What's New For Credit Card Users? March 2024 Brings Big Changes To Cardholders Of SBI, Axis, ICICI, YES Bank (2024)

These alterations by the banks will affect fees, perks, and eligibility requirements, significantly influencing credit card usage and the perks a user enjoys ( Image Source :getty )

Leading banks in India, such as SBI Card, ICICI Bank, Axis Bank, and YES Bank, have recently announced modifications to their credit card policies. These alterations affect fees, perks, and eligibility requirements, significantly influencing credit card usage and the perks a user enjoys. Users must comply with all these updates to avoid facing any difficulties while using these credit cards.

Here is the list of the upcoming changes that will affect your finances in the future:

SBI Card’s Credit Card

SBI Card has updated its interest calculation approach applicable from March 15. The Minimum Amount Due (MAD) will now include the total GST, EMI amounts, 100 per cent of fees/charges, 5 per cent or 100 per cent of finance charges (whichever is higher), along with retail spends, cash advances, and any over-limit amounts.

In short, MAD = Total GST + EMI amounts + 100 per cent of fees/charges + higher of (5 per cent or 100 per cent of finance charges).

Additionally, starting on April 1, earning reward points for rent payments will cease for several SBI credit cards, including AURUM, SBI Card Elite, SimplyCLICK, and others. This alteration will impact cards across diverse categories. Users are encouraged to explore alternative methods to optimise benefits in response to these adjustments.

Also Read: What Is EBITDA? Key Financial Metric You Need To Know To Do Business

ICICI Bank Credit Card

Commencing April 1, ICICI Bank patrons will benefit from a fresh complimentary airport lounge access scheme. By spending Rs 35,000 in the preceding calendar quarter (January-February-March 2024), cardholders can avail of one complimentary lounge access for the subsequent quarter (April-May-June 2024).

Axis Bank Credit Card

Axis Bank has implemented a revised fee structure for credit card transactions, effective March 5, 2024. Notably, a 1 per cent rent surcharge fee, capped at Rs 1,500, will now be applied to each rental transaction. This surcharge is in addition to the Dynamic Currency Conversion (DCC) markup fee of 1 per cent plus taxes for international transactions involving Indian merchants or transactions in Indian currency overseas. Additionally, rent and wallet transactions will no longer contribute to the spending threshold for Milestone benefits and Annual Fee reversals.

YES Bank Credit Card

YES Bank has announced the end of the "free" benefit previously offered to customers who held a basic credit card. The bank has updated its policy regarding domestic lounge access, introducing a new minimum spending requirement of Rs 10,000 in the current quarter to qualify for lounge access in the subsequent quarter.

This alteration will come into effect on April 1, 2024. Consequently, individuals desiring lounge access benefits in April/May/June 2024 must meet the expenditure criteria between December 21, 2023, and March 20, 2024. This policy amendment will impact customers holding YES Bank ELITE, YES Wellness Plus, YES BYOC, YES Marquee, YES SELECT, and YES Reserv, among other credit cards.

In a separate development, the Reserve Bank of India (RBI) issued directives on March 7, mandating credit card issuers to offer customers the option to choose from multiple card networks. These guidelines are slated to be effective from September 6, 2024. Moreover, cardholders will now have the flexibility to select any date as the starting or closing date of their billing cycle at least once.

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