SBI Credit Card To Charge Rs. 99 Plus Taxes For EMI Transactions Via Its Credit Card

SBI Credit Card with a considerable pie in the credit card business in an e-mail to its customers has informed that beginning December 1, 2021, each of the EMI purchase transaction shall come with a processing fee of Rs. 99 plus taxes. This fee shall be applicable on EMI purchase transaction executed at via either of the routes i.e. merchant outlets, e-commerce websites and app using SBI credit cards.

The move is said to impact the increasing purchases being carried out by cardholders through the EMI payment modes extended by merchant platforms including BNPL or buy now pay later. Thus with the higher processing charges BNPL transactions via SBI credit card will become more expensive.

The email sent said "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".

Now, say in a case if you want to go in for any purchase and choose the payment mode as EMI and enter into the transaction via the SBI credit card then there will be levied a processing fee of Rs. 99 plus taxes. This fee shall appear in your credit card statement together with the EMI.

Note this processing fee is in addition to the interest rate that the credit card company charges. In case of zero cost EMI transaction also this charge shall apply. Further, in a case if the transaction is not converted into EMI transaction, then any processing fee charges charged shall be reversed by the company.

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