Attention! Paytm to make adding money in wallet via credit card chargeable from today
Paytm Wallet Users Alert! Do you add money to your Paytm Wallet from Credit Cards for transactions like bill payments, shopping etc? This is important for the users to know that Paytm has changed the rule on adding money to the wallet with your credit card. The new rule may come into effect from today, December 30, 2019.
Paytm Wallet is the digital payment instrument where users transfer money directly from their bank account or credit card to use for transactions like paying the electricity bill, metro card recharge, or even buying milk from the shop. Paytm has emerged as one of the most accepted payment options.
According to the information given on the website https://www.paytmbank.com/, Paytm has decided to charge a fee of 1.75% and GST for adding more than Rs 10,000 to a credit card in a month.
The website state, if a person adds a credit card up to Rs 10,000 in a calendar month, then there is no need to pay any kind of fee. However, if he has to add more than Rs 10,000 he will have to pay this fee.
Paytm charges for adding money into Paytm via credit card
Loading money into Paytm via Credit Card:
- Transactions less than INR 10,000 per month – NIL- Transactions greater than INR 10,000 per month – 1.75% + GST
In case the total add money added by Credit card including current transaction exceeds INR 10,000, the entire transaction amount will be charged as 1.75% + GST
Case 1:
If the 1st transaction of add money to wallet in a calendar month is of INR 12,000/-, a fee is charged on entire the INR 12,000/-.
That is, you will be charged INR 240/- extra. So total deduction shall be of INR 12,240/- and the amount added to your wallet shall be INR 12,000/-.
All subsequent transactions shall be charged accordingly.
Case 2:
Multiple transactions of add money with a cumulative amount lower than INR 10,000/-
For example, 1st transaction of INR 1,000/-, 2nd transaction of INR 2,000/-. Neither of the two transactions is charged.
The cumulative money added in the calendar month is INR 3,000. Therefore, any transaction up to INR 7,000/- will not be charged. However, if you initiate a transaction of INR 7,001/- the entire amount of INR 7,001/- shall be charged. All subsequent transactions shall be charged too.
Case 3:
Multiple transactions of add money with a cumulative amount lower than INR 10,000/-. For example, 1st transaction of INR 1,000/- 2nd transaction of INR 2,000/- 3rd transaction of INR 3,000/- and 4th transaction of INR 4,000/-. Neither of the four transactions is charged as the cumulative amount added is below INR 10,000/-. All subsequent transactions shall be charged.
