National Desk: If you use credit card for utility bills like electricity, gas and water, then you need to be cautious. State Bank of India (SBI) has issued some new rules for its credit card users, which will come into effect from November 1, 2024.
The bank has decided to charge 1% extra on payment of utility bill through credit card. Earlier, many other banks and card companies had also started charging such charges on utility bill payments after a certain limit.
Charges on bills above Rs 50,000
According to SBI, if you pay a utility bill of more than Rs 50,000 in a statement cycle, then an additional charge of 1% will be levied. But there will be no additional charge on bills less than Rs 50,000.
Changes in finance charges too
SBI has also changed the finance charge on all unsecured credit cards except Shaurya/Defense Credit Card. Now 3.75% finance charge will be levied on unsecured credit cards. This rule will also be effective from November 1, 2024. Unsecured credit cards are those which do not require any kind of security deposit or guarantee, while secured credit cards require fixed deposit (FD).
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