Changes in Credit Card Policies of Major Indian Banks
In the dawn of 2024, several prominent Indian banks have ushered in substantial alterations to their credit card policies, aimed at refining their products and services. Noteworthy among these financial institutions are SBI Card, ICICI Bank, Axis Bank, and HDFC Bank, with the latter implementing its fresh set of rules as of December 1, 2023.
Let us delve into the specifics of the revamped credit card regulations set forth by ICICI Bank, Axis Bank, and SBI Card:
Axis Bank Credit Card Changes (Effective from March 5, 2024)
Axis Bank has introduced a notable amendment regarding rental transactions. Henceforth, each rental transaction incurs a rent surcharge fee of 1%, capped at Rs 1500. Furthermore, applicable taxes will align with the directives issued by the Government of India. For international transactions conducted in Indian currency at overseas locations or Indian currency dealings with Indian merchants registered abroad, a Dynamic Currency Conversion (DCC) markup fee of 1% plus taxes will be levied.
As stated on the Axis Bank website, “Spends threshold for Milestone benefits will exclude rent and wallet transactions. Similarly, spends threshold for Annual Fee reversal will exclude rent and wallet transactions.”
SBI Card Credit Card Changes (Effective from March 15, 2024)
According to details outlined on the SBI card website concerning interest calculation, the “Minimum Amount due” will encompass Total GST, EMI amount, 100% of Fees/Charges, 5% of [Finance Charge (if applicable), Retail Spends, and Cash Advance (if any)], along with Overlimit Amount (if exceeding).
Commencing March 15, 2024, in scenarios where 5% of (Finance Charge + Retail Spends and Cash Advance) stands lower than the Finance Charges, the Minimum Amount Due (MAD) calculation will involve Total GST, EMI amount, 100% of Fees/Charges, 100% of Finance Charges, and Overlimit Amount (if any).
ICICI Bank Credit Card Changes (Effective from April 1, 2024)
According to the ICICI Bank website, effective from April 1, 2024, patrons can relish one complimentary airport lounge access upon spending Rs. 35,000 in the preceding calendar quarter. Expenditures within the prior calendar quarter will unlock access for the ensuing calendar quarter. To qualify for complimentary lounge access in the April-May-June 2024 quarter, a minimum expenditure of Rs. 35,000 in the January-February-March 2024 quarter is requisite, and likewise for subsequent quarters.
HDFC Bank Credit Card Changes (Effective from December 1, 2023)
HDFC Bank has revamped the rules concerning its two prominent credit cards—Regalia and Millennia credit card—commencing December 1, 2023. The lounge access program for the Regalia credit card has witnessed significant changes:
Changes in Lounge Access for HDFC Bank Regalia Credit Card:
- Lounge Access Based on Credit Card Spending:
Your eligibility for the lounge access program hinges on your credit card expenditure. - Spending Criteria:
Spend Rs 1 Lakh or more in a calendar quarter (Jan-Mar | Apr-June | Jul-Sept | Oct-Dec). - Procedure:
Upon meeting the spending threshold, visit the Regalia SmartBuy page >> Lounge Benefits >> Lounge access voucher (This pathway will be active from December 1, 2023). - Complimentary Benefit:
You are entitled to up to 2 complimentary lounge access vouchers as part of a quarterly milestone benefit.
For HDFC Bank Millennia Credit Card:
- Lounge Access Based on Credit Card Spending:
The lounge access program is contingent upon your credit card expenditure. - Spending Criteria:
Spending Rs 1 Lakh or more in a calendar quarter (Jan-Mar | Apr-June | Jul-Sept | Oct-Dec). - Process:
Upon fulfilling the spending criteria, you will receive an SMS containing a link for the Millennia Milestone page >> Select lounge access voucher (This option will be available from December 1, 2023). - Complimentary Benefit:
You can avail of up to 1 complimentary lounge access voucher as part of a quarterly milestone benefit.
In conclusion, these updated credit card policies signify a shift towards more transparent and beneficial terms for cardholders across various Indian banks. It is imperative for customers to stay abreast of these modifications to make informed decisions regarding their financial transactions.
