New Delhi: If you have an SBI credit card, then this news is useful for you. Actually, the company will charge a processing fee on the rent payments made using a credit card. According to an SMS sent to the customers, the credit card company will charge Rs 99 plus GST on the rent payments made through the credit card. The new changes will be effective from November 15, 2022.
Apart from this, SBI Card Merchant is also going to make changes in the processing fee of EMI transactions. Earlier this fee used to be Rs 99, which will now increase to Rs 199. In this, GST will also be applicable at the rate of 18 percent.
ICICI Bank has also increased the charge
Earlier, ICICI Bank had also announced to charge a processing fee of 1% of the rent from its credit card holders. Processing fees have been implemented since October 20, 2022. ICICI Bank said in an SMS sent to its credit cardholders, “Dear customer, starting 20-10-2022, all transactions on your ICICI Bank credit card towards rent payment will be charged at 1% fee.”
Other banks also imposed restrictions on the matter of rent payment
On the other hand, HDFC Bank users will get only 500 limited reward points on rent payments through credit cards, while Yes Bank has limited such transactions to twice a month.
Rent payment through third-party apps
Usually, there are third-party apps like Paytm, Freecharge, Mobikwik, Cred, RedGiraffe, MyGet, and Magicbricks which allow people to make rent payments through credit cards. These third-party apps also charge a convenience fee for making rent payments through credit cards.
