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SBI Card To Impose 1% Fee On High-Value Fuel And Transport Payments From December 1
Sentiment: NeutralHigh Priority
What Happened?
Starting December 1, SBI Card will charge a 1% fee on fuel spending over Rs 50,000 and transport payments exceeding Rs 30,000 per billing cycle. This applies to all SBI credit card variants.
Key points
- A 1% fee will apply to eligible fuel spending above Rs 50,000 per billing cycle.
- Transport payments exceeding Rs 30,000 will incur a 1% fee per transaction.
- The fee for transportation applies to specific Merchant Category Codes (MCCs) including commuter transport and toll payments.
- Customers with fuel spending below Rs 50,000 will not incur any fees.
- Fleet operators and individuals with high transportation expenses may be more affected by these changes.
Key insights
- Customers should review their spending patterns to anticipate additional costs.
- Understanding the difference between transaction limits for transport and cumulative limits for fuel is crucial.
- The classification of transactions by merchants may affect fee applicability.
Why it matters
These changes could significantly impact customers with high fuel and transport expenses, affecting their monthly budgeting.
Source
Times Now
