According to the SBI Cards SMS, “With effect from 17 Mar 2023, charges on Rent Payment transactions with SBI Credit Card will be revised.”
SBI Cards had earlier, in November 2022, hiked processing fee on rent payments made using credit cards to Rs 99 plus GST at the rate of 18%.
Here is a look at the processing fees that other banks charge on rent payments made via credit card.
ICICI Bank
ICICI Bank announced that rent payments made via credit cards will attract processing fee at 1%. The processing fee will be levied from October 20, 2022. As per the SMS sent by ICICI Bank to its credit cardholders, “Dear customer, starting 20-10-2022, all transactions on your ICICI Bank credit card towards rent payment will be charged at 1% fee.”
HDFC Bank will apply a fee of 1% on the total transaction amount beginning with the second rental transaction of the calendar month. Also, different merchants levy a fee which can be referred on the payment page of the particular merchant.Kotak Mahindra Bank
Rent payments with effect from 15th Feb 2023, will be 1% of the Transaction Amount + GST. Note that this is not applicable on White and White Reserve Credit Cards.
Bank of Baroda
According to the Bank of Baroda website, “As communicated, from 1 st February 2023, a fee of 1% of the total transaction amount will be levied on all rent payment transactions (Merchant Category Code or MCC 6513) done using your Bank of Baroda Credit Card.”