Do you use SBI credit card to pay rent? Then this news is very important for you, because by doing so, now your pocket will be more loose.
SBI credit card customers will now have to shell out more than before if they use their card to pay rent. SBI Cards has increased the charges for paying rent through credit card by more than 100 percent. At the same time, extra tax will be charged on this as before, that is, the amount you pay has to increase every year.
Customers of SBI Cards have received an SMS in this regard, according to which these new charges will be applicable from March 17, 2023.
SBI Cards customers will have to pay this much fee
Those paying rent through SBI card now have to pay a fee of Rs 99 along with taxes. Soon SBI credit card customers will have to pay a fee of Rs 199. At the same time, tax will also be calculated according to this amount.
Earlier, SBI Cards had increased the fee for filling the rent in November 2022 itself. People have to pay 18 percent GST on the facility of paying rent through credit card.
Charges on ICICI, HDFC credit cards
Apart from SBI, if we look at the credit cards of other banks, then ICICI Bank, HDFC Bank, Kotak Mahindra Bank and Bank of Baroda also have to pay a substantial charge on the rent payment.
- ICICI Bank’s credit card charges a processing fee of 1 percent on rent payments from October 2022 itself.
- Similarly, there is a transaction charge of 1 percent for paying the rent through HDFC Bank’s credit card. It is applicable on the full amount of rent.
- Bank of Baroda has started charging a transaction charge of 1 percent on rent payments from February 1, 2023 itself.
- On the other hand, customers of Kotak Mahindra Bank will have to pay a fee of 1 percent from February 15, 2023, for paying the rent through credit card.
- GST is not included in the charges of all banks. Means customers will have to pay GST separately.
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