If you use an SBI credit card, then this is important news for you. The country’s largest government bank has made changes to its credit card rules, which will affect millions of users. These changes will come into effect from July 15, just two days from now. Some major facilities will be stopped, and the rules related to payment settlement and MAD (Minimum Amount Due) calculation have also changed. Customers should know these updates in time to avoid any problems later.
According to the new rules, those users who usually pay only the minimum amount due will now have to pay more to avoid being marked as a defaulter. Now, 100% GST, 100% EMI, 100% finance charges, 100% other charges, over-limit charges, and 2% of the remaining amount will be included in the MAD calculation. This means the amount you need to pay each month will be higher than before if you’re only paying the minimum due.
These SBI Credit Card Services Will Be Discontinued
From July 15, some SBI credit card services will be stopped. Premium card users like SBI Card Elite, SBI Card Miles Elite, and SBI Card Miles Prime will no longer get the free air accident insurance of ₹1 crore.
Also, users of SBI Card Prime and SBI Credit Pulse will not get the ₹50 lakh air accident insurance anymore.
New Rules for Payment Settlement
SBI has also changed the payment settlement process. Now, while settling payments, the following order will be followed:
- GST
- EMI
- Other charges
- Finance charges
- Balance transfer
- Retail expenses
Cash withdrawal will be adjusted at the end.
Best SBI Credit Cards You Can Choose
SBI offers more than 50 types of credit cards with different features. Some of the most popular and useful SBI credit cards are:
- Cashback SBI Card
- BPCL SBI Card Octane
- SBI Card Elite
- SBI Reliance Credit Card
- Yatra SBI Card
- IRCTC SBI Card Premier
- Titan SBI Credit Card
- SBI SimplySave Credit Card
- SBI SimplyClick Credit Card
Customers can choose any card as per their needs and spending habits.