Starting November 1, 2024, State Bank of India (SBI) will implement a 1% surcharge on utility bill payments made via credit cards if the total bill exceeds ₹50,000 in a single billing cycle. This applies to services such as electricity, gas, and water payments. Customers whose utility payments remain below this threshold will not be subject to this surcharge. This change is part of SBI’s updated charge structure aimed at ensuring transparency in transactions.
Additional Charges on Credit Card Utility Payments
In addition to the surcharge on payments over ₹50,000, SBI has introduced a 1% fee on all utility payments made using credit cards, effective from November 1, 2024. The surcharge will apply to payments for services like electricity, gas, water, and other utility bills. This change is expected to impact users who frequently use credit cards for large payments, particularly in the utility sector.
Revised Finance Charges on Unsecured Credit Cards
Effective from December 1, 2024, the finance charge for unsecured SBI credit cards will increase to 3.75% per month. This adjustment excludes the Shaurya/Defense credit card, which remains unaffected by the change. Unlike secured ones, unsecured credit cards do not require any collateral or security deposit. The bank has communicated these changes to customers via emails, highlighting the need to carefully review billing statements to avoid unexpected fees.
Earlier, in September 2024, SBI made additional adjustments by discontinuing the issuance of the Club Vistara SBI Credit Card and the Club Vistara SBI Credit Card PRIME, effective from September 28, 2024. These changes significantly shift the bank’s credit card offerings, encouraging users to stay informed about new policies and updates.
