SBI Card has announced significant updates set to be effective from March 1, 2024. The changes encompass alterations in the issuance of physical cards for DreamFolks membership and revised approach to the minimum amount due (MAD) calculation.
Starting March 1, 2024,
SBI Card will cease the issuance of physical cards for DreamFolks membership.
AURUM cardholders seeking to avail DreamFolks membership benefits are advised to visit aurumcreditcard.com or utilise the SBI Card mobile app, SBI Card mentioned on its website.
In another move,
SBI Card will adopt a new formula for calculating the MAD on
credit card bills from March 15, 2024.
As per the updated rule outlined on the SBI Card website, the MAD calculation will be as follows:
Total GST + EMI amount + 100% of fees/charges + 5% of
A noteworthy adjustment comes into play if 5% of (finance charge + retail spends and cash advance) is less than finance charges.
In such instances, the MAD calculation will be modified to:
Total GST + EMI amount + 100% of fees/charges + 100% of finance charges + overlimit amount (if any)
This modification aims to offer a transparent and fair computation of the minimum amount due, providing cardholders with a clearer understanding of their credit obligations, SBI Card said.
(Edited by : Shoma Bhattacharjee)
