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Standard Chartered Bank To Levy 1% Charge On Credit Card EMI Transaction From February
Standard Chartered Credit Card holders have the option of converting their outstanding card balance to EMI commonly referred to as Balance on EMI.
New Delhi: Standard Chartered Bank-India has announced that it will levy 1 percent charge on credit card EMI transaction from February onwards. The fee, described by the bank will be a 'one-time processing fee'.
"Standard Chartered Credit Card holders have the option of converting their outstanding card balance to EMI commonly referred to as “Balance on EMI”. Effective February 19th, 2024, a one-time processing fee up to 1% (plus applicable taxes) would be applicable for all Balance on EMI conversions. This fee will be over and above the interest charges for EMI conversion," Standard Chartered Bank-India said.
Giving an example, the bank said If Rs 10,000 credit card balance is converted to EMI, and if the customer (basis bank’s policies) is to be charged 1% processing fee, Rs 100 + applicable taxes will be charged as the processing fee.
The processing fee on Balance on EMI conversion will be up to 1% basis bank’s policies. The processing fee will be levied along with the first month’s EMI in your immediate next statement.
"Dear client, with effect from 19-Feb-24, a processing fee of up to 1% (plus taxes) will be levied on conversion of credit card outstanding into EMI on StanChart credit card," SCI has sent messages to several customers.
Processing fee on Balance on EMI is applicable on conversion through the two channels -- when a customer calls our customer care for conversion of statement balance and when Standard Chartered Bank calls the customer for conversion of statement balance, said SCB.