Major banks in India, including SBI, HDFC Bank, ICICI Bank, and Axis Bank, have recently implemented significant revisions to their credit card rules. These changes, effective immediately or in the coming months, directly impact the users of these banks, reshaping the landscape of credit card benefits. Here’s a comprehensive breakdown of the modifications made by each bank:
HDFC Bank Credit Card Changes: Regalia and Millennia Credit Cards
- Lounge Access: For the Regalia credit card, lounge access is now contingent upon a minimum spend of one lakh rupees, with a limit of two lounge accesses per quarter.
- Millennia Card: A quarterly spend of one lakh rupees is required to avail of the credit card benefits, with only one lounge access per quarter.
SBI Credit Card Changes: Paytm SBI Credit Card
- Cashback on Rent Payments: Starting January 1, there will be no cashback on rent payments for the Paytm SBI credit card.
- EasyDiner Reward Points: SBI Card reduced the reward points for online shopping on EasyDiner from 10X to 5X from November 1.
Axis Bank Credit Card Changes: Magnus Credit Card Benefits
- Axis Bank has revised the benefits, annual fees, and joining fees for its Magnus credit card.
- Reserve Credit Card: Changes have also been made to the terms and conditions of the Axis Bank Reserve credit card.
ICICI Bank Lounge Access Benefit Reduction: Airport Lounge Access and Reward Points
- ICICI Bank has revised the rules for airport lounge access and reward points on 21 of its major credit cards. Effective from April 1, 2024, lounge access will be available only after spending 35,000 INR in a calendar quarter.
In Short: The recent overhauls by major banks in India signify a strategic shift in credit card benefits and rules. Customers of these banks are strongly advised to familiarize themselves with the new regulations to make informed decisions about their credit card usage. Staying informed is crucial to navigating these changes effectively.
