Your SBI credit card fees, rewards are changing from November
What's the story
SBI Card has announced changes to its fee structure. The changes will come into effect from November 1. The new rules mainly affect transactions such as paying education fees through third-party apps and loading money into digital wallets above a certain limit. The new fee structure will charge a 1% fee on education-related payments made through third-party apps like CRED or MobiKwik. However, direct payments to schools/colleges via their official websites or on-campus POS machines will remain free of charge.
Wallet charges
Loading money into digital wallets to get costlier
From November 1, SBI Card will also charge a 1% fee on transactions over ₹1,000 for loading money into digital wallets like Paytm or PhonePe. This change affects MCC codes associated with wallet recharges. The bank may update these codes in line with Visa or Mastercard network changes, sometimes without prior notice.
Payment penalties
Late payment charges remain unchanged
Late payment charges apply if you fail to pay the Minimum Amount Due (MAD) by the due date. The fee is based on your total outstanding balance with different slabs for various amounts. If MAD is missed for two consecutive billing cycles, an additional ₹100 fee is levied which increases with each cycle until it is cleared.