SBI Card will be updating the terms related to its credit cards from November 1, 2024. Although these changes are not major and have been implemented by all card issuers in recent times, it’s important to be aware of them to avoid incurring any additional charges. The changes will affect two aspects of SBI Credit Cards: the interest charged on unpaid balances and a 1% fee for utility bill payments of more than ₹50,000 in a statement cycle.
Let’s take a detailed look at the changes applicable to SBI Credit Cards. The finance charges will be changed from November 1, 2024, while the charge for utility bill payments will be applicable from December 1, 2024.
| Change | Details |
| Finance Charges | 3.75% Per Month on All Unsecured SBI Credit Cards. Applicable to All Retail & Cash Transactions (Except Shaurya/Defense) |
| Utility Payments Fee | Utility Bill Payments (MCC 4900) Exceeding ₹50,000 Shall Be Charged 1% Fee |
Bottom Line
Many people have welcomed SBI Card’s decision, as it will only affect those who use their personal credit cards for commercial payments. The average SBI Credit Card user will not be affected by these changes. It’s worth noting that these new additional charges and changes to finance rates are not surprising, as they are being implemented by major credit card issuers in India, such as HDFC, ICICI Bank, RBL, etc.
For those who are confused by the changes to Finance charges, we would like to inform you that those with unsecured SBI Credit Cards (cards that have not been availed against a Fixed Deposit) shall now be charged a higher rate of interest on missed credit card payments, i.e., from 3.5%, that rate has been increased to 3.75%.