The festive season is here, and many banks are offering special deals on credit cards to attract customers during Diwali. However, shortly after the festival, SBI and ICICI Bank have announced changes to their credit card rules.
ICICI Bank had already made adjustments to its credit card and debit card policies at the beginning of October. It’s important to know what these changes are before using your credit cards.
Changes in ICICI Bank Credit Card Rules
ICICI Bank has reduced fees and benefits for several cards, including changes to airport lounge access, insurance, late payment fines, fuel surcharges, and food purchases. These new rules will take effect on November 15, 2024.
Key changes include
1) No rewards will be given for government transactions made with ICICI Bank’s credit card.
2) Fuel surcharge waivers will not apply if monthly fuel spending exceeds ₹1,00,000.
3) Spa access is no longer available on ICICI Bank’s DreamFolks card.
4) Rent payments, government fees, and education payments will not count towards the spending limit needed for annual fee waivers and milestone benefits.
5) The spending limit for waiving the annual fee has been reduced from ₹15 lakh to ₹10 lakh.
6) A 1% fee will be charged for utility payments over ₹50,000, and for fuel transactions exceeding ₹10,000.
SBI Credit Card Rule Updates
The State Bank of India (SBI) has also updated its credit card transaction fees recently.
The finance charge on all unsecured SBI credit cards will now be 3.75% per month, effective from November 1. This change does not apply to Gallantry and Defense cards.
Additionally, SBI will impose a 1% charge on utility payments exceeding ₹50,000 made with its Rupay card, starting from December 1.
