From 1st May 2023, SBI Bank is going to change some services like Cashback on Cards and SBI Card Payments. In a statement released on Thursday, SBI Bank said that the Cashback SBI Card will not offer cashback on items such as jewellery, school and education services, utilities, insurance services cards, gifts, novelty and souvenir shops, member financial institutions and railways. Also, free domestic airport lounge offers will end. Also, cashback worth statement cycle on online and offline purchases totaling Rs. 5,000 only.
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According to the SBI website, SBI Cards has agreements with 42 lounges at 21 airports across the country. State Bank of India Cards and Payment Services has revised the charges for SBI Credit Card in March. Renters paying by credit card will now be charged Rs. 199 and taxes will be levied. The processing cost for rent payments made through credit cards was hiked by SBI Cards last November to Rs 99 plus GST at the rate of 18 per cent.
The Reserve Bank of India (RBI) said earlier this week that SBI Card experienced the largest number of new credit card additions in February, totaling more than 300,000. In contrast, HDFC Bank added around 60,000, while ICICI Bank added nearly 80,000. As of Q3 FY23, the brand had over 15 million active cards. According to RBI data, SBI Card experienced a compound growth rate of 2% during that time, compared to compound growth rates of 0.6 percent and 0.4 percent for HDFC Bank and ICICI Bank respectively.
However, overall credit card usage has fallen sharply, falling more than 7 percent month over month. SBI Card’s revolver ratio has declined in recent quarters, from 45 per cent in Q1FY21 to 24 per cent in Q3FY23. Also, net interest margin declined to 11.6 percent from 19.2 percent in the December 2022 quarter. A unique legal entity and non-banking financial organization, SBI Cards and Payment Services provides access to a wide range of credit cards to individual cardholders and business customers.
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