In recent times, credit cards have become more of a fashion statement among the youth rather than just a financial necessity. However, it’s crucial to remember that credit cards are essentially a form of loan. Many people use third-party apps to withdraw cash using credit cards, which incurs extra charges.
Late payment of credit card bills can lead to hefty interest charges. On the other hand, using credit cards for cashback and other discounts can be highly beneficial.
Several major Indian banks have made changes to their credit card rules and offers. Let’s explore the changes made by banks like SBI Card, HDFC Bank, ICICI Bank, and Axis Bank.
HDFC Bank Credit Card Changes
HDFC Bank has made changes to its popular Regalia and Millennia credit cards, effective from December 1, 2023.
HDFC Bank Regalia Credit Card
- Lounge access program will be based on your credit card spending.
- Spend ₹1 lakh or more in a calendar quarter to qualify.
- On meeting the spending criteria, visit the Regalia SmartBuy page to access the lounge benefits and vouchers.
- A maximum of 2 complimentary lounge access vouchers can be availed.
HDFC Bank Millennia Credit Card
- Lounge access program based on credit card spending.
- Spend ₹1 lakh or more in a calendar quarter.
- Receive an SMS with a link to the Millennia Milestone page for lounge access voucher.
- Avail of a maximum of 1 complimentary lounge access voucher as part of the quarterly milestone benefit.
SBI Card Changes
As per the SBI Card website, from January 1, 2024, cashback on rent payment transactions on Paytm SBI credit cards has been discontinued. The reward points accrual for EasyDiner online purchases on the SimplyClick/SimplyClick Advantage SBI Card has been reduced from 10X to 5X since November 1, 2023. However, online purchases at Apollo 24×7, BookMyShow, Cleartrip, Dominos, Myntra, Netmeds, and Yatra will still earn 10X reward points.
Axis Bank Credit Card Rule Changes
Axis Bank has recently made significant changes for its credit cardholders. The bank has revised benefits, annual fees, and joining gifts for the Axis Bank Magnus Credit Card. The terms and conditions of the Axis Bank Reserve Credit Card have also been modified.
ICICI Bank Credit Card Rules
ICICI Bank cardholders will soon see major changes in airport lounge access benefits for 21 credit cards and reward point rules for several other cards. According to ICICI Bank’s website, from April 1, 2024, you can unlock a complimentary airport lounge visit by spending ₹35,000 in the previous calendar quarter. This spending will unlock the complimentary airport lounge benefit for the next quarter.
These changes in credit card rules and offers reflect the banks’ efforts to adapt to evolving consumer behaviors and market trends, ensuring that their credit card products remain competitive and attractive to users.