The adage goes that when it rains, it pours. Many major banks, including HDFC Bank, Axis Bank, and others, have been cutting back on rewards for rent payments. Now, SBI Cards is joining them in breaking away from the group of card issuers that reward points for using their credit cards to pay rent.

SBI Card to discontinue rewards on Rental Payments in April 2024

SBI Card issued a notice dated March 1, 2024, advising that rent payments or transactions classified under the Merchant Code (6513) will not be awarded reward points. The following Credit Cards will see the reward points earning ability (on rent) disappear effective April 1, 2024.

• AURUM
• SBI Card Elite
• SBI Card Elite Advantage
• SBI Card Pulse
• SimplyCLICK SBI Card
• SimplyCLICK Advantage SBI Card
• SBI Card PRIME
• SBI Card PRIME Advantage
• SBI Card Platinum
• SBI Card PRIME Pro
• SBI Card Shaurya Select
• SBI Card Platinum Advantage
• Doctor’s SBI Card
• Gold SBI Card
• Gold Classic SBI Card
• Gold Defense SBI Card
• Gold & More Employee SBI Card
• Gold & More Advantage SBI Card
• Gold & More SBI Card
• SimplySAVE SBI Card
• SimplySAVE Employee SBI Card
• SimplySAVE Advantage SBI Card
• Gold & More Titanium SBI Card
• SBI Card Unnati
• Shaurya SBI Card
• SimplySAVE Pro SBI Card
• Krishak Unnati SBI Card
• Vyapaar Unnati SBI Card
• SimplySAVE Merchant SBI Card
• Doctor’s SBI Card (in association with IMA)
• SimplySAVE UPI SBI Card
• SIB SBI Platinum Card
• SIB SBI SimplySAVE Card
• KVB SBI Platinum Card
• KVB SBI Gold & More Card
• KVB SBI Signature Card
• Karnataka Bank SBI Platinum Card
• Karnataka Bank SBI SimplySAVE Card
• Karnataka Bank SBI Card PRIME
• Allahabad Bank SBI Card Elite
• Allahabad Bank SBI Card PRIME
• Allahabad Bank SBI SimplySAVE Card
• City Union Bank SBI Card PRIME
• City Union Bank SimplySAVE SBI Card
• Central Bank SBI Card Elite
• Central Bank SBI Card PRIME
• Central Bank SimplySAVE SBI card
• UCO Bank SBI Card PRIME
• UCO Bank SimplySAVE SBI Card
• UCO Bank SBI Card Elite
• PSB SBI Card Elite
• PSB SBI Card PRIME
• PSB SBI SimplySAVE

Subsequently, SBI Card also issued a second notice on March 15, 2024, where SBI Card’s co-brand credit cards will also discontinue points issuance against credit card rent payment (effective April 15, 2024).

• Air India SBI Platinum Card
• Air India SBI Signature Card
• Aditya Birla SBI Card SELECT
• BPCL SBI Card OCTANE
• IRCTC SBI Card Premier
• Fabindia SBI Card SELECT
• Etihad Guest SBI Card
• Etihad Guest SBI Premier Card
• Club Vistara SBI Card
• Club Vistara SBI Card PRIME
• Lifestyle Home Centre SBI Card
• Lifestyle Home Centre SBI Card SELECT
• Lifestyle Home Centre SBI Card PRIME
• Fbb StyleUp SBI Card
• Central SBI Card
• Central SBI Card SELECT
• Nature’s Basket SBI Card
• Nature’s Basket SBI Card ELITE

This effectively shuts down the opportunity for those who use SBI Cards to pay their rent. They should now look for a different card to start getting their rent payment on their way.

Bottomline

SBI Cards has become the latest issuer to stop awarding points to customers when they pay their rent (or any other transactions under MCC code 6513). Many cards will stop granting rewards on March 1, 2024, and others will stop granting rewards on March 15, 2024.

What is your sense on SBI cards following some other major card issuers to shut down rewards for rent?

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