ICICI Bank has introduced several changes to its credit card fee structure and benefits, which will take effect from November 15, 2024. Key modifications include:
- No Rewards on Government Transactions: Government-related spends will no longer earn reward points.
- Fuel Surcharge Waiver: The waiver applies only to fuel spends up to ₹1,00,000 per month. Beyond this limit, the surcharge waiver will no longer be applicable.
- Lounge Access and Spa Benefits: Spa access provided through the DreamFolks card will be discontinued.
- Annual Fee Reversal: The spend threshold for the reversal of the annual fee has been reduced to ₹10 lakh per annum (from ₹15 lakh previously). Rent, government, and education payments will be excluded from meeting the threshold.
- Utility and Fuel Payments: A 1% transaction fee will be applied for utility payments exceeding ₹50,000 and fuel spends over ₹10,000.
SBI Card Rule Changes
SBI Card has also revised certain fees, which will come into effect on different dates. The major changes include:
- Finance Charges: The finance charges on all unsecured SBI credit cards will increase to 3.75% per month (45% per annum), effective from November 1, 2024. However, this does not apply to Shaurya and Defense credit cards.
- Utility Payment Fee: A 1% fee will be applied to utility payments exceeding ₹50,000 in a billing period, effective December 1, 2024. This covers payments for telephone, mobile, electricity bills, and insurance premiums.
HDFC Bank Credit Card Rule Changes
HDFC Bank has made changes to its reward point redemption program, particularly affecting high-end cards like Infinia and Infinia Metal, effective from October 1, 2024:
- Apple Products Redemption Cap: Customers can only redeem reward points for one Apple product per calendar quarter on the SmartBuy portal.
- Tanishq Vouchers Redemption Cap: Redemption for Tanishq vouchers will be capped at 50,000 reward points per calendar quarter. This applies to Infinia and Infinia Metal cardholders.
These changes by major banks like ICICI, SBI, and HDFC reflect evolving strategies in fee structures and benefits for credit card users. It is important for cardholders to review these updates and adjust their spending patterns accordingly to maximize the benefits offered.
Table: Key Credit Card Rule Changes by Banks (Effective Dates)
| Bank | Changes | Effective Date |
|---|---|---|
| ICICI Bank | No rewards on government transactions, reduced fee reversal threshold, new surcharges | November 15, 2024 |
| SBI Card | Increased finance charges (3.75% p.m.), utility payment fees over ₹50,000 | November 1, 2024 (Finance), December 1, 2024 (Utility Payments) |
| HDFC Bank | Cap on reward points for Apple products and Tanishq vouchers | October 1, 2024 |
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