Recently, several large banks have implemented significant changes to their credit card policies and products in India.
It would be a good idea to have some information about these rules as they will be coming into effect from the start of 2024.
Yes ! We are talking about the country’s major banks including SBI Card, ICICI Bank and Axis Bank.
As per this update, HDFC Bank’s new card rules have already come into effect from December 1, 2023.
Let us take a look at the rest of the big players as there has been a change in the credit card rules for ICICI Bank, Axis Bank and SBI Card.
Axis Bank Credit Card Changes In Policy
Axis bank credit card change will come into effect from March 5, 2024.
According to this, every rental transaction will be subject to a rent surcharge fee of 1%, with a ceiling of Rs 1500.
It is noteworthy here that the taxes will be applicable as notified by the Government of India.
Further a Dynamic Currency Conversion (DCC) markup fee of 1% plus taxes will be charged for any international transaction using Indian currency at an international location or Indian currency transactions involving Indian merchants registered in a foreign country.
“Spending threshold for Milestone benefits will exclude rent and wallet transactions. Spends threshold for Annual Fee reversal will exclude rent and wallet transactions,” as per the Axis Bank website.
SBI Card Credit Card Changes In Policy
These changes will be applicable from March 15, 2024.
These changes dictates that on interest calculation, “Minimum Amount due shall be Total GST + EMI amount + 100% of Fees/Charges + 5% of [Finance Charge (if any) + Retail Spends and Cash Advance (if any)] + Overlimit Amount (if any)
From 15th March 2024, In case 5% of (Finance Charge + Retail Spends and Cash Advance) is less than Finance Charges then MAD calculation will be Total GST + EMI amount + 100% of Fees/Charges + 100% of Finance Charges + Overlimit Amount (if any),” as per the SBI card website.
ICICI Bank Credit Card Changes In Policy
“Starting Apr 01, 2024, you can enjoy One complimentary airport lounge access by spending Rs. 35,000 in the preceding calendar quarter. Spends made in the preceding calendar quarter will unlock access for the subsequent calendar quarter. To be eligible for complimentary lounge access in Apr-May-Jun, 2024 quarter, you need to spend a minimum of Rs.35,000 in the January-February-March 2024 quarter and similarly for following quarters,” as per the information provided on the ICICI Bank website.
