July brings significant changes to credit card rules affecting cardholders of major banks like ICICI Bank, Yes Bank, SBI Cards, and Citibank. Here’s what you need to know about these updates.
ICICI Bank Updates
Effective July 1, 2024
ICICI Bank has implemented the following revisions:
Card Replacement Fee: A standard fee of ₹200 for all card replacements.
Charge Slip Requests: Discontinuation of the ₹100 fee per charge slip request.
Cheque/Cash Pick-up Charges: Removal of the ₹100 charge for cheque or cash collection.
Dial-a-Draft Transaction Fee: Abolishment of the 3% fee (up to ₹300) for dial-a-draft services.
Outstation Cheque Processing Fee: Waiver of the 1% fee (up to ₹100) for outstation cheque processing.
Duplicate Bank Statement: Suspension of the ₹100 fee for duplicate bank statement requests for three months.
RBI’s New Regulation
Effective July 1, 2024
All credit card payments must now be processed through Bharat Bill Payment System (BBPS), as per RBI’s mandate.
This aims to enhance payment efficiency and security, impacting select banks initially.
Yes Bank Lounge Access Revisions
Effective July 1, 2024
Yes Bank has updated its lounge access policy: Cardholders must spend a minimum of ₹35,000 in the previous quarter to qualify for complimentary lounge access in the next quarter, maintaining current visit allowances.
SBI Card Rewards Adjustments
Effective July 15, 2024
SBI Cards will no longer award reward points for government-related transactions on specified credit cards, affecting various SBI cardholders.
Axis Bank-Citibank Migration
Completion by July 15, 2024
Axis Bank will finalize the migration of Citibank credit cards, rebranding them as follows:
Existing Citibank cards will remain active until new Axis Bank cards are issued.
Unredeemed points will convert to Axis Edge Rewards Points or EDGE Miles, based on the card type.
These updates reflect ongoing efforts to streamline services and enhance customer benefits across the credit card industry.
