Charges for using SBI credit cards have increased, and users will now be required to pay this much.
Do you pay your rent with your SBI credit card? Your pocket will become more loose as a result, so this information is crucial for you.
Rent payments made with SBI credit cards will now cost more than they did in the past. The fees for paying rent using a credit card have increased by more than 100% at SBI Cards. Along with this, more tax will need to be paid on it as before, meaning your annual payment amount will need to go up.
Customers of SBI Cards have already been informed through SMS that these additional fees will take effect on March 17, 2023.
Customers using SBI Cards will be required to pay this amount.
SBI card users will now be required to pay a fee of Rs 99 inclusive of taxes. Customers of SBI credit cards will soon be required to pay a fee of Rs 199. Additionally, tax will be computed based on this sum at the same time.
Previously, SBI Cards has raised the cost of paying the rent in November 2022. The ability to pay rent using a credit card will be subject to an 18% GST.
Charges on credit cards from ICICI and HDFC
If we check at the credit cards of other banks in addition to SBI, we see that ICICI Bank, HDFC Bank, Kotak Mahindra Bank, and Bank of Baroda also have to pay a large fee when paying rent.
• Starting in October 2022, the credit card issued by ICICI Bank levies a 1-percent processing fee on rent payments.
• In a similar vein, using a credit card from HDFC Bank to pay rent has a transaction fee of 1%. This is applicable throughout the entire fare.
• Beginning on February 1, 2023, Bank of Baroda will impose a transaction fee of 1% on rent payments.
On the other side, beginning on February 15, 2023, users of Kotak Mahindra Bank would incur a 1% fee when paying their rent through credit card.
• Not all banks incorporate GST in their fees. Customers will therefore be required to pay GST individually.
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