New Delhi. On EMI purchase transactions from the country’s largest bank State Bank of India (SBI) card, customers will have to pay Rs 99 Processing Fees and Tax. SBI Credit Card has given this information to all the customers through email. This rule has been implemented from 1st December i.e. from today. Yes.. from today shopping with SBI Credit Card will become expensive. Along with this, extra charges will also start levied on EMI transactions.
There is a bad but important news for the customers of SBI Credit Card. SBI Credit Card has informed its customers through email that a processing fee of Rs 99 and tax will be levied on all EMI purchase transactions from 1st December 2021. The company will charge processing fees for all EMI transactions done at retail outlets as well as e-commerce websites like Amazon and Flipkart. Keep in mind that these charges are in addition to the interest charges on converting the purchase into EMI.
Goods will become expensive under BNPL
These days many merchant websites are giving the option of ‘Buy Now Pay Later’ (BNPL). These charges will definitely affect the Card-holders making purchases under this option. This can make BNPL purchases using SBI credit cards more expensive.
In an email sent to the customers, the credit card company has said – Dear cardholders, we would like to inform you that with effect from 1st December 2021, all EMI transactions done at all merchant outlets/websites/apps will be charged Rs 99 + tax as processing fee. (as applicable) will be taken. We thank you for your continued association with us.
You will get information about processing charges.
This fee will be applicable on those transactions which have been successfully converted into EMI. Any transaction done before 1st December as well as EMI bookings made after 1st December will be exempted from this processing charge. While making purchases at retail outlets, the company will inform the cardholders about the processing charges on EMI transactions through charge slips. The processing charge will be reported on the payment page for online EMI transactions. For online EMI transactions, the company will provide information about the processing charge on the payment page.
Will the fee be refunded if the transaction is canceled?
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.
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