ICICI Bank Updates
- Effective Date: November 15, 2024
- Key Changes:
- No rewards on government transactions.
- Fuel surcharge waiver cap set for monthly spends above ₹1,00,000.
- A 1% fee on utility payments exceeding ₹50,000 and fuel transactions over ₹10,000.
- The threshold for annual fee waiver reduced to ₹10 lakh (from ₹15 lakh), excluding rent and education payments.
- Late payment fees will vary based on the outstanding balance.
SBI Card Changes
- Effective Dates:
- Finance charges increase on unsecured credit cards to 3.75% per month starting November 1, 2024.
- A 1% fee on utility payments above ₹50,000 starting December 1, 2024 (including electricity and insurance payments).
- Revised pricing for transactions like electricity bill payments.
Why These Changes Matter:
- These updates reflect a trend of tightening credit card terms across banks in response to market dynamics.
- Cardholders should review these updates to manage their finances effectively and maximize benefits.