Upcoming Credit Card Changes in November: SBI and ICICI Updates

1. SBI Card Updates (Effective November 1):

  • Utility Bill Surcharge: A 1% surcharge on utility bills (electricity, water, etc.) over ₹50,000 in a billing cycle.
  • Finance Charges: Finance charges on unsecured credit cards will increase to 3.75% per month, excluding the Shaurya/Defense card.

For more: SBI Credit Card

2. ICICI Bank Credit Card Updates (Effective November 15):

  • Reward Caps: Monthly caps on rewards for utility, insurance, and grocery payments. Fuel spending is also capped.
  • New Fees: 1% transaction fee on education and utility payments exceeding ₹50,000, among others.
  • Additional Changes:
    • Supplementary card fee: ₹199
    • Lounge access requires ₹75,000 spent in the prior quarter
    • Exclusions: Milestone benefits now exclude rent, government, and education payments

For more: ICICI Credit Card

These updates impact fees, rewards, and benefits, encouraging cardholders to plan their spending under the new guidelines.