New credit card rules For All Bank Changed By RBI , SBI Card, ICICI Bank, HDFC Bank latest credit card rule changes
The conditions and price schedules of a number of significant credit card issuers have changed in recent months. Changes to their credit card policies have been announced by SBI Card, ICICI Bank, and HDFC Bank. Let’s examine these adjustments to credit card rules.
For a number of credit cards, ICICI Bank has changed the fees and reduced the benefits. These changes have an impact on services like fuel surcharge waivers, airport lounge access, insurance and food purchases, and even late payment penalties. The revised rates will apply to a number of credit cards and take effect on November 15, 2024.
No incentives for doing business with the government. Fuel surcharges are waived for fuel expenditures up to Rs. 1,000,000 per month; surcharges above this amount are not eligible for the waiver. The DreamFolks card-based spa access is currently being phased out.
New credit card rules For All Bank Changed By RBI, Rent, government, and school payments made with a credit card will not be included in the spend threshold for yearly fee reversal and milestone incentives. Previously set at Rs. 15 lakh annually, the spend requirement for the yearly fee reversal has been lowered to Rs. 10 lakh annually. Utility payment transactions over Rs 50,000 will incur a fee equal to 1% of the transaction value. For fuel transactions over Rs. 10,000, 1% of the transaction value will be charged as a fee.
SBI Card rule changes
New credit card rules For All Bank Changed By RBI, Recently, SBI Card raised the costs associated with some credit card transactions. These changes include adjustments to the loan fees and electricity bill payment pricing structure.
It’s important to keep in mind that the effective dates of these adjustments vary.
Finance charges
New credit card rules For All Bank Changed By RBI , For all unsecured SBI credit cards, SBI Card has changed the finance rates to 3.75% each month. This does not, however, apply to Shaurya, Defense. This will take effect on November 1st, 2024. According to the SBI Card website, the current finance charge rate is up to 3.50% per month [42% per year] from the date of the transaction.
Payment for Utility Services
New credit card rules For All Bank Changed By RBI, A 1% fee will be imposed if the total amount of utility payments made during a billing period over Rs. 50,000. This will take effect on December 1, 2024. Utility payments include timely payment of energy, phone, and mobile bills as well as insurance premiums.
HDFC Bank credit card rule changes
New credit card rules For All Bank Changed By RBI, The loyalty program offered by HDFC Bank for specific credit cards has been modified. The revised rules became operative on October 1, 2024. The affected clients have received emails from the bank informing them of the change.
For example, on the Smartbuy platform, HDFC Bank has limited the amount of reward points that may be redeemed for Apple products to one item per calendar quarter. Additionally, the SmartBuy site will limit the amount of Reward Points that may be redeemed for Tanishq vouchers to 50,000 Reward Points per calendar quarter starting on October 1st, 2024. Only Infinia and Infinia Metal Cards are affected by these modifications.
New credit card rules For All Bank Changed By RBI, The HDFC Bank website states that as of October 1, 2024, “Redeeming Reward Points for Apple Products on the HDFC Bank SmartBuy portal is limited to one product per calendar quarter.” April through June, July through September, October through December, and January through March are the calendar quarters. Only Infinia & Infinia Metal Cards are affected by this.
New credit card rules For All Bank Changed By RBI, Beginning on October 1st, 2024, the maximum number of Reward Points that may be redeemed for Tanishq vouchers on the HDFC Bank SmartBuy platform will be 50,000 Reward Points per calendar quarter. April through June, July through September, October through December, and January through March are the calendar quarters. Only Infinia & Infinia Metal Cards are covered by this.
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