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After Diwali, SBI and ICICI Bank have made changes in credit card rules. ICICI has reduced benefits and cut rewards, while SBI has increased finance charges. Customers have been advised to be cautious.

Credit Card Rules Change:  As soon as the Diwali festival is over, SBI and ICICI Bank have announced changes in their credit card rules. These changes will be effective from November 1, 2024. Let us know about these changes in detail.

ICICI Bank's new changes

ICICI Bank has made some cuts in its credit card fees and benefits. These changes will be effective from November 15, 2024.

Reduction in benefits

• Many benefits like airport lounge access and insurance have been reduced.
• Spa access will no longer be available on the DreamFolks card.

Reward Points

• Now there will be no reward on government transactions.
• Surcharge waiver will not be available if fuel expenditure exceeds Rs 1,00,000 per month.

Change in annual fee

• The spend limit for annual fee has been reduced from Rs 15 lakh to Rs 10 lakh.
• If the utility payment exceeds Rs 50,000, a charge of 1% will be levied.

Fuel Transactions

Even if the fuel transaction exceeds Rs 10,000, a charge of 1% will be levied.

SBI's new rules

State Bank of India (SBI) has also made some changes in its credit card rules.

Finance charges increased

• Finance charges on all un-secured SBI credit cards have been increased to 3.75% per month.
• Note that this will not apply to Gallantry and Defense cards.

charges on rupay card

There will be a charge of 1% on utility payments above Rs 50,000, which will be effective from December 1, 2024.

What to do for customers?

After these changes, customers will have to be careful in using their credit cards.