New Rules: New credit card rules are coming into effect from next month i.e. 1st May 2024. If you also have a credit card, then quickly read what these are.
IDFC First Bank has recently announced changes to all credit cards except its super-premium IDFC First Private Credit Card, which will be effective from 1 May 2024. Under this, the private bank will reduce reward points for online spending, introduce more spend-based criteria for airport lounge access and update terms for utility and fare payments.
How many deductions?
Reward points will be tripled (3X) for online spend of up to Rs.20,000 in one statement cycle. This is 6 times (6X) the current time. However, cardholders can earn 10 times (10X) reward points on spending above Rs 20,000 per month. But reward points for education, wallet reloads and government service transactions will be changed to 3X. IDFC First Bank said that there will be no surcharge on bills below this limit, but 1% credit card fees and GST will be charged on bills above this limit.
However, this utility surcharge will not be applicable on First Private Credit Card, LIC Classic Credit Card and LIC Select Credit Card. Regarding airport lounge access, the number of free domestic airport lounge visits on IDFC First Select Credit Card will be reduced from four to two per quarter. While First Wealth Credit Card users will now be able to use lounges at both domestic and international airports twice per quarter, up from four earlier. The bank will increase the fee for rental transactions to Rs 249 per transaction or 1% plus 18% GST (whichever is higher).
These banks have also cut benefits
Axis Bank, ICICI Bank and Yes Bank have also cut benefits on their cards. Recently, ICICI Bank has increased the minimum spend required for complimentary airport lounge access on several credit cards including Coral Credit Card and MakeMyTrip ICICI Bank Platinum Credit Card to Rs 35,000. Meanwhile, Yes Bank has now reduced the minimum spend to Rs 10,000 to avail the domestic lounge access benefit on all its credit cards. Apart from this, Axis Bank will change the Magnus Credit Card from April 20.
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