If you are a State Bank of India (SBI) credit card customer, it’s crucial to understand the detailed fee structure and charges that will be implemented from November 1st. SBI has made major changes to select transactions, primarily education-related payments and digital wallet loading. This new fee will only apply to customers who make these payments using their SBI credit cards.
New charges applicable to SBI credit cards
The biggest charges introduced by SBI cards are for education payments and wallet loading made through third-party apps. If you make payments with your SBI card using third-party apps like CRED, Cheq, and MobiKwik, an additional 1% fee will apply. This means that if you make a payment of ₹1,000, you will incur a fee of ₹10.
SBI Card has clarified that this fee will only apply to third-party merchants identified under Merchant Category Codes (MCC) 8211, 8220, 8241, 8244, 8249, and 8299. However, if you make payments directly to schools, colleges, and universities using an SBI card, this fee will not apply.
Further, if you deposit more than ₹1,000 into any digital wallet using your SBI card, a 1% fee will also be charged. This is a significant change that will impact customers who are accustomed to digital transactions.
Other Important SBI Card Fees to Know
State Bank of India also charges its customers for several other transactions, which customers should be aware of. These fees are crucial for sound financial management: A ₹250 fee is charged for cash payments made using an SBI card. If your payment is approved, SBI Card charges an approval fee of 2% of the payment amount, subject to a minimum of ₹500.
SBI Card charges a fee of ₹200 for payments made by check. Cash advance fees at SBI ATMs and other domestic ATMs are 2.5% of the transaction amount, subject to a minimum of ₹500. The same fees apply at international ATMs. Card replacement charges range from ₹100 to ₹250, while for ARM cards, the fee is ₹1,500. Emergency card replacement charges abroad are at the actual cost, with a minimum of $175 for Visa and $148 for Mastercard.
Additional late payment charges on the minimum amount due
SBI Card has also imposed an additional penalty for customers making late payments. If the Minimum Due Amount (MAD) is not paid by the due date within two billing cycles, an additional late payment fee of ₹100 will be levied. This fee will apply for each payment cycle until the MAD is paid in full. This is a strong reminder to customers to make timely payments.