Paytm Starts Charging 2% Extra For Using Credit Card For Adding Money: But Why?
If you are one of those Paytm users who always add money into the wallet using credit card, then there is some bad news coming in.
Paytm has now started charging 2% extra on money added via credit cards, and this will be applicable for any amount.
Why is Paytm doing this?
Paytm Charges 2% Extra For Using Credit Card
As per an exclusive report by TheMobileIndian, and as per various tweets shared by concerned users, it’s now confirmed that Paytm has started charging 2% extra for using credit cards for adding money.
Paytm has updated their terms and conditions for using credit cards for adding money.
This means that if you add Rs 100 on your wallet using a credit card, then you need to pay Rs 2 extra.
Why Paytm Is Doing This?
As per the new and updated policy shared by Paytm on their wallet, this addition charge of 2% is being imposed to offset the high charges by banks for using credit card.
Earlier, Paytm used to absorb this charge, but now, this is being passed on to the users.
At the same time, Paytm has informed that users can get a cashback of 2%, upto Rs 200, on adding a minimum of Rs 50 using credit card, and a ‘chance’ to win iPhones as well.
Ofcourse, there are terms and conditions attached.
Since festive season sales have begun on Flipkart and Amazon, and there are lots of users who will be using Paytm and Credit Card to do the shopping, this change by Paytm can impact thousands of users.
Paytm Was Charging 2% Extra On Credit Card Already
In the month of January, Paytm had already announced this 2% extra on using credit card for adding money into wallet, but this was applicable only for transactions under Rs 10000.
But now, it will cover all the transactions.
In May this year, Paytm started charging 1% on all payments received on their wallets, which we described as a big blow to the vision of Digital India.
We will keep you updated, as more details come in.