Starting December 2024, several Indian banks are revising their credit card policies, impacting fees, rewards, and benefits. Stay informed to avoid unexpected charges and optimize your card usage!
Axis Bank: Fees and Interest Rate Updates (Effective Dec 20, 2024)
1. Redemption Fees Introduced:
- ₹99 + GST for cash redemptions.
- ₹199 + GST for transferring points to mileage programs.
Cards Impacted:
- Axis Atlas, Magnus, Reserve, and others.
Exclusions: Citi-protege cards (e.g., Axis Olympus, Horizon).
Tip: Redeem or transfer your points before Dec 20 to avoid these fees.
2. Interest Rate Hike:
- Monthly interest rate rising to 3.75%. Carrying a balance will now cost more.
3. New Transaction Fees:
- Auto debit reversals/cheque returns: ₹500 or 2% (whichever is higher).
- Cash payments at branches: ₹175.
- Wallet loads above ₹10,000, utility payments over ₹25,000, and gaming spends above ₹10,000 will attract transaction fees.
For More Details Visit Axis Bank Credit Card
SBI Card: Rewards and Utility Fee Changes (Effective Dec 1, 2024)
1. Utility Payment Fee:
- 1% fee for utility payments exceeding ₹50,000 (electricity, water, gas).
- No fee for payments below ₹50,000.
2. Digital Gaming Rewards Removed:
- No more reward points for gaming transactions across all SBI credit cards.
For More Details Visit SBI Credit Card
AU Bank Ixigo Card: Reward Changes (Effective Dec 22, 2024)
1. Categories Losing Rewards:
- No reward points for education, government services, rent, and BBPS payments.
2. International Spend Rewards Discontinued:
- Starting Dec 23, 0% forex markup will replace rewards for international transactions.
3. Telecom, Utility & Insurance Rewards Capped:
- Earn 1 point per ₹100 (with a 100-point cap per insurance transaction).
For More Details Visit AU Bank Credit Card