SBI Cards , a leading credit card issuer in India, has announced significant changes to its transaction fee structure, set to take effect from November 1. The company is introducing new fees for certain education payments and wallet load transactions while maintaining its rewards program for select e-commerce platforms.

New Fees on Education Payments

SBI Card will implement a 1% fee on education payments made through third-party applications. However, the company has clarified that payments made directly to educational institutions via their official websites or point-of-sale (POS) machines will remain exempt from this fee. This move is likely to encourage cardholders to transact directly with educational institutions when possible.

Changes in Wallet Load Transactions

In addition to the education payment fees, SBI Card is introducing a 1% fee on all wallet load transactions exceeding ₹1,000. This new fee structure could impact customers who frequently use their credit cards to load digital wallets.

Continuation of Reward Points Program

Despite these new fees, SBI Card is maintaining its reward points program for shopping on Ajio and JioMart, which was launched in October. The program offers differentiated benefits based on the type of card:

This continuation of the rewards program for these specific e-commerce platforms suggests SBI Card's ongoing partnership with Reliance Retail's digital commerce initiatives.

Customer Protection Plan (CPP) Updates

SBI Card has also announced that all CPP customers were migrated to updated plan variants with revised features and prices, effective September 16. While specific details of these changes were not provided, customers should review their updated plans to understand any modifications to their benefits or pricing.

These policy changes reflect SBI Card's efforts to adjust its fee structure in specific transaction categories while maintaining attractive rewards for certain retail partnerships. Cardholders are advised to review these changes and consider how they might impact their credit card usage, particularly for education payments and wallet transactions.

SBI Cards and Payment Services Limited (SBI Card) has joined forces with IndiGo, India's largest airline, to introduce the 'IndiGo SBI Card', a premium co-branded credit card designed for frequent travelers. This strategic partnership aims to enhance the travel experience for customers while providing substantial rewards on their spending.

Key Features of the IndiGo SBI Card

The new co-branded credit card comes in two variants:

1. IndiGo SBI Card
2. IndiGo SBI Card ELITE

Both cards offer customers the opportunity to earn IndiGo BluChips, which serve as a comprehensive travel currency within the IndiGo ecosystem.

Rewards and Benefits

• IndiGo Purchases: Cardholders can earn up to 7% rewards on spends made within IndiGo's ecosystem using the IndiGo SBI Card ELITE, while the standard IndiGo SBI Card offers 3% rewards.
• Hotel and Travel Bookings: The ELITE variant provides 3% rewards, and the standard card offers 2% rewards for hotel and travel bookings on other platforms.
• Other Categories: Customers can earn 2% and 1% rewards on all other spending categories with the ELITE and standard cards, respectively.
• Annual Bonus: Cardholders have the potential to earn up to 29,000 bonus IndiGo BluChips annually.

Welcome and Milestone Benefits

• Welcome Bonus: Up to 5,000 IndiGo BluChips on first-year annual fee payment and first transaction.
• Milestone Rewards: Customers can earn additional BluChips based on annual spend milestones, starting from ₹2 lakh for the standard card and ₹3 lakh for the ELITE variant.

Additional Perks

• Airport Lounge Access: Both card variants offer domestic airport lounge access, with the ELITE version providing complimentary international lounge access as well.
• Travel Insurance: The IndiGo SBI Card ELITE includes travel insurance benefits covering flight cancellations, lost credit cards, and lost baggage.

Card Details

• Availability: Both cards are offered on Mastercard and RuPay payment platforms.

Ms. Salila Pande, MD & CEO of SBI Card, commented on the launch, stating, "IndiGo SBI Card is a powerful product offering unparalleled benefits, ensuring every journey becomes more rewarding and seamless. We are confident that this premium credit card will be a key part of our strong co-brand card portfolio."

Mr. Pieter Elbers, Chief Executive Officer of IndiGo, added, "This co-branded credit card is designed to bring significant value addition, convenience, and benefits to our frequent flyers, transforming everyday spending into rewarding travel experiences."

The IndiGo SBI Card is now available for customers to apply through various channels, including SBI Card's digital platform, SPRINT, the SBI Card website, and offline at SBI Card retail kiosks.

This partnership between SBI Card and IndiGo represents a significant move in the travel rewards credit card market, offering customers a comprehensive suite of benefits tailored to enhance their travel experiences while rewarding their loyalty and spending habits.