SBI Card slashes fuel surcharge to 1%

NEW DELHI: SBI Card, with over 4 million customers, on Wednesday slashed fuel surcharge to 1 per cent from 2.5 per cent in line with overall reduction affected by oil marketing companies to promote digital transactions.

"Consequent to the revision in fuel surcharge levy on credit card payments from 2.5 per cent to 1 per cent, fuel surcharge waiver on your SBI Card has been revised to 1 per cent w.e.f April 26," the credit card company said in a statement.

SBI Card MD and CEO Vijay Jasuja said the fuel surcharge reduction is in line with the overall reduction done by oil companies.

"We have a policy that we will absorb fuel surcharge up to a certain amount. Earlier also we were absorbing the fuel surcharge and now also we are not charging anything to customers," he said.

SBI Card is a joint joint venture between State Bank of India and GE Capital.