Banks Revamp Credit Card Fees And Rewards: Check Key Updates From December 2024 – News18
Last Updated:
Credit Card Terms Overhauled: Here’s What Every Cardholder Should Know About Fees and Rewards
Credit Card Rules Revamped: Essential Updates on Fees and Rewards for Cardholders
Major changes to credit card policy were implemented by several Indian banks starting from December 1, 2024. Numerous fees, incentives and terms of transactions have been impacted by these modifications. To maximise their credit card benefits and prevent unforeseen charges, customers must be informed of these revisions.
The credit card changes are explained below:
SBI Credit Card
A 1 percent fee will be applied to SBI Card utility payments over Rs 50,000 as of December 1, 2024. Additionally, many SBI credit cards, including SimplyCLICK, AURUM and Gold SBI Cards, will not be eligible for reward points when used on digital gaming platforms.
Axis BankCredit Card
Axis Bank will levy a redemption fee of Rs 9 plus 18 percent GST for cash redemptions and Rs 199 plus 18 percent GST for mileage point transfers beginning December 20, 2024.
Meanwhile, interest rates, penalty costs and transaction fees for wallet loads, fuel purchases and rent payments have all been revised.
YES Bank Credit Card
YES Bank has updated its rewards points redemption policy to improve its credit card services.
New restrictions on the number of reward points that can be used to book hotels and flights have come into effect from December 1, 2024. Each type of card will have a different redemption cap, premium cards such as YES Private and YES MARQUEE have higher limits.
In addition, to access free airport lounges, cardholders will need to reach higher spending requirements as of April 1, 2025. To enjoy six lounge visits, for example, YES MARQUEE cardholders must spend Rs 1 lakh, whilst YES First Preferred cardholders must spend Rs 75,000 for two visits.
AU Small Finance Bank
AU Small Finance Bank will make adjustments to the features of its Ixigo AU credit card beginning December 22, 2024. Revisions will include changes to how reward points are accumulated and used.
Reward points will no longer be awarded for specific types of transactions, such as those involving government services, education, rent payments and Bharat Bill Payment System (BBPS) activities.
As of December 23, 2024, AU Bank will no longer grant reward points for foreign purchases to make room for the implementation of a 0 percent FX markup on foreign transactions. Additionally, the reward points gained from utility, insurance and telecom purchases will be revised. With a cap of 100 reward points per insurance transaction, cardholders will continue to receive 1 reward point for every Rs 100 paid in these categories.
Discover more from Divya Bharat 🇮🇳
Subscribe to get the latest posts sent to your email.
