SBI Card rule changes

SBI and ICICI Bank Credit Card Rule Changes Effective November 2024: What You Need to Know

If you’re an SBI or ICICI Bank credit cardholder, be aware of important rule changes effective in November 2024 that could impact your expenses, rewards, and fees. Here’s a breakdown of the key updates and how they might affect you.

SBI Card Rule Changes: Effective November 1, 2024

Starting November 1, 2024, SBI Card has introduced several significant updates, including changes to utility bill payments, finance charges, and reward points validity. Here are the main highlights:

1% Additional Charge on High Utility Bills
SBI Cardholders who pay utility bills exceeding ₹50,000 in a single statement cycle will incur a 1% additional charge. This charge will apply to utility payments for services like electricity, gas, and water. Bills below ₹50,000 will remain unaffected by this new fee.
Finance Charge Increase for Unsecured Cards
The finance charge on unsecured SBI credit cards is set to rise to 3.75%. However, this increase will not impact holders of Shaurya and Defense Credit Cards, which remain at their previous rates.
Reward Points Validity Changes
SBI has adjusted the expiration policy for reward points. Reward points will now have a limited validity period, encouraging cardholders to redeem them promptly before expiration.
Additional EMI Charges on Purchases
SBI has announced that some additional charges will apply for purchases made on EMI. Cardholders planning large purchases should review the updated fees to avoid unexpected costs.

ICICI Bank Credit Card Rule Changes: Effective November 15, 2024

ICICI Bank will also be implementing updates to its credit card terms beginning November 15, 2024, focusing on benefit reductions, reward points, and surcharge policies. The major changes include:

Reduced Benefits on Lounge Access and Insurance
ICICI Bank is scaling back some credit card perks, including reductions in airport lounge access, insurance benefits, and late payment fee waivers.
No Rewards on Government Transactions
ICICI cardholders will no longer earn reward points on government-related transactions. Additionally, if fuel expenses exceed ₹1,00,000 per month, no surcharge waiver will be granted.
Updated Reward Points Redemption Process
ICICI has revised the reward points redemption process for specific categories. Depending on the category, redemption may involve different terms, potentially limiting the usability of rewards.
Interest Rate Changes for EMI Purchases
ICICI Bank has introduced new interest rates for EMI transactions, which will vary based on the card type and transaction nature. Cardholders should review these updated rates to manage costs on EMI purchases effectively.

Conclusion:

Both SBI and ICICI Bank credit cardholders should be aware of the upcoming changes to fees, rewards, and benefits. These updates may impact utility payments, EMI interest, and reward point usage, so it’s essential to review the new rules carefully. SBI Card rule changes, By staying informed, cardholders can make the most of their credit card benefits while avoiding additional charges.