The use of credit cards has grown significantly in recent times.
Many people are now paying their utility bills, such as electricity, water, and gas, using credit cards.
However, if you use an SBI credit card, you might face higher costs in the near future.
SBI Card has announced some significant changes that could lead to extra expenses for users.
New Charges for Utility Bill Payments
Starting December 1, paying utility bills with an SBI credit card will become more expensive for some customers.
If you pay a utility bill exceeding ₹50,000, an additional charge of 1% will apply.
However, if your utility bill is under ₹50,000, you won’t incur any extra charges.
Changes in Finance Charges
Additionally, SBI has updated the finance charges for all unsecured credit cards, excluding the Shaurya/Defense Credit Card.
From November 1, 2024, unsecured credit cards will carry a finance charge of 3.75%.
Unsecured credit cards do not require a security deposit or collateral, while secured credit cards do, such as those linked to fixed deposits (FD).
If you use an SBI credit card, be aware of these changes, as they may result in higher costs.
To avoid extra charges on utility bills, keep your payments under the ₹50,000 limit.
If you use an SBI credit card, you may need to pay extra fees now.
To avoid additional charges on utility bills, make sure to keep your payments below the ₹50,000 limit.
