Credit Card Rules Overhaul: HDFC, ICICI, AXIS Bank Customers Nationwide Feel the Impact

In the dynamic landscape of personal finance, credit cards have transformed from mere financial tools to fashion statements and convenience enablers. However, as credit card usage evolves, so do the rules and offerings by financial institutions. A series of notable changes have been introduced by major banks like HDFC, ICICI, SBI Card, and Axis Bank, affecting credit card users nationwide.

Navigating Changes Across Banks: A Comprehensive Overview

HDFC Bank Credit Card Alterations

1. Regalia Credit Card Lounge Access: A Shift in Spending Criteria
   • HDFC Bank’s Regalia Credit Card introduces a lounge access program based on quarterly credit card spending.
   • A spending threshold of ₹1 lakh or more in a calendar quarter qualifies for lounge access.
   • Users meeting the criteria can access benefits through the Regalia SmartBuy page.
2. Millennia Credit Card Lounge Access: Changes in Milestone Benefits
   • Similar to Regalia, HDFC Bank’s Millennia Credit Card adopts a lounge access program based on credit card spending.
   • A spending of ₹1 lakh or more in a calendar quarter triggers the Millennia Milestone for lounge access vouchers.
   • Quarterly milestone benefits offer a maximum of 1 complimentary lounge access voucher.

SBI Card Adjustments

3. Paytm SBI Credit Cards: Cashback on Rent Payments Discontinued
   • Effective January 1, 2024, SBI Card discontinues cashback on rent payment transactions on Paytm SBI credit cards.
4. SimplyClick/SimplyClick Advantage SBI Card: Reward Points Adjustment
   • The reward points accrual for EasyDiner online purchases on these cards reduces from 10X to 5X since November 1, 2023.
   • Other online platforms, including Apollo 24×7, BookMyShow, and Dominos, maintain 10X reward points.

Axis Bank Credit Card Modifications

5. Axis Bank Magnus Credit Card: Revised Benefits and Annual Fees
   • Significant changes include alterations to benefits, annual fees, and joining gifts for Axis Bank Magnus Credit Card.

ICICI Bank Credit Card Revisions

6. Airport Lounge Access for 21 Credit Cards: ICICI Bank’s Upcoming Changes
   • ICICI Bank announces major changes in airport lounge access benefits for 21 credit cards.
   • Effective April 1, 2024, a spending threshold of ₹35,000 in the previous calendar quarter unlocks a complimentary airport lounge visit for the next quarter.