If you’re an SBI Credit Card holder, there are several changes coming your way that could affect your spending and card usage. Here’s what you need to know:
1. Finance Charges on Unsecured Credit Cards
Effective November 1, 2024, the finance charges on all unsecured SBI credit cards will be revised to 3.75% per month (except for Shaurya/Defense cards). This means the interest rate on outstanding balances for unsecured credit cards will increase, so cardholders are encouraged to pay off dues on time to avoid higher interest charges.
2. Utility Bill Payment Charges
Starting December 1, 2024, SBI will impose a 1% fee on the total utility payments made using your SBI credit card if the amount exceeds ₹50,000 in a billing cycle. This includes payments such as electricity bills, water bills, gas, and other utilities.
- If your utility payments exceed the ₹50,000 threshold, be prepared for this new additional charge.
3. Discontinuation of Club Vistara SBI Credit Cards
SBI has also made changes to its product offerings:
- From September 28, 2024, the issuance of new Club Vistara SBI Credit Cards and Club Vistara SBI Prime Credit Cards has been discontinued.
Existing cardholders can continue using their cards, but no new applicants will be accepted.
4. Mandatory Nominee Registration for Credit Card Insurance
As per RBI guidelines, registering a Nominee for your Credit Card Insurance (Air Accident/Personal Accident Insurance) is now mandatory.
- SBI cardholders need to log into the SBI Card App or Website to add or update their nominee details.
These changes impact various aspects of your credit card usage, from interest rates to utility payment fees and mandatory nominee updates. Be sure to adjust your spending and review your card policies to avoid surprises in the coming months.