SBI Card mentioned on its website that “W.e.f. 15 Nov 2022, Processing Fee of Rs.99 + applicable taxes will be levied on all Rent Payment transactions."
“W.e.f. 15 Nov 2022, Processing Fee on all Merchant EMI transactions will be revised to Rs.199 + applicable taxes from Rs.99 + applicable taxes," reads SBI Card website.
SBI Card website also has made an announcement that “Accrual of 10X Reward Points on online spends at Amazon.in with SimplyCLICK/SimplyCLICK Advantage SBI Card will be revised to 5X Reward Points w.e.f 01 Jan’23. Your card will continue to accrue 10X Reward Points on online spends at Apollo 24X7, BookMyShow, Cleartrip , EazyDiner, Lenskart & Netmeds. T&C."
Earlier in October, SBI Card had also announced that “W.e.f. 01 Oct’22, Fees, Charges & GST will not accrue any interest, and will be included in the Minimum Amount Due. Interest will continue to accrue on customer initiated spends, interest & EMIs in the event of non-payment or delay in payment of Total Amount Due. Charges which are part of the transaction amount, like Fuel Surcharge, IRCTC Surcharge, etc. will also continue to accrue interest."
SBI Card is India’s largest credit card issuer offering a wide range of world-class, value-added payment products and services, the company has over 14 million cards in force, as of June 2022. The card issuer has received Reader's Digest's "Most Trusted Brand 2022" award for the fourteenth time. In Q2FY23, SBI Cards recorded a rise in net profit of 52%, from ₹345 crore in Q2FY22 to ₹526 crore. In Q2FY23 the interest income surged to ₹1,484 crore compared to ₹1,173 crore in Q2FY22. Compared to Q2 FY22, when net income was ₹2,696 crore, Q2 FY23 totalled ₹3,453 crore. Though net NPA dropped to 0.78% in the second quarter of the current fiscal year from 0.91% in the same quarter last year, gross NPA dropped to 2.14% in Q2FY23 from 3.36% in Q2FY22.
