Credit Card Changes From April 1st 2024 : Alert for SBI, ICICI, Axis, Yes Bank credit card users. These banks have made key changes in the terms of rewards and airport lounge access related to credit cards. These new rules will come into effect from April 1.
Credit Card Changes From April 1st 2024 : Alert for credit card users. In the new financial year 2024-25, some banks are going to make several key changes in the case of credit cards. This list includes major banks like State Bank of India, ICICI Bank, Axis Bank, Yes Bank. These have made key changes in terms of lounge access and reward points. These will come into effect from April 1. So what are those changes?
State Bank of India
Leading public sector bank SBI has changed its credit card reward points policy. The bank, which has been offering reward points on rent payments till now, will stop such rewards from April 1. This will especially affect the users of AURUM, SBI Card Elite and Simply Click SBI cards offered by SBI.
ICICI Bank
The rules have also changed regarding the complimentary airport lounge access offered by ICICI Bank. A minimum spend of Rs.35,000 through the card in the previous quarter is required to avail this facility in the upcoming quarter. These terms will be applicable to various types of cards including Coral Credit Card, Make My Trip and ICICI Bank Platinum Credit Card. These changes will also come into effect from the new financial year 2024-25.
Yes Bank
Yes Bank has also changed the rules regarding lounge access. A minimum spend of Rs.10,000 through Yes Bank credit card in the preceding quarter is required to avail the lounge facility in any quarter from April 1.
Axis Bank
Private sector Axis Bank has introduced key changes in its Magnus credit card offering rewards points, lounge access and annual fees. It has been clarified that no reward points will be earned on credit card payments for insurance, gold or jewellery, fuel. It said that to get access to the airport lounge, one has to spend at least Rs.50,000 in three months. It has also reduced the number of complimentary guest visits to domestic and international lounges in a calendar year from 8 to 4 per year. Axis Bank said that these new changes will come into effect from April 20.
