Credit Card Rule Changes in July 2024: ICICI Bank, SBI, Axis Bank, and More

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Credit Card Rule Changes in July 2024

As we step into July 2024, the credit card landscape in India is undergoing significant changes. Several major banks, including ICICI Bank, SBI Card, and Axis Bank, have announced revisions to their credit card policies and fees. Let's dive into the details:

ICICI Bank Credit Card Updates

Effective July 1, 2024, ICICI Bank has introduced the following changes to its credit card services:

  • Discontinuation of Fees: ICICI Bank is eliminating various fees, including the ₹100 charge slip request fee, ₹100 cheque/cash pick-up fee, 3% Dial-a-Draft transaction fee (minimum ₹300), 1% outstation cheque processing fee (minimum ₹100), and ₹100 duplicate statement request fee (beyond 3 months).
  • Card Replacement Fee Increase: The card replacement fee has been revised from ₹100 to ₹200 for all cards, except the Emerald Private Metal Credit Card, which will now cost ₹3,500.
  • Reward Points on Rent Payments: Rent payments made using ICICI Bank credit cards will no longer earn reward points. However, the 1% discount on fuel surcharge payments will continue with no limits on rewards or expiration dates.

For more details, refer to ICICI Bank's official website.

SBI Card Updates

SBI Card has announced the following changes, effective July 15, 2024:

  • Reward Points Discontinued on Government Transactions: Reward points will no longer be applicable for government-related transactions on several SBI credit cards, including the Air India SBI Platinum Card, IRCTC SBI Card, and Paytm SBI Card.
  • Minimum Amount Due Revisions: The Minimum Amount Due (MAD) will now include total GST, EMI amounts, 100% of fees/charges, and the higher of 5% or 100% of finance charges.

For more details, visit SBI Card's official website.

Axis Bank - Citibank Migration

Axis Bank has acquired Citibank India's consumer businesses, including credit card accounts. By July 15, 2024, the migration of Citibank credit cards to Axis Bank will be completed. Key points:

  • Existing Citibank-branded cards will continue to function until customers receive their new Axis Bank cards, which is expected within a few months.
  • Citi Rewards Credit Card will become the Axis Bank REWARDS Credit Card.
  • IndianOil Citi Credit Card will be renamed the INDIANOIL AXIS BANK PREMIUM Credit Card.
  • Citi PremierMiles Credit Card will be rebranded as the Axis Bank HORIZON Credit Card.

For more information, check out Axis Bank's official website.

Other Changes

Additionally, the Reserve Bank of India (RBI) has issued new directives for credit card issuers, effective September 6, 2024:

  • Customers will have the option to choose from multiple card networks.
  • Cardholders can select any date as the starting or closing date of their billing cycle at least once.

These changes aim to provide greater flexibility and control to consumers over their credit card usage.

Key Takeaways for Cardholders:

  • Review credit card statements carefully to understand the impact on the Minimum Amount Due and charges.
  • Adjust spending habits to maximize benefits, as some changes affect reward points and spending thresholds.
  • Plan your spending to meet the eligibility criteria for complimentary lounge access, where applicable.
  • Stay informed about further updates from your bank to take advantage of new offers and changes.

For more detailed information, refer to the respective banks' official communications and websites.

Key Highlights:

BankKey Changes
ICICI Bank- Discontinuation of various fees
- Increase in card replacement fee to ₹200
- Reward points discontinued on rent payments
SBI Card- Reward points discontinued on government transactions for select cards
- Revisions to Minimum Amount Due calculation
Axis Bank- Completion of Citibank credit card migration by July 15, 2024
- New credit card names post-migration
RBI- Customers can choose from multiple card networks
- Flexibility to select billing cycle dates

Also Read: Adani Group Enters the Credit Card Market: A Strategic Move with ICICI Bank

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