The use of credit cards is increasing daily. Many people are attracted to the good offers, discounts, and cashbacks that come with using credit cards. Several banks have recently revised their credit card rules and other benefits, including reward points. These new changes will take effect in July and will impact giant banks.
With banks offering attractive offers and cashback, the issuance of credit cards by leading banks and other financial institutions has surged. Major banks have made significant changes to their credit card policies, ranging from reward points to various charges, card suspensions, and more. Most of these changes will come into effect from July and will impact SBI Card, HDFC Bank, ICICI Bank, and Citibank.
SBI Cards has made key changes regarding credit card reward points, including ceasing the collection of reward points on government-related transactions on July 1. The new rule will also affect some other types of cards starting on July 15.
On the other hand, ICICI Bank has increased the credit card replacement charges to Rs. 200, except for the Emerald card. Furthermore, certain charges such as slip requests, dial-a-draft transaction charges, outstation check processing fees, check or cash pickup fees, and duplicate statement requests have been removed. These new rules are effective from July 1.
HDFC Bank, the country’s largest private bank, has imposed a 1% charge on rent payments made through third-party payment apps like Paytm, Cheq, Mobikwik, and Cred starting August 1.
Additionally, Axis Bank recently acquired Citibank’s operations. Citibank’s credit card accounts will be fully merged with Axis Bank on July 15, with the Citi brand cards remaining functional until new Axis cards are issued. Other credit card providers have also significantly changed their lounge access policies.
Advised to contact the responsible through the bank helpline number or by direct visit to a nearby branch channel to get complete information about your credit card; the Credit Card new rules vary based on the bank or issued card type.
