In the past few months, some of India’s biggest banks have made important changes to their credit card rules. ICICI Bank, HDFC Bank and SBI Card, have all updated their fees, benefits, and rewards. These changes affect things like airport lounge access, fuel surcharge waivers, reward points, and even late payment fines. If you use any of these cards, it’s important to know about these updates so you can avoid extra fees and still enjoy your card’s perks. Let’s take a closer look at what’s changing for each bank.
SBI Card Rule Changes
SBI Card has also revised its credit card policies, introducing higher fees for specific transactions. The effective dates for these changes vary.
| Changes | Details |
|---|---|
| Finance charges | Revised to 3.75% per month for unsecured cards (excluding Shaurya, Defense). Effective November 1, 2024. The current rate is up to 3.50% p.m. (42% p.a.) from the transaction date. |
| Utility payment fee | A 1% fee on utility payments over Rs. 50,000. Effective December 1, 2024. |
| Pricing structure updates | Changes to the pricing structure for services like electricity bill payments and loan costs. |
The utility payments include services like telephone, mobile, electricity bills, and insurance premiums.
HDFC Bank Credit Card Rule Changes
HDFC Bank has updated its loyalty program and reward points redemption limits for specific credit cards, effective from October 1, 2024.
| Changes | Details |
|---|---|
| Apple product redemption cap | Limited to one Apple product per calendar quarter via the SmartBuy portal. |
| Tanishq voucher redemption limit | Capped at 50,000 reward points per quarter. Applies to Infinia & Infinia Metal Cards. |
Calendar quarters:
- April to June
- July to September
- October to December
- January to March
ICICI Bank Credit Card Rule Changes
ICICI Bank has introduced multiple revisions to its credit card terms, primarily affecting fee structures and reducing certain benefits. These changes will be effective from November 15, 2024 and will impact various credit cards.
| Changes | Details |
|---|---|
| No rewards on government transactions | No rewards for credit card spending on government transactions. |
| Fuel surcharge waiver | Waived for spends up to Rs. 1,00,000 per month; no waiver beyond this limit. |
| Spa access discontinued | Access through the DreamFolks card is no longer available. |
| Annual fee reversal changes | Excludes rent, government, and education payments. Threshold reduced to Rs. 10 lakh per annum (from Rs. 15 lakh). |
| Utility and fuel payment fee | 1% fee for utility spends exceeding Rs. 50,000 and fuel transactions over Rs. 10,000. |
In conclusion, these recent changes by ICICI Bank, SBI Card, and HDFC Bank highlight significant updates in fees, rewards, and benefits. Cardholders should review the new policies carefully to avoid unexpected charges and ensure they are maximizing the benefits of their credit cards.
