In Sept 2020, RBI issued guidelines to credit card and debit cards to prevent fraud and security lapses. You can opt-in or opt-out for each category of transaction and set Spend limits.
According to the new guidelines, card users will now be able to register preferences (opt-in or opt-out of services, spend limits, etc.) for international transactions, online transactions as well as contactless card transactions.https://www.financialexpress.com/money/rbis-new-credit-and-debit-card-rules-to-be-effective-from-1st-october-2020-check-details/2094379/
This applies to SBI credit cards also. Before Oct 1st, 2020, there are default limits for your domestic and international transactions. Using Windows 10 and Chrome, you can set the spend limit for each category type. You also see that alert or notification in your SBI credit card dashboard.
How to Set Transaction Limit on your SBI Credit Card
Time Needed: 3 minutes.
Steps to manage your SBI credit card usage for domestic and online transactions in India.
- Login to your SBI Credit Card account – https://www.sbicard.com/
- Below “My Dashboard” , click on “Manage Card Usage”.
- On the right-hand side, “Select your Card”.
If you have only one, it is automatically selected. Otherwise, you have to select the card for which you want to change.
- There are two tabs – 1. Domestic Transactions 2. International Transactions
- You can disable or enable the following types.
Point of Sales (PoS) Transactions
To opt-in or enable a particular type of transaction, you can move the slider to the right. This will make it blue.
To opt-out, you can move it left and will look grey.
- For each category, you can set the spend limit.
Set Online Transaction Limit
Point of Sales (PoS) Transaction Limit
Set Contactless Transaction limit
Set ATM Transaction limit
For each of the above types, the current transaction limit is shown. For example, in my case it was Rs 98000. You can set the new limit by entering the number in the text box. In this case, I have set the limit to Rs 20000.
Category of SBI Credit Card Transaction Type
In most cases, if you are using a credit card for online transactions, then you can opt-in for that purpose. Generally, to get a discount on Amazon, FlipKart, BigBasket and other online services you will be using your SBI credit cards. In that case, you can keep the option of Online Transactions open.
If you do a lot of shopping in retail stores, then you can probably use the old format of “PoS” method of transaction. Using this category, you need to swipe the credit card. Then, you have to enter a PIN. But if you prefer to pay via Google Pay, PhonePe, PayTM, you can opt-out of this transaction type.
SBI credit cards have also issued contactless payments in 2020. The card picks up the radio signals or uses RFID technology. Transactions in close physical proximity. Quick and for small payments. To improve security, you can opt-out of this transaction type.
The normal usage of cards to withdraw cash is using ATM cards. A small fee deducted when you use SBI credit card for this purpose. This is useful when out-of-cash. But to prevent fraud or lost or stolen cards, you can disable this type.