New Delhi: Paying rent through a credit card is very common nowadays. People do it for multiple reasons including getting rewards, maintaining liquid money, improving credit score, et cetera. SBI cardholders may have received a message in the last two days that the processing fee on rent payment transactions has increased.
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Here is a quick comparison of the processing fee charged by HDFC Bank, ICICI Bank and SBI Card.
SBI Card has stated that it charges a processing fee for credit card rent payments. According to an SMS/e-mail issued to clients, the lender which used to charge Rs 99 + applicable taxes on rent payments through credit cards will now charge Rs 199 + applicable taxes from 17 March 2023.
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ICICI Bank Credit Card will charge 1 per cent fee for rent payments.
“Dear Customer, starting 20-Oct-22, all transactions on your ICICI Bank Credit Card towards rent payment will be charged a 1 per cent fee,” the private sector lender informed its customers via SMS on 20 September 2022.
HDFC Bank will also charge 1 per cent of total rent amount as processing fee.
“HDFC Bank will apply a fee of 1% on the total transaction amount beginning with the second rental transaction of the calendar month,” according to the bank’s website.
