New Delhi: The festive season is going on in the country. On the occasion of Diwali, many banks are offering many offers on credit cards to attract their customers. At the same time, just after Diwali, SBI and ICICI Bank have announced changes in credit card rules.
Earlier also ICICI Bank had changed its credit card and debit card rules in the beginning of October. In such a situation, before using these credit cards, you must know what has changed in the rules.
ICICI Bank credit card new rule
Private sector bank ICICI Bank has reduced its fee structure and benefits on many cards, including airport lounge access, insurance, late payment fines, fuel surcharge and food purchases. These changes in the rules will be effective from November 15, 2024.
According to the new rules, now there will be no reward on government transactions through ICICI Bank’s credit card. At the same time, surcharge waiver will not be available if the fuel expenditure exceeds Rs 1,00,000 per month. Apart from this, spa access has been discontinued on ICICI Bank’s DreamFolks card.
At the same time, rent payments, government and education payments made through credit cards will no longer be included in the spend limit for annual fee reversal and milestone benefits. Apart from this, the annual fee for reversal has also been changed. It has been reduced from Rs 15 lakh to Rs 10 lakh. Apart from this, a charge of 1 percent will have to be paid if the utility payment is more than Rs 50,000. At the same time, a charge of 1 percent will have to be paid even if the fuel transaction is more than Rs 10,000.
SBI also changed the rules
State Bank of India has updated its credit card transaction fees a few days ago. The finance charge on all unsecured SBI credit cards has been increased to 3.75 percent per month. Note that this does not apply to Gallantry and Defense cards. This rule will be effective from November 1. Apart from this, 1 percent charge will have to be paid if the utility payment through SBI’s Rupay card exceeds Rs 50 thousand per month. This rule will come into effect from December 1.
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