Credit card users must read this news! ICICI Bank, Yes Bank, SBI credit card rules will change in July

SBI Cards and Payment Services has announced that from July 15, 2024, reward points for government-related transactions will no longer be applicable on many credit cards. The migration of Citibank credit card to Axis Bank will be completed by July 15, 2024. Until customers receive their new Axis Bank cards, existing Citibank-branded cards will continue to function

3 Month ago

Credit Cards New Rule: 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 SBI Card, ICICI Bank, YES Bank, Citi Bank etc. Let's find out what credit card related changes are being implemented in July…

ICICI Bank

ICICI Bank has announced improvements to its credit card services, effective July 1, 2024. A standard fee of ₹200 will be applicable for all card changes from July 1. The changes include discontinuation of charges related to various essential services.
Charge Slip Request: A fee of ₹100 will be charged for each charge slip request.
Check/Cash Pick-up Charges: A charge of ₹100 for check or cash collection services will no longer be applicable.
Dial-A-Draft Transaction Fee: 3% fee (or a maximum of ₹300) will be waived for Dial-A-Draft services.
Outstation Check Processing Fee: 1% fee (or maximum ₹100) will be waived for outstation check processing.
Duplicate Bank Statement: The fee of ₹100 for requesting duplicate bank statement will be waived for a period of three months.
New RBI mandate on credit card bill payment has come into effect

A new Reserve Bank of India (RBI) regulation is that from July 1, 2024, all credit card payments must be processed through the Bharat Bill Payment System (BBPS). It 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 SBI Card, BoB Card, Kotak Mahindra Bank, IndusInd Bank and Federal Bank.

YES Bank

Yes Bank has implemented an amendment to its lounge access rules from July 1, 2024. Cardholders have to spend a minimum of ₹35,000 in the previous quarter to qualify for complimentary lounge access in the next quarter.

SBI Card

SBI Cards and Payment Services has announced that from July 15, 2024, reward points for government-related transactions will no longer be applicable on many credit cards. The affected SBI credit cards include Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, Chennai Metro SBI Card, Club Vistara SBI Card, Club Vistara SBI Card Prime, Delhi Metro SBI Card, Etihad Guest SBI Card, Etihad happens Guest SBI Premier Card, Fabindia SBI Card, Fabindia SBI Card Select, IRCTC SBI Card, IRCTC SBI Card Premier, Mumbai Metro SBI Card, Nature Basket SBI Card, Nature Basket SBI Card Elite, OLA Money SBI Card, Paytm SBI Card, Paytm SBI Card Cards include Select, Reliance SBI Card, Reliance SBI Card Prime, Yatra SBI Card.

Axis Bank-Citibank Migration

The migration of Citibank credit cards to Axis Bank will be completed by July 15, 2024. Axis Bank 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…