New credit card rules issued by major Indian banks
Major Indian banks, SBI, HDFC, ICICI, and Axis bank have made some crucial modifications to their credit card rules.
HDFC Bank has made certain of the rules of its two important credit cards -Regalia, and Millenia credit card. The new norms are effected from December 1, 2023. The lounge access program will be based on one's credit card spending. Whereas, one can avail of up to 2 complimentary lounge access vouchers as part of a quarterly milestone benefit.
SBI CREDIT CARDS: According to the SBI Card website, w.e.f 1 Jan 2024, accrual of cashback will be discontinued for Rent Payment transactions on your Paytm SBI Credit Card. As of November 1, 2023, the simplyCLICK / simply CLICK Advantage SBI Card's 10X Reward Point Accrual for EasyDiner online purchases will now be 5X Reward Points. Yet, 10X Rewards points will be added to your purchasing cart at Apollo 24X7, BookMy Show, Cleartrip, Dominos, Myntra, Netmeds, and Yatra.
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AXIS BANK MODIFICATIONS: Axis Bank has also made some significant modifications for its credit cardholders. The bank has modified Axis Bank Magnus credit card benefits annual fees and joining gifts. The bank has also revised the terms and conditions of the Axis Bank Reserve Credit Card.
ICICI BANK CREDIT CARD RULES: The cardholders of ICICI Bank would also experience significant modifications to airport lounge access benefits for the 21 credit cards and reward points rules of many other cards.
According to the bank's official website, it has been estimated that from 1 April 2024, one can enjoy complimentary airport lounge access by spending Rs 35,000 in the preceding calendar quarter.
Read Also : Ms. Sathiya S appointed Director in Ministry of CooperationFurther, the preceding spending of the previous calendar quarter will unlock access for the subsequent calendar quarter. To be eligible for complimentary lounge access in the April-May-Jun, 2024 quarter, one needs to spend a minimum of Rs 35,000 in the January-February-March 2024 quarter and similarly for the following quarters, respectively.
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