SBI will increase the credit card processing fee from Rs. 99 (plus GST) to Rs. 199 (plus GST) beginning March 17, 2023.
As per the SMS and email notifications received by users, rent payments made with credit cards will be charged Rs.199 plus applicable taxes.
Please note that “With the effect from Mar 17, 2023, SBI credit cards will be revamped.” Now, users who use credit cards while paying their rent will be imposed Rs. 199 plus 18% GST.
These are the details:
| Category | Processing fee |
| Rent Clearance/Payment Transaction | Revised to Rs.199 plus applicable taxes from Rs.99 plus applicable taxes. |
SBI Cards & Payment Services updated several rules for SimplyCLICK Cardholders in January 2023, which went into effect. According to the SBI Cards and Payment Services website, two rules regarding the redemption of vouchers and reward points will be revised in the New Year 2023.
From January 6, 2023, Cleartrip vouchers will be given to SimplyClick cardholders upon reaching the online spending milestone. It must be used for a single purchase, and it should not be combined with any other voucher or offer.
Also, reward points have already been revised since January 1, 2023, for purchases made on Amazon.in via SimplyClick cards.
Take a look at these processing fees charged by other banks on rent:
Kotak Mahindra Bank
With effect from February 15, 2023, the bank will be charged 1% of the total transaction amount plus GST while paying rent. This is not valid for Whit Reserve Credit Cards.
ICICI Bank
While paying rent through a credit card, ICICI Bank has been charging a 1% processing fee since October 20, 2022.
Bank of Baroda
As per its website, the bank has started charging 1% of the total transaction amount on all rent payments as of February 1, 2023.