If you are an SBI Card or ICICI Bank Credit Card user, then there is a big news for you. The bank has made many changes in the rules related to payment of utility bills like electricity, gas and water.
SBI Card has announced these important changes for its credit card users, which have come into effect from November 1, 2024. ICICI Bank has also changed the rules of its credit card. The new rules will come into effect from November 15, 2024. The bank has reduced many benefits like airport lounge access, insurance and late payment fine. Now there will be no reward on government transactions and if the fuel expenditure is more than Rs 1,00,000 per month then surcharge waiver will not be available.
SBI card new rules
SBI has decided to charge 1% extra on payment of utility bill if the amount exceeds Rs 50,000 in the statement cycle. However, no additional charge will be levied on bills less than Rs 50,000. Apart from this, the finance charge has been increased to 3.75% for all unsecured credit cards, which will not be applicable on Shaurya and Defense Credit Cards. The validity of reward points of SBI card has been changed. Now these reward points will be valid for a limited time only, so it will be necessary to use them on time. If you have made a purchase through EMI with your credit card, then some additional charges may be levied on it. Therefore, it is important to get complete information related to the new charges before making any big purchase.
Change in rules of ICICI Bank Credit Card
Private sector bank ICICI Bank has also changed the rules of its credit card. The new rules will come into effect from November 15, 2024. The bank has reduced many benefits like airport lounge access, insurance and late payment fines. Now there will be no reward on government transactions and there will be no surcharge waiver if fuel expenses are more than Rs 1,00,000 per month.
ICICI Bank has changed the reward point redemption process for its credit cards. Reward point redemption in some categories will be different from before and there may be some limits on it. Interest rates have been changed for purchases made on EMI. ICICI Bank has said that the new interest rates may vary depending on the type of card and transaction.
