Now every EMI purchase with SBI credit card will have to pay Rs 99 and tax. This rule will come into effect from December 1, 2021. It will be charged as processing fee. This processing fee will be levied on purchases made on SBI credit cards from shops, e-commerce websites and apps.
SBI informed its customers about this new rule by sending an e-mail. It was written that from December 1, 2021, you will also have to pay a processing fee of Rs 99 on EMI transactions done through SBI credit cards. You can also see more information related to the new rule on the SBI Credit Card website.
99 rupees plus tax will be charged as processing fee
Suppose you buy a mobile phone from Amazon, Flipkart or any other such e-websites using SBI Card, then the card company will charge you Rs 99 and additional tax. This processing fee will be reflected in your credit card statement as linked to the EMI. According to experts, this rule of SBI can reduce the increasing purchases on EMI on behalf of the cardholders.
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Buy Now Pay Later will affect the purchase
Many merchant websites are also offering Buy Now Pay Later option. This can also affect the purchase. Buy Now Pay Later purchases through SBI credit cards can be reduced. SBI has said that the processing fee will be applicable on only those purchases, which have been successfully converted into EMI purchases. If the EMI transaction is cancelled, the processing fee will be refunded. For online EMI transactions, the company will provide information about the processing charges on the payment page. In case of cancellation of EMI transaction, the processing fee will be refunded. However, it will not be refunded in case of pre-closure. Reward points will not be applicable for transactions converted into EMI. But from December onwards, the burden on credit card purchases will only increase.
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