SBI Card Fee on Education payment: SBI Card is changing some fees and rules from November 1. These changes will affect education payments, wallet loads, card replacement and late payment charges as well. The customers need to check the new rules carefully so they don’t face surprise costs and can keep their credit history safe.
New Charges on Education Payments and Wallet Loads
Starting November, SBI Card will charge 1% fee on education payments made through certain third-party platforms like CRED, Cheq, and MobiKwik. This charge will only apply to payments that fall under special Merchant Category Codes (MCCs) given by card networks.
The good news is that the fee will not apply if someone pays directly to schools, colleges, or universities through SBI Card’s official website, app, or on-site POS machines.
Wallet transactions also have new charges. Any wallet load above ₹1,000 using certain merchant codes will get a 1% fee. SBI Card warned that these merchant codes can change without prior notice, so customers should stay alert and check updates to avoid surprises.
Other key charges
- Cash payment fee: Rs 250
- Cheque payment fee: Rs 200
- Dishonour fee: 2 per cent of the payment amount (minimum Rs 500
- Cash advance fee: 2.5 per cent of the amount (minimum Rs 500 domestically and internationally).
Late payment charges
- Rs 0–Rs 500: Nil
- Rs 501–Rs 1,000: Rs 400
- Rs 1,001–Rs 10,000: Rs 750
- Rs 10,001–Rs 25,000: Rs 950
- Rs 25,001–Rs 50,000: Rs 1,100
- Above Rs 50,000: Rs 1,300
SBI Card will also charge extra fees for late payments. If someone does not pay the Minimum Amount Due (MAD) for two consecutive billing cycles, they will be charged Rs 100 for each next cycle until the due amount is cleared.
HDFC & ICICI Bank Cheque Clearance From October 4, Positive Pay System for Safer Transactions
Experts say people should check how they spend and use safe ways to pay. Paying the MAD on time is the easiest way to not pay extra and keep a good credit score.
