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The month of July has started and with it, some new rules or changes have been implemented in the country. This also includes new rules regarding the use of credit cards. Some of the rules came into effect on July 1, 2024, while others will come into effect later this month. Affected customers include cardholders of SBl Card, lClCl Bank, YES Bank, CitiBank etc. Let's know what credit card-related changes are being implemented in July.
ICICl Bank
IClCl Bank has announced improvements to its credit card services, effective from July 12024. 200 fee will be applicable for changing all cards from July 1. The changes include discontinuation of charges related to various essential services...
Charge Slip Request: A fee of Rs 100 will be charged for each charge slip request.
Check/Cash Pick-up Charge: A charge of Rs 100 for a check or cash collection service will no longer be applicable.
Dial-A-Draft Transaction Fee: A 3% fee(or a maximum of Rs 300) for Dial-A-Draft service will be waived.
Outstation Check Processing Fee: 1%fee (or a maximum of Rs 100) will bewaivedforeoutstationcheckprocessing.
Duplicate Bank Statement: A Fee of Rs100 for requesting a duplicate bank statement for three months will be waived.
RBl's New Mandate on Credit Card Bill Payment
A new rule by the Reserve Bank of India (RBl) is that from July 1, 2024, all credit card payments should be processed through the Bharat Bill Payment System (BBPS). Lt aims to increase payment efficiency and security. Out of 34 banks authorized to issue credit cards. Only 8 banks have enabled bill payments on BBPs. These include SBl Card, BoB Card, Kotak Mahindra Bank, IndusInd Bank and Federal Bank.
Yes Bank
Yes, the Bank has implemented an amendment to its lounge access rules from July 1, 2024Cardholders have to spend a minimum of Rs 35,000 in the previous quarter to qualify for complimentary lounge access in the next quarter. The number of complimentary lounge visits remains unchanged. This is subject to meeting a spending limit of Rs 35,000.
SBl Card
SBl Cards and Payment Services has announced that from July 15, 2024, reward points will no longer be applicable for government-related transactions on many credit cards. The affected SBl credit cards include Air India SBl Platinum Card, Air India SBl Signature Card, Central SBl Select+ Card, Chennai Metro SBl Card, Club Vistara SBl Card, Club Vistara SBlCard Prime, Delhi Metro SBl Card, Etihad Guest SBl Card, Etihad happens Guest SBlPremier Card, Fabindia SBl Card, Fabindia SBl Card Select, IRCTC SBl Card, IRCTC SBl CardPremier, Mumbai Metro SBl Card, Nature Basket SBl Card, Nature Basket SBl Card Elite.OLA Money SBl Card, Paytm SBl Card, Paytm SBl Card Cards include Select, Reliance SBlCard, Reliance SBl Card Prime, and Yatra SBl Card.
Axis Bank-Citibank Migration
The migration of Citibank credit cards to Axis Bank will be completed by July 15, 2024. AxisBank has acquired the consumer businesses of Citibank India and its non-banking finance arm. Until customers receive their new Axis Bank cards, existing Citibank-branded cards will continue to function. After migration, the new credit card names will be like this...
Citi Rewards Credit Card: Axis Bank Rewards Credit Card
Indian Oil City Credit Card: Indian Oil Axis Bank Premium Credit Card
Citi Premier Miles Credit Card: Axis Bank Horizon Credit Card
Citi Cash Back Credit Card: Axis Bank Cash Back Credit Card
First Citizen Citi Credit Card: Axis Bank Shoppers Stop Credit Card
Citi Prestige Credit Card: Axis Bank Olympus Credit Card
Citi Business Credit Card: Axis Bank Rewards Credit Card
Indian Oil City Business Credit Card: Indian Oil Axis Bank Premium Credit Card
IKEA Family Credit Card by Citi: lKEA Family Credit Card by Axis Bank