You will have to pay a processing fee of Rs 99 and tax on EMI purchase transactions from the country’s largest bank State Bank of India card. SBI Credit Card has informed its customers in an email that a processing fee of Rs 99 and tax will be levied on all EMI purchase transactions with effect from December 1, 2021. SBI will charge a processing fee for all EMI transactions done on retail outlets as well as e-commerce websites like Amazon and Flipkart. These charges are in addition to the interest charges on converting the purchase into EMI. The company has informed its customers about the new charges through email. The bank’s move is likely to impact the growing purchases by cardholders who use EMI payment options offered by merchant websites such as ‘Buy Now Pay Later’ (BNPL) etc. This can make Buy Now Pay Later purchases using SBI credit cards more expensive.
In an email sent to customers today, the credit card company has informed that, dear cardholders, we would like to inform you that with effect from December 01, 2021, all EMI transactions done at merchant outlets, website and app will attract processing fee and tax. A fee of Rs 99 will be applicable. We thank you for your continued patronage. Please click here to know more about Merchant EMI processing fee.
Processing fees are applicable on transactions successfully converted into EMIs. Any transaction done before 1st December as well as EMI bookings made after 1st December will be exempted from this processing fee. The company will inform the cardholders about the processing fees on EMI transactions through charge slips while making purchases at retail outlets. For online EMI transactions, the processing fee will be informed on the payment page. In case of cancellation of EMI transaction, the processing fee will be refunded. It will not be refunded in case of pre-closure. Reward points will not be applicable for transactions converted into Merchant EMI.
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