STARTING January 2023, the State Bank of India will enforce two new rules for certain credit card holders. The State Bank of India Cards and Payment Services has updated rules regarding the redemption of vouchers and Reward Points for its SimplyCLICK Cardholders.
“W.e.f. 6 Jan 2023, the Cleartrip voucher issued to SimplyCLICK Cardholders on reaching online spend milestone should be redeemed in a single transaction only and cannot be clubbed with any other offer/ voucher,” an official announcement on the SBI Cards and Payment Services’ website stated, with applied terms and conditions.
“Accrual of 10X Reward Points on online spends at Amazon.in with SimplyCLICK/SimplyCLICK Advantage SBI Card will be revised to 5X Reward Points w.e.f 01 Jan’23. Your card will continue to accrue 10X Reward Points on online spends at Apollo 24X7, BookMyShow, Cleartrip, EazyDiner, Lenskart & Netmeds,” an official statement announced, saying that the rules will come into effect on January 1, 2023.
On November 15, new rules came into play that set processing fee on all Merchant EMI (Easy Monthly Instalments) transactions to Rs 199 in addition to applicable taxes from the previous of Rs 99 (which were also exclusive of applicable taxes).
A processing fee of Rs 99 and additional applicable taxes was also started being levied on all Rent Payment transactions from November 15.
The State Bank of India (SBI) is one of the largest public sector banks of India that issues cards and other payment services under SBI Cards and Payment Services – a Non-Banking Financial Company (NBFC).
According to Forbes, it is the second largest card issuer of India, offering a multiple variety of cards from lifestyle, rewards, shopping, travel and fuel to business cards. SBI customers also benefit from its extensive network that is present all around the world and includes 21,961 branches across India.
In 2020, SBI Card launched an Initial Public Offer (IPO) of 137,193,464 equity shares of the face value of Rs 10 aggregating up to Rs 10,354.77 crore. The issue was priced at Rs 750 to Rs 755 per share.
On Thursday evening, December 15, its shares were trading at Rs 798.65 apiece. The 52-week low stood at Rs 655.70, while the peak for the same period was Rs 1,028.65.