SBI has given a big shock to its credit card users. According to the new rule, 1% extra charge will be levied on utility bill payment through SBI Credit Card. This rule will be applicable on SBI Credit Card from November 1.
If you use credit card to pay utility bills like electricity, gas, water, then you need to be cautious. Actually, the country’s largest bank State Bank of India (SBI) has given a big shock to its credit card users. Some changes have been made in the rules of credit card by SBI Card. The new rules will come into effect from next month i.e. November 1, 2024.
The bank has decided to levy an extra 1% charge on payment of utility bills through credit card. Even before this, many banks and card companies have started charging 1% on utility bill payments after a certain limit.
Yes Bank will charge a surcharge on payment of utility bills above Rs 50,000
1% extra charge will be levied on utility bill payments of more than Rs 50,000 in a statement cycle through SBI credit card. However, no extra charge will be levied on utility bill payments below Rs 50,000.
Change in finance charge
SBI has also changed the finance charge of all unsecured credit cards except Shaurya/Defense credit card. Now 3.75 percent finance charge will be levied on SBI’s unsecured credit card.
These rules will also come into effect from November 1, 2024. Let us tell you that unsecured credit cards are such credit cards for which no security deposit or collateral has to be given, whereas secured credit cards are such credit cards which are given in exchange of fixed deposit (FD).
