SBI is one of the leading credit card issuers in India, and a large number of people who use credit cards hold SBI credit or debit cards. The bank is now in the news for introducing an additional 1% fee, which is expected to attract more customers and enhance the value of its existing offerings. The new transaction fee is for certain education payments and wallet load transactions. However, its rewards program for select e-commerce platforms will be maintained.
1% extra fee on Education Payments
SBI Card will introduce a 1% fee on education payments made through third-party applications like CRED, Cheq, and MobiKwik. This step aims to regulate the intermediaries or platforms used for such payments. However, the company has clarified that payments made directly to educational institutions—either through their official websites or at point-of-sale (POS) machines—will not be subject to this fee. The move is expected to encourage cardholders to make payments directly to educational institutions whenever 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 applies to transactions identified under specific merchant codes. The Merchant Category Codes (MCC) for education payments include MCC 8211, 8220, 8241, 8244, 8249, and 8299. The new fee structure could impact customers who frequently use their credit cards to load digital wallets. The codes for wallet load transactions (MCCs) are set by the payment networks. These codes can change at any time without informing customers. The changes will be applied as soon as the networks notify the bank.
Continuation of Reward Points Program
Despite these new fees, SBI Card is maintaining its reward points program. The program offers differentiated benefits based on the type of card. Starting October 1, 2025, SBI Card has enhanced its reward points program for Reliance SBI credit cardholders shopping at Ajio and JioMart. PRIME cardholders will earn 20 reward points per ₹100 spent, while non-PRIME cardholders will earn 10 points per ₹100.
Customer Protection Plan (CPP) Updates
Additionally, from September 16, 2025, SBI Card has updated its Credit Card Protection Plan (CPP) for all existing customers. These customers will be automatically migrated to the revised plan variants upon policy renewal. The updated plans offer enhanced benefits, including fraud protection, emergency travel assistance, and mobile wallet coverage, at revised fees of ₹999 (Classic), ₹1,499 (Premium), and ₹1,999 (Platinum).
