2024-01-08 15:00:52
Recent Changes in Credit Card Rules by Major Indian Banks
Almost all banks in India offer credit cards to customers, and they often announce various offers to encourage credit card usage. Recently, major banks in the country, including State Bank of India (SBI), HDFC Bank, ICICI Bank, and Axis Bank, have made changes to their credit card rules which will directly impact the users of these banks.
SBI Card has made changes to the terms of its Paytm SBI Credit Card, stating that cashback will not be available for payments made through this credit card from January 1. Additionally, the bank reduced the reward points for online shopping from EasyDiner from 10X to 5X as of November 1.
Axis Bank has also implemented changes for its credit cardholders, altering benefits, annual fees, and joining fees for the Axis Bank Magnus Credit Card. The terms and conditions of the Axis Bank Reserve Credit Card have also been modified.
ICICI Bank has reduced the benefits for its Airport Lounge Access offer and reward points on 21 of its major credit cards. Furthermore, the bank has changed its reward rules and will only provide the lounge access facility for a calendar quarter of Rs. 35,000 from April 1, 2024.
HDFC Bank has also announced changes to its credit card terms, specifically for its Regalia and Millennia credit cards. The bank has adjusted the minimum spend requirement for airport lounge access benefits on these cards.
As more companies compete to offer credit cards, customers are faced with a wide variety of options. It is important for customers to carefully research and select the best credit card for their needs, considering factors such as rewards points, special offers, and benefits.
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