SBI Credit Card Users Will Pay Rs 99 Extra For These Purchases! Big Blow To Consumers?
Processing fees of Rs 99 plus taxes would be imposed on all EMI purchase transactions with effect from December 1, 2021, according to an email from SBI credit card to its customers.
For all EMI transactions made at retail locations and e-commerce websites like Amazon and Flipkart, SBI will impose a processing fee. These fees are in addition to the interest charges associated with converting the transaction into EMIs.
SBI sent out an email to its clients informing them of the new charge.
Dear Cardholder, We would like to inform you that with effect from 01 Dec 2021, Processing Fee of Rs. 99 + applicable taxes will be levied on all Merchant EMI transactions done at Merchant outlet/website/app. We thank you for your continued patronage. Please click here to know more about Merchant EMI Processing Fee.
The credit card company, in an email sent to customers today, has said
SBI Will Charge You A Processing Fee On All EMI Transactions
The fees are applied to transactions that are successfully converted into EMIs. This processing fee will be waived for any transaction completed before December 1 with an EMI booking made after that date.
Cardholders will be informed about the application of processing fees on EMI transactions via charge slips while purchasing at retail locations.
“These processing charges from SBICPSL are as per industry standards. Other leading private banks have been charging these fees for a long time.”
A retail banker requesting anonymity says
‘Buy Now, Pay Later’ Schemes
Let’s imagine you are on some e-commerce websites planning to buy something from the SBI credit card under its EMI scheme.
Now SBICPSL charges you Rs 99 as processing fees plus applicable taxes.
The charges are going to reflect back in the monthly credit card statement along with the EMI amount.
The introduction of processing fees may have an impact on ‘Buy Now, Pay Later’ plans, as they will become more expensive.
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