Credit Card: If you use SBI and ICICI credit cards, the recent changes made by the bank may affect your expenses. These changes include important amendments on airport lounge access, insurance, late payment charges, and rewards. Let’s know how these new rules will affect your pocket.
Additional charge of 1% on utility bill payments
Now 1% surcharge will be levied on paying utility bills like electricity, water, gas through SBI credit card. This additional charge will be applicable only when the total payment amount in a billing cycle exceeds Rs 50,000. If the bill amount is less than Rs 50,000, then no additional charge will be levied.
Rewards on government transactions stopped
Now there will be no rewards on government transactions done with SBI cards. Due to this decision, consumers making government payments like tax or availing other government services will get less rewards, which can affect their savings.
Changes in fuel surcharge waiver
If a customer’s fuel expenditure is more than Rs 1,00,000 per month, he will not get a waiver on the surcharge. Due to this, customers with high fuel expenditure may have to bear additional expenses.
Change in ICICI Bank Credit Card rules
ICICI Bank has also made changes to its credit card rules, which will come into effect from November 15, 2024. The bank has cut down on airport lounge access, insurance benefits, and late payment fines. Also, there will no longer be any rewards on government transactions and the surcharge waiver will end if the fuel expenditure limit exceeds Rs 1,00,000 per month.
These changes are aimed at balancing the bank’s benefit schemes, but it may impact the spending and rewards earning of credit card holders.
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