SBI, ICICI, HDFC, Axis Bank credit card rules changed!

The number of people using credit cards in the country is rapidly increasing. In 2023, there has been an increase of 32.6 percent in expenses incurred through credit cards on an annual basis. This figure was 28.2 percent in 2022. According to banks, the attractive offers of cashback and no-cost EMIs have led to an increase in credit card usage. However, the environment has now changed after a slew of stringest steps taken by the Reserve Bank. There is now a rapid reduction in  credit card facilities. Almost all major credit card companies in the country have updated their rules and conditions. If you also have credit cards from major banks like SBI, HDFC, ICICI, or Axis Bank, it is necessary for you to update yourself with these changes. Some rules regarding cashback on cards have changed. Some banks have made changes in lounge access. Let’s take a look at each of these changes one by one.

SBI Card

First, let’s talk about SBI Card. The minimum payment rule for SBI Credit Card was also changed on March 15th. The method of calculating the minimum payment due on SBI Credit Card bills has been changed. According to the SBI Card website, the due minimum amount will include the total GST, EMI amount, 100 percent of the fee, and 5 percent of the finance charge, along with retail spending and cash advances.

ICICI Bank Credit Card

Now let’s take a look at ICICI Bank Credit Card. It’s bad news for those who travel by air. Now you’ll have to spend more for lounge access. According to the ICICI Bank website, now you will get complimentary lounge access only on spending more than Rs 35,000. ICICI Bank has changed the rules of airport lounge access and reward points on its 21 major credit cards. Additionally, the rules of rewards have also been changed. From April 1st, 2024, you will only get lounge access on spending Rs 35,000 in a quarter.

Axis Bank

Now let’s talk about Axis Bank. As per the information provided by Axis Bank, a charge of one percent will be levied on every rental transaction. The ceiling limit will be Rs. 1500. For transactions in foreign countries where there are registered Indian merchant partners, dynamic currency conversion markup fee plus tax will be charged. These changes are set to be implemented from March 4th. The benefits of Axis Bank Magnus Credit Card and changes in annual fees and joining fees have been made. The terms and conditions of Axis Bank Reserve Credit Card have also been modified.

HDFC Bank

Speaking of HDFC Bank, there have been some changes in the rules of Regalia and Millennia Credit Cards. On HDFC Bank Regalia Credit Card, lounge access will now be available only on spending a minimum of one lakh rupees. In addition to this, you will only get two lounge accesses in a quarter. Similarly, if you have an HDFC Bank Millennia Credit Card, you will now only get the benefit of lounge access on spending one lakh rupees quarterly. The maximum number of lounge accesses has also been limited to one per quarter.

So, if you also use credit cards from these banks, you should carefully read the terms and conditions given on the monthly statement. Otherwise, the restrictions of credit card companies may hinder your travel plans this year.