Shock to SBI credit card users, EMI transactions will have to be expensive from December 1, 2021
If you are a user of SBI Credit Card then there is bad news for you. Actually, now you will have to pay more money for EMI transactions done through SBI’s credit card. SBI Cards and Payment Services Private Limited (SBICPSL) has announced that for EMI transactions, the cardholder will now have to pay a processing fee of Rs 99 and tax on it. This new rule will come into effect from December 1, 2021.
Processing charge will have to be paid in addition to interest charge
SBICPSL will charge processing fee for all EMI transactions done at retail outlets and e-commerce websites like Amazon and Flipkart. These fees are in addition to the interest charges levied on converting the purchase into EMI. The company has informed its customers about the new charge by email.
Information about processing charge will be given when
Processing charges are applicable on the transaction successfully converted into EMI. Any transaction done before December 1 will be exempted from this processing charge. The company will inform the cardholders about the processing charges on EMI transactions through charge slips while making purchases at the retail outlets.
For online EMI transactions, the company will provide information about the processing charge on the payment page. In case of cancellation of EMI transaction, the processing fee will be refunded. However, it will not be refunded in case of pre-closure. Reward points will not be applicable for transactions converted into EMI.