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.