BUSINESS
Cardholders are encouraged to review these updates closely to manage their finances effectively and maximize their benefits
Recent updates from major credit card issuers SBI Card, ICICI Bank, and HDFC Bank have introduced significant changes that could affect millions of customers. These modifications, aimed at revising fee structures and reward programs, will take effect in the coming months.
ICICI Bank Changes
Starting November 15, 2024, ICICI Bank will implement a revised fee structure across various credit cards. Notable changes include the discontinuation of rewards on government transactions and a cap on fuel surcharge waivers for spending beyond Rs 1,00,000 per month. Additionally, a 1% fee will be applied to utility payments exceeding Rs 50,000 and fuel transactions over Rs 10,000. The threshold for annual fee reversal has been lowered to Rs 10 lakh from Rs 15 lakh, excluding rent and education payments from the calculation. Late payment fees have also been restructured, with charges varying based on outstanding amounts.
SBI Card Updates
SBI Card is set to increase finance charges to 3.75% per month on unsecured credit cards effective November 1, 2024. A new 1% fee will be levied on utility payments exceeding Rs 50,000 starting December 1, 2024. This applies to essential payments such as electricity and insurance premiums. Furthermore, the bank has adjusted its pricing structure for certain transactions, including electricity bill payments.
HDFC Bank Modifications
HDFC Bank has recently updated its loyalty program for specific credit cards, effective October 1, 2024. Key changes include capping the redemption of reward points for Apple products to one product per calendar quarter and limiting Tanishq voucher redemptions to 50,000 points per quarter. These updates apply specifically to Infinia and Infinia Metal Cards. Customers should also note that a 1% fee will be charged on utility transactions exceeding Rs 50,000 starting August 1, 2024.
These changes reflect a broader trend among banks to tighten credit card terms and adjust fees in response to evolving market dynamics. Cardholders are encouraged to review these updates closely to manage their finances effectively and maximize their benefits.
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