Big Changes to Credit Card Policies in India
Starting December 2024, several banks, including SBI, Axis Bank, YES Bank, and AU Small Finance Bank, have implemented significant changes to their credit card fees and rewards programs. Here’s everything you need to know to stay updated.
SBI Credit Card Updates
- 1% Fee on Utility Payments: Transactions over ₹50,000 on utility payments will incur a 1% fee.
- No Rewards on Gaming Platforms: Popular SBI cards like SimplyCLICK, AURUM, and Gold SBI Cards will no longer earn rewards on digital gaming spends.
For more visit : SBI Credit Card
Axis Bank Credit Card Updates
- Redemption Fees:
- ₹9 + 18% GST for cash redemptions.
- ₹199 + 18% GST for mileage point transfers.
- Revised Fees: Changes include higher interest rates, penalty charges, and updated fees for wallet loads, fuel purchases, and rent payments starting December 20, 2024.
For more visit : Axis Credit Card
YES Bank Credit Card Updates
- Reward Redemption Caps: New limits for booking hotels and flights based on the card type. Premium cards like YES Private and YES MARQUEE have higher caps.
- Increased Lounge Visit Requirements (effective April 1, 2025):
- YES MARQUEE: Spend ₹1 lakh for six visits.
- YES First Preferred: Spend ₹75,000 for two visits.
AU Small Finance Bank Credit Card Updates
- Ixigo AU Card Changes (effective December 22, 2024):
- No reward points on transactions for government services, education, rent payments, or BBPS activities.
- 0% Forex Markup on international purchases from December 23, 2024, replacing rewards on foreign transactions.
- Rewards for utility, insurance, and telecom purchases capped at 1 point per ₹100, with a max of 100 points per insurance transaction.
For more visit : AU Credit Card
What These Changes Mean for Cardholders
- SBI Users: Watch for additional fees on utility payments and ensure your spending aligns with the new reward policies.
- Axis Bank Users: Factor in redemption fees when planning to redeem cash or mileage points.
- YES Bank Users: Be prepared to meet higher spending requirements for lounge access and adjust redemption strategies for rewards.
- AU Small Finance Users: Expect reduced rewards for specific categories, but benefit from the 0% forex markup for international spends.
These changes emphasize the importance of understanding your credit card’s updated terms. Stay informed to avoid unexpected fees and maximize your rewards.