Major Changes to Credit Card Policies by SBI, Axis Bank, YES Bank, and AU Small Finance Bank
As 2024 comes to a close, leading banks like SBI, Axis Bank, YES Bank, and AU Small Finance Bank are introducing updates to their credit card policies. These changes, effective December 2024, include adjustments to fees, rewards, and redemption rules. Here’s what customers need to know:
SBI Credit Card Updates (From December 1, 2024)
- A 1% fee will be charged on utility bill payments over ₹50,000.
- Reward points will no longer be earned on transactions with digital gaming platforms for cards like SimplyCLICK, AURUM, and Gold SBI Cards.
Axis Bank Changes (From December 20, 2024)
- A ₹9 fee (plus 18% GST) will apply to cash redemptions.
- Transferring points to mileage programs will cost ₹199 (plus 18% GST).
- Changes to interest rates, penalty charges, and fees for wallet loads, fuel spending, and rent payments.
YES Bank Reward Point Limits (From December 1, 2024)
- MARQUEE Credit Card: Points for flights and hotels capped at 70% of the bill value or 3 lakh points per month.
- RESERV Credit Card: Points capped at 2 lakh points per month under the 70% rule.
- Other cards: 1 lakh points per month, with the same 70% limit.
AU Small Finance Bank Updates
Ixigo AU Credit Card (From December 22, 2024):
- No reward points for education, government payments, rent, or Bharat Bill Payment System (BBPS) transactions.
From December 23, 2024: - No reward points for international transactions, but a 0% forex markup will apply.
- Telecom, utility, and insurance payments will earn 1 point per ₹100 spent, capped at 100 points per insurance transaction.
What Customers Should Do
Cardholders are encouraged to review these updates and adjust their spending habits to avoid extra fees and make the most of rewards. Staying informed can help minimize the impact of these changes on your finances.
