The trend of credit card is increasing in the country. People do everything from shopping to recharge and bill payment through credit card. Many people also pay the rent of the house with the credit card.
Many platforms like Paytm, Credit (CRED), Nobroker, Payzapp, RedGirraffe have also made paying rent with credit card a profitable deal.
However, doing so now is going to be costly. Actually, after ICICI Bank, SBI, Bank of Baroda, IDFC First Bank Credit Card holders have got a big shock. The company will charge 1 percent fee on Rent Payments through credit card. This rule will be effective from March 3, 2023.
Till now it used to be only this charge
Till now IDFC First Bank did not charge any fee on such transactions. For this reason, many tenants used to enter the landlord’s bank account details or UPI address in the recipient’s option on platforms like Paytm, Cred, NoBroker, PayZap, Red Giraffe, Mobikwik, PhonePe and make payment by credit card. However, these third-party platforms charge a convenience fee for making rent payments through credit cards.
SBI Card, ICICI Bank and Bank of Baroda have also increased the charge.
Earlier, ICICI Bank had also announced to charge one percent processing fee of rent from its credit card holders. The processing fees have come into effect from October 20, 2022. At the same time, extra charge is being levied on rent payments made using SBI’s credit card. The company is charging Rs 99 plus GST on rent payments made through SBI cards. This change of SBI card is effective from November 15, 2022. Bank of Baroda is also charging 1% fee on rent payments through credit card from February 1, 2023.
