In a significant move, major Indian banks, including SBI Card, HDFC Bank, ICICI Bank, and Axis Bank, have recently announced revisions to their credit card terms and offerings. These modifications impact various aspects, ranging from cashback accrual to lounge access benefits. Here’s a detailed overview of the changes instituted by each bank:
SBI Card: As of January 1, 2024, SBI Card has discontinued the accrual of cashback for rent payment transactions on Paytm SBI credit cards. Furthermore, the SimplyCLICK/SimplyCLICK Advantage SBI card has seen a reduction in the 10X reward points for EazyDiner online purchases to 5X reward points, effective from November 1, 2023.
Axis Bank Credit Card: Axis Bank has made significant adjustments to its credit card offerings. The bank has modified benefits, annual fees, and joining gifts for the Axis Bank Magnus credit card. Additionally, terms and conditions for the Axis Bank Reserve Credit Card have been revised.
HDFC Bank Credit Card: HDFC Bank has introduced changes to its popular credit cards, Regalia and Millennia.
For HDFC Bank Regalia Credit Card: Starting December 1, 2023, the lounge access program for the Regalia credit card will be based on credit card spending. Cardholders who spend Rs 1 Lakh or more in a calendar quarter can avail up to 2 complimentary lounge access vouchers as part of a quarterly milestone benefit.
For HDFC Bank Millennia Credit Card: Similarly, the lounge access program for the Millennia credit card will also be based on spending. Cardholders who spend Rs 1 Lakh or more in a calendar quarter can avail up to 1 complimentary lounge access voucher as part of a quarterly milestone benefit.
ICICI Bank Credit Card: ICICI Bank has announced significant modifications to the airport lounge access benefits for 21 credit cards. Starting April 1, 2024, cardholders can enjoy one complimentary airport lounge access by spending Rs. 35,000 in the preceding calendar quarter. This change is applicable to various cards, and spends made in the preceding quarter will unlock access for the subsequent one.
These changes reflect the evolving landscape of credit card offerings by Indian banks, and cardholders are encouraged to review the revised terms to maximize the benefits of their credit cards.
