SBI Card holders: Big news! SBI Card will now charge processing fee on rent payment, new rule will be applicable from tomorrow
SBI Card is the credit card company of State Bank. SBI Card will charge Rs 99 plus GST for making rent payments through credit cards. Its new rule is effective from 15 November. Along with this, SBI Card Merchant is also going to make changes in the processing fee of EMI transactions.
There is an important news for the customers of State Bank of India (SBI). SBI Card is going to apply processing fee on rent payment from November 15. Processing fee will have to be paid from November 15 for making rent payment through SBI card. SBI Card has sent a message to the customers in this regard, in which information about the processing fee has been given. SBI Card is the credit card company of State Bank. SBI Card will charge Rs 99 plus GST for making rent payments through credit cards. Its new rule is effective from 15 November.
Along with this, SBI Card Merchant is also going to make changes in the processing fee of EMI transactions. Earlier this fee used to be Rs 99 which will increase to Rs 199. Along with this rate, GST will also be applicable at the rate of 18 percent. Therefore, customers paying rent from SBI credit card will have to add GST in addition to Rs 99.
what is the new rule
SBI is going to make changes in merchant EMI transactions. This transaction is done at a point of sale machine or e-commerce website and is converted into EMI. The customer converts his bill into EMI and every month a specific amount is deducted from his account. Now a new rule has come to the fore regarding rent payment. People also make rent payments through credit cards and for this they take the help of a third party app or website. It has the names of Redgiraffe, Cred and Magicbricks.
ICICI Bank is also taking charge
Those who are unable to pay the rent on time due to lack of money, they get the convenience in paying the rent through credit card. It gives the time to repay the money till the next month. But with the new rules of SBI Card, the problems of such people may increase as they will have to pay a separate fee along with GST in addition to the rent.
Earlier, ICICI Bank has also implemented the rule of charging 1% for paying rent through credit cards. The new rule has come into effect from October 20, 2022. This means that those who pay rent through ICICI Bank credit cards from Cred, RedGiraffe, MyGet, Paytm and Magicbricks will have to pay a separate 1% charge. After this SBI Card of State Bank also implemented this rule. Customers will have to pay an additional charge from November 15.