What is the meaning of surcharge waiver?
If your SBI credit card has a fuel surcharge waiver, then it means you don’t have to pay the surcharge fees when you use the card to pay for petrol/diesel. The BPCL SBI card is one such credit card that offers fuel surcharge waiver.
What do you mean by surcharge?
A surcharge — or additional charge — is essentially a tax levied on a tax. It is calculated on payable tax, not on income generated. So a surcharge of, say, 10 per cent on an existing tax rate of 30 per cent effectively raises the total tax rate to 33%.
What is the surcharge on petrol?
Now this transaction charge that you pay in addition to the actual charge at any petrol pump is called a fuel surcharge. The fuel surcharge is usually 2.5% and is actually little more as service tax is levied on this surcharge.
What is SBI surcharge?
“Consequent to the revision in fuel surcharge levy on credit card payments from 2.5% to 1%, fuel surcharge waiver on your SBI card has been revised to 1% w.e.f April 26,” the credit card company said in a statement.
What does surcharge mean in insurance?
An auto insurance surcharge is a fee added to your insurance premium, usually as a result of a ticket or at-fault accident, though late payments, coverage lapses, or even adding a vehicle may carry a surcharge as well.
Are surcharges legal?
In 1985, California passed a law (Civil Code section 1748.1) that prohibited merchants from adding a surcharge (an extra fee) when customers pay by credit card instead of cash.
What is a surcharge in law?
A surcharge means: An additional amount of money charged over a tax, charge, or cost, that may arise because it was initially omitted or as a penalty for late payment. For example, paying a bill late may cause a surcharge for the client over the due amount.
What is fuel surcharge waiver in India?
It is nothing, but the transaction charge levied for using the credit card for fuel transactions. For example, if you have made a fuel purchase for Rs. 1000, you will end up paying about Rs. 28 additionally, out of which Rs. 25 is a surcharge and the rest are for the service tax.
What is fuel surcharge waiver on debit card?
1. The Fuel Surcharge waiver feature on the Debit Card will now be valid only on transactions done at Axis Bank Terminals (point of sale machines). 2. The waiver will be given to each customer as per monthly limit of waiver on their Debit Cards at selected Petrol Pumps with Axis Bank Terminals (point of sale machines).
Does debit card have surcharge?
Accepting a Visa or MasterCard debit transaction may cost a business around 0.5 -1 per cent of the transaction value. Credit cards usually have a higher cost for businesses, and may cost the business up to 1-1.5 per cent for Visa and MasterCard, and between 1.5-2 per cent for an American Express card payment.
Why is SBI deducting money from my account?
The bank deducts the maintenance charge for the ATM that is debit card. These charges are deducted from the bank’s accounts on behalf of the bank every year. The bank has given information about this on the Twitter handle and has said that Rs 147.50 is deducted as a charge on behalf of the bank.
Why do insurance companies charge surcharges?
Surcharges are primarily meant to cover the additional cost or risk of insuring a driver with a poor driving record.
Is a surcharge a one time fee?
Surcharges may be set at specific dollar amounts, such as $5 per transaction, or based on a percentage of the total price. A surcharge is an extra fee, tax, or cost added to the already existent cost of a good or service.
How do you avoid surcharges?
Here are a few ways to avoid them.
- Carry cash. Not all small merchants add surcharges, but retailers are increasingly adopting surcharges to cover processing costs.
- Don’t be afraid to say no.
- Stop buying from retailers that charge convenience fees.
- Read the fine print.
What is fuel surcharge waiver?
what is Fuel Surcharge waiver? What is meaning.. is it cashback or extra charge while spending. It means you won’t have to pay extra on refueling because of using this credit card. you will be paying 500 rs for fuel transaction of 500 rs. if this waiver wasn’t there, you might be paying 505 rs on using this credit card for fueling worth 500 Rs.
What is the surcharge waiver on Amex credit card?
Amex credit card provides surcharge waiver along with service charge waiver till 25000 (Twenty five thousand) per day on fuel spends at all HPCL petrol bunks, on any bank POS machines unlike citi indian oil credit card which waives off surcharge only when swiped at Citi bank terminals.
What is a credit card surcharge?
Every credit card levies a surcharge of about 1% on certain categories. These categories are low margin competitive categories which can not afford to give a cut to the credit card company. Fuel is one of such category. For this reason, Credit card companies charge a fixed percentage to the customer which is known as surcharge.
What is the maximum amount of surcharge that can be waived?
Usually waived on Rs.400-Rs.5000 Fuel bill with a maximum cap of around Rs.250 (surcharge) per month. It varies from card to card though. For example, on HDFC Regalia maximum cap on Surcharge that can be waived is Rs.500, whereas on HDFC Infinia its Rs.1000