SBI Card has introduced significant updates to its policies, affecting the accrual of reward points on rent payment transactions with gold and more SBI Card. Starting from April 1, 2024, the accrual of reward points on rent payments will be discontinued for a list of credit cards.
Live TV
Loading...
The affected credit cards include:
This change follows SBI Card's series of updates set to take effect from March, 2024. Among these changes, SBI Card has decided to discontinue the issuance of physical cards for DreamFolks membership starting March 1, 2024.
AURUM cardholders seeking DreamFolks membership benefits are encouraged to visit aurumcreditcard.com or use the SBI Card mobile app.
Furthermore, a new formula for calculating the Minimum Amount Due (MAD) on credit card bills will be implemented from March 15, 2024.
The updated MAD calculation includes total GST, EMI amount, 100% of fees/charges, and 5% of finance charges, retail spends, and cash advances.
An adjustment will be made if 5% of (finance charge + retail spends and cash advance) is less than finance charges, modifying the MAD calculation to include 100% of finance charges and the over limit amount (if any).
SBI Card stated that these modifications aim to provide cardholders with a transparent and fair computation of the minimum amount due.
(Edited by : Amrita)
First Published: Mar 1, 2024 2:42 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM