Leading banks in India, including SBI Card, ICICI Bank, Axis Bank, and YES Bank, have recently announced significant modifications to their credit card policies, impacting fees, perks, and eligibility requirements. These changes will have a profound effect on credit card users, necessitating their attention to avoid any potential inconveniences.
Here’s a breakdown of the upcoming changes set to reshape credit card usage and benefits:
SBI Card’s Credit Card:
Starting March 15, SBI Card has revamped its interest calculation method, incorporating various components into the Minimum Amount Due (MAD). Furthermore, from April 1, several SBI credit cards will cease to earn reward points for rent payments, prompting users to explore alternative strategies to maximize benefits.
ICICI Bank Credit Card:
Effective April 1, ICICI Bank introduces a new complimentary airport lounge access scheme, offering patrons one free lounge access for the subsequent quarter upon spending Rs 35,000 in the preceding calendar quarter.
Axis Bank Credit Card:
Axis Bank has revised its fee structure for credit card transactions, implementing a 1% rent surcharge fee capped at Rs 1,500, effective March 5. Additionally, rent and wallet transactions will no longer contribute to spending thresholds for Milestone benefits and Annual Fee reversals.
YES Bank Credit Card:
As of April 1, YES Bank discontinues the “free” benefit previously extended to basic credit cardholders and introduces a minimum spending requirement of Rs 10,000 in the current quarter to qualify for domestic lounge access in the subsequent quarter.
Regulatory Changes:
In a separate development, the Reserve Bank of India (RBI) mandates credit card issuers to provide customers with the option to choose from multiple card networks, effective September 6, 2024. Moreover, cardholders will gain the flexibility to select any date as the starting or closing date of their billing cycle at least once.
These adjustments underscore the dynamic nature of the credit card landscape, necessitating vigilance and adaptability from users to navigate the evolving financial terrain effectively.
