If you hold a credit card from SBI or ICICI Bank, there are some important updates you should know about. Both banks have announced several changes to their credit card reward programs, charges, and benefits that will take effect this November. These changes impact everything from utility bill payments to airport lounge access, so it’s essential to be aware of how they might affect your card usage.
SBI Card: Key Changes from November 1, 2024
For SBI credit card users, the new rules are already in effect from November 1, 2024. Here are some of the main updates to keep in mind:
- Additional Charges on Utility Bill Payments
- A new charge of 1% will apply if your monthly utility bill payments exceed ₹50,000. This includes payments for essential services like electricity, gas, and water.
- No extra charges will be added for bills under ₹50,000, allowing users to manage smaller payments without extra fees.
- Increase in Finance Charges
- Finance charges on unsecured credit cards have increased to 3.75% per month, except for SBI’s Shaurya and Defense cards.
- If you plan to carry a balance or use your card for large purchases, be sure to note the increased interest rate.
- Limited Validity for Reward Points
- SBI has updated the validity of reward points, meaning they now have a fixed expiry date.
- To avoid losing points, cardholders should redeem them promptly, especially for high-value rewards.
- Changes to EMI Purchases
- Additional charges may apply for purchases made on EMI. Cardholders considering EMI options are encouraged to check the specific fees related to their card and purchase type.
ICICI Bank Credit Card: Updates Effective from November 15, 2024
ICICI Bank has also revised several aspects of its credit card policies, set to be in effect from November 15, 2024. Here’s what will change:
- Reduction in Benefits
- ICICI has reduced benefits like airport lounge access and certain types of insurance coverage.
- If you previously relied on lounge access through your card, check your new benefits, as access may now be limited.
- Reward Policy on Government Transactions
- Rewards will no longer be offered on government-related transactions.
- For users who frequently make payments for government services, this change reduces potential reward earnings.
- Fuel Surcharge Waiver
- The fuel surcharge waiver will be capped at ₹1,00,000 of fuel expenses per month.
- Any fuel spending above this limit will no longer qualify for a surcharge waiver.
- Adjustments to Reward Point Redemption
- The process and eligibility for redeeming reward points have changed for some categories.
- Cardholders may face limits on redeeming points in certain categories, making it necessary to review the new rules carefully.
- Interest Rate Update for EMI Purchases
- ICICI Bank has also modified interest rates for EMI purchases, with rates varying by card type and transaction.
- For purchases that are converted to EMI, cardholders should check the updated rates to avoid unexpected charges.
Why This Matters
These changes mean that cardholders should review their usage habits to avoid additional costs and make the most of rewards before they expire. Both banks are emphasizing transparency, so users should take note of the updated rules to avoid any surprises.
