Starting November 1, 2024, SBI Card is updating its credit card terms, which will impact finance charges and utility bill payments. These updates, though not uncommon across issuers, are essential to note to avoid unexpected fees.
Here are the key changes to keep in mind:
1. Finance Charges
From November 1, 2024, the finance charge on all unsecured SBI Credit Cards will be 3.75% per month. This applies to both retail and cash transactions. (Excludes Shaurya/Defense cards)
2. Utility Payments Fee
Beginning December 1, 2024, utility bill payments exceeding ₹50,000 in a statement cycle (MCC 4900) will incur a 1% fee.
Make sure to review your monthly statement and plan payments accordingly to avoid any additional charges.
Stay informed to manage your SBI Credit Card more effectively!