What merchant categories will be considered as rental payments? Credit card transactions with Merchant Category Code (MCC) 6513, 7349 are covered under Rental Payments.
A Merchant Category Code (MCC) is a four-digit number assigned to a merchant/business by the merchant’s acquiring bank. These are defined by networks e.g. Visa, MasterCard.
What is the processing fee for rental payments? A processing fee of 1% (plus taxes) would be applicable to all rental transactions. This fee will be over and above any charges applied by the merchant as communicated to the client at the time of transaction.
For example – If you pay INR 20,000 on a third-party rent payment platform using your Standard Chartered Bank Credit Card, 1% of transaction amount i.e. INR 200 plus taxes will be charged as a processing fee
When will this processing fee be effective from? Processing fee on rental payments will be effective from April 02, 2023.
When will this fee get levied? The processing fee will be levied by 15th of the next calendar month and will have a separate narration in the monthly statement.