs 1,100

 

Above Rs 50,000: Rs 1,300

 

If MAD is not paid for two consecutive billing cycles, an extra Rs 100 fee will be levied for each subsequent cycle until the due amount is cleared.

 

Changes in fees may seem small individually, but they can add up significantly over time. Experts advise cardholders to review their spending habits and preferred payment channels to minimise charges. Paying the MAD on time remains the simplest way to avoid penalties and preserve a healthy credit score.