Several banks in India, including Axis Bank, SBI Card, AU Small Finance Bank, and YES Bank, will introduce changes to their credit card terms in December 2024. These changes will impact fees, rewards, and transaction details. Here are some key updates:
* Axis Bank will introduce redemption fees for EDGE Rewards and Miles, starting December 20, 2024. Customers should redeem or transfer points before the deadline to avoid fees.
* SBI Card will introduce new transaction fees for certain activities, such as wallet loads, utility payments, and gaming transactions. Utility payments exceeding Rs 50,000 will be charged a 1% fee.
* AU Small Finance Bank will discontinue reward points for certain transactions, including education, government services, and rent payments. International spends will also no longer earn reward points.
* YES Bank will introduce new limits on redeeming rewards points for flights and hotels, and higher spending thresholds for accessing complimentary airport lounges.
These changes will take effect starting December 1, 2024, and cardholders should review their card terms and conditions to avoid any unexpected charges and make the most of their credit card perks.