In December 2024, several leading banks, including Axis Bank, SBI, YES Bank, and AU Small Finance Bank, announced updates to their credit card terms and conditions.
These changes will directly impact cardholders. Below are the key updates from each bank.
Changes to AU Small Finance Bank Credit Cards
Reward Points Updates
Starting December 22, 2024, AU Small Finance Bank will revise reward point policies for the Ixigo AU credit card:
No Reward Points on Certain Transactions: Cardholders will no longer earn reward points on transactions related to education, government services, rent payments, and BBPS.
International Transactions: While the 0% forex markup remains, reward points will not be provided on international purchases.
Utility and Insurance Payments: Cardholders will earn 1 reward point per ₹100 spent on utility, telecom, and insurance.
However, reward points for insurance transactions are capped at 100 points per transaction.
Axis Bank Credit Card Changes
Updates to Airtel Axis Bank Card
Cashback Adjustments: The 25% cashback for recharge or bill payments on active Airtel connections continues, but cashback will no longer be applicable for payments on new or inactive Airtel accounts.
Revised Charges
Finance Charges: The monthly finance charge will increase from 3.6% to 3.75%.
Cheque Return and Auto Debit Reversal Charges: The minimum fee will rise from ₹450 to ₹500, with an additional ₹100 charge for failing to pay the Minimum Amount Due (MAD).
SBI Credit Card Updates
Utility Payment Fee
From December 1, 2024, SBI will impose a 1% fee on utility payments exceeding ₹50,000 in a billing cycle.
Utility payments include mobile, telephone, electricity, and insurance premiums.
YES Bank Credit Card Reward Point Limits
Caps on Reward Points Usage
YES Bank has introduced limits on how reward points can be used:
Marquee Cards: A maximum of 3 lakh points or 70% of the invoice can be used per month for flight and hotel bookings.
Reserve Cards: A maximum of 2 lakh points or 70% of the invoice can be used.
Other Cards: A maximum of 1 lakh points or 70% of the invoice can be used.
Additionally, the 50% cap on reward points for gift vouchers or statement credits remains unchanged.
These updates highlight significant changes in credit card benefits and fees. Cardholders are advised to review the new terms carefully to manage their expenses effectively.
