SBI Card has recently made several adjustments to its fee structure, specifically related to finance charges, utility bill payments, and other aspects of card usage. These changes, effective from various dates in 2024, impact all unsecured SBI Credit Cards. Here’s a breakdown of the revisions:

1. Finance Charges

Revised Finance Rate: Effective from November 1, 2024, the finance charges for unsecured SBI Credit Cards will increase to 3.75% per month (compared to the current rate of up to 3.50% per month or 42% per annum). These changes do not apply to Shaurya and Defense cards.
Minimum Finance Charge: A minimum finance charge of ₹25 per transaction (exclusive of taxes) will be applied if the cardholder does not pay the balance in full within the due date.
Finance Charges on Cash Advances: These charges will apply from the date of the transaction until the full payment is made.

2. Utility Payment Fees

New Charges for Utility Payments: Starting from December 1, 2024, a 1% fee will be imposed on utility payments exceeding ₹50,000 in a billing cycle. Utility payments include mobile, telephone, electricity bills, and insurance premiums.

3. Discontinued Cards

SBI has discontinued issuing new Club Vistara SBI Credit Cards and SBI Credit Card PRIME as of September 28, 2024.

4. Nominee Registration for Insurance

As per RBI guidelines, registering a nominee for Credit Card Insurance is mandatory. You can update your nominee details via the SBI Card app or website.

5. Reward Points Accrual Changes

Government-Related Transactions: Reward points on government-related transactions were discontinued from the following dates for certain credit cards:
- June 1, 2024
- July 15, 2024
Rent Payments: Reward points on rent payments were discontinued on:
- April 1, 2024
- April 15, 2024

6. Minimum Amount Due (MAD) Redefinition

From March 15, 2024, the formula for calculating the Minimum Amount Due (MAD) has changed to include the following:
- Total GST + EMI amount + 100% of Fees/Charges + 5% of (Finance Charge + Retail Spends + Cash Advances) + Overlimit Amount (if any).

7. Discontinuation of Physical DreamFolks Membership Cards

From March 1, 2024, SBI Card will stop issuing physical DreamFolks membership cards. Holders of the AURUM Card can access membership benefits online through the SBI Card mobile app or website.