Credit Card Alert: Major Changes You Need to Know

A new year often brings new rules, and this year, it's your credit cards that are feeling the impact. Several major banks in India have implemented changes to their credit card policies, affecting fees, rewards, and other terms and conditions.

Here's a breakdown of the key changes:

SBI Credit Card

• Utility Payments: A 1% fee will be levied on utility payments exceeding Rs 50,000.

• Reward Points: Certain cards, including SimplyCLICK, AURUM, and Gold SBI Cards, will no longer earn reward points on digital gaming platforms.

Axis Bank Credit Card

• Redemption Fees: A fee of Rs 9 plus 18% GST will be charged for cash redemptions, and Rs 199 plus 18% GST for mileage point transfers.

• Other Fees: Interest rates, penalty charges, and transaction fees for wallet loads, fuel purchases, and rent payments have also been revised.

YES Bank Credit Card

• Reward Point Redemption: New restrictions have been imposed on the number of reward points that can be redeemed for hotel and flight bookings.

• Lounge Access: Higher spending requirements are now necessary to access complimentary airport lounge visits.

AU Small Finance Bank Credit Card

• Reward Point Changes: The bank has revised the reward point earning structure, with certain categories like government services, education, rent payments, and BBPS transactions no longer eligible for rewards.

• Foreign Transaction Fees: AU Bank has introduced a 0% foreign transaction markup but has eliminated reward points for foreign purchases.

What should you do?

1. Review your credit card statements: Keep a close eye on your statements to identify any changes in fees or charges.

2. Check your bank's website or app: Stay updated on the latest changes and announcements from your bank.

3. Consider alternative cards: If your current card no longer offers the benefits you need, explore other options that suit your spending habits.

4. Optimize your spending: Plan your expenses to maximize rewards and minimize fees.

By understanding these changes and taking proactive steps, you can ensure that your credit card usage remains cost-effective and rewarding.