Customers need to be aware of these updates to avoid unexpected charges and to maximise their credit card benefits.
Axis Bank updates: New fees and revised interest rates
From December 20, 2024, Axis Bank will implement several fee changes that affect its credit card customers.
One of the most notable changes is the introduction of a redemption fee for EDGE Rewards and Miles.
Redemption fees:
- ₹99 (plus 18% GST) for cash redemptions.
- ₹199 (plus 18% GST) for transferring points to mileage programs.
The new fees apply to several cards, including the Axis Bank Atlas, Magnus, and Reserve Credit Cards.
However, Citi-protege cards like Axis Bank Olympus and Horizon will remain unaffected.
Customers can avoid these fees by redeeming or transferring their points before the deadline.
Interest rate: The monthly interest rate will rise to 3.75%, increasing the cost for customers who carry a balance on their cards.
Other fee changes:
- Auto debit reversals and cheque returns will incur a fee of ₹500 or 2% of the amount, whichever is higher.
- Cash payments at branches will attract a ₹175 charge.
- A penalty of ₹100 will be levied if the Minimum Amount Due (MAD) remains unpaid for two consecutive cycles.
There will also be new transaction fees on wallet loads above ₹10,000, utility payments over ₹25,000, and gaming transactions exceeding ₹10,000.
SBI Card changes: Utility payments and reward point discontinuation
SBI Card, a subsidiary of the State Bank of India, will roll out new credit card policies starting December 1, 2024.
The changes will affect utility payments and the accumulation of reward points.
1% fee on utility payments Over ₹50,000: A 1% fee will be applied to payments for electricity, water, and gas that exceed ₹50,000 in a billing cycle.
There will be no charges for payments under this threshold.
Discontinuation of reward points for digital gaming: Reward points will no longer be earned for transactions related to digital gaming platforms. This affects a wide range of SBI credit cards, including premium, lifestyle, and gold cards.
AU Small Finance Bank’s Ixigo Credit Card changes
AU Small Finance Bank will revise the features of its Ixigo AU credit card starting December 22, 2024.
The changes include alterations to the way reward points are earned and applied.
Discontinuation of reward points on certain categories: Cardholders will no longer earn reward points for transactions involving education, government services, rent, and payments via Bharat Bill Payment System (BBPS).
International spend rewards: To accommodate the introduction of a 0% forex markup on international transactions (effective December 23, 2024), AU Bank will stop offering reward points on international spends.
Revised reward points for telecom, utility, and insurance: Cardholders will continue to earn 1 reward point for every ₹100 spent on telecom, utility, and insurance, but there will be a cap of 100 reward points per insurance transaction.
YES Bank updates: Changes in redemption and lounge access
YES Bank is making significant updates to its credit card benefits, starting with changes to its rewards points redemption policy.
New limits on rewards points redemption: Effective December 1, 2024, YES Bank will cap the number of rewards points that can be redeemed for flights and hotels.
The redemption cap will vary by card type, with higher limits for premium cards such as YES Private and YES MARQUEE.
Higher spending requirements for lounge access: Starting April 1, 2025, cardholders will need to meet higher spending thresholds to access complimentary airport lounges.
For example, YES MARQUEE cardholders will need to spend ₹1 lakh to access six visits, while YES First Preferred cardholders will need to spend ₹75,000 for two visits.
