Many big banks have made big changes to their credit card services offered to customers. The changes include credit reward points, charges that will be discontinued, reward point benefits, devaluation of cards.6 big deadlines, rule changes in July 2024: Credit card rule changes, Paytm wallet, ITR deadline
Let us take a look at important credit card related changes of big banks that will come into effect in July.
SBI Card credit card rules
SBI Card announced that accrual of reward points on government related transactions will be discontinued for certain credit cards from July 1, 2024. List of SBI Credit Cards where reward points will not be applicable on government related transactions with effect from July 15, 2024, as per the SBI Card website.
SBI Credit Cards rule change: Reward points not applicable on 22 credit cards for government transactions from July 15
ICICI Bank credit card charges
ICICI Bank has announced revisions to various credit card services effective July 1, 2024. One includes the revision of the card replacement fee from Rs 100 to Rs 200 on all cards (except for the Emerald Private Metal Credit Card). Here is a look at the credit card charges that will be discontinued. 1. Cheque / Cash pick-up fee
A fee of Rs 100 per pick-up will be discontinued.
2. Charge slip request
A fee of Rs 100 per charge slip will be discontinued.
3. Dial-a-draft – transaction fee
The deduction of 3% of the draft value amount, with a minimum cost of Rs 300, would be discontinued.
4. Outstation cheque processing fee
Also, 1% of the cheque value, subject to a minimum of Rs 100 will be discontinued.
5. Duplicate statement request (beyond 3months)
A fee of Rs 100 will be discontinued for duplicate statement.
Citibank credit cards
Axis Bank notified Citibank credit card customers about migrating all relationships, including credit card accounts, which is expected to be completed by July 15, 2024
Axis Bank sent an email notification to Citibank credit card customers that the migration of all relationships, including card will be completed by July 15, 2024. It also said that Citi-branded card will continue to work seamlessly till they receive their new Axis Bank cards within a few months (by the end of the year) after the migration.
The points accumulated till the migration date will remain never expiring. However, points earned post migration will expire after three years. E.g.: Points earned on 10-08-2024 will expire on 10-08-2027.
Axis Bank-Citibank credit card migration: 9 Citi cards transferred to Axis Bank; new credit card names, benefits, reward points
Tata Neu Infinity HDFC Bank Credit Card
Starting 01 August 2024, customers will earn 0.5% back as NeuCoins on eligible UPI transactions. Additionally, if you use Tata Neu UPI ID for the transaction, you will get extra 1% back as NeuCoins.
HDFC Bank credit card rules
HDFC Bank Ltd. has implemented new rates for credit card rent payments made via platforms such as CRED, Paytm, Cheq, MobiKwik, and Freecharge. Customers would be charged a 1% fee on rent transactions with a ceiling of Rs 3,000 per transaction. This is effective from August 1, 2024.
