As 2024 comes to a close, several Indian banks, including SBI, Axis Bank, YES Bank, and AU Small Finance Bank, will introduce new credit card policies starting December 1. These changes aim to manage fees and rewards effectively. Key changes include:
* SBI Card: Introduces a 1% fee on utility payments above Rs 50,000 and no longer offers reward points for digital gaming purchases.
* Axis Bank: Introduces a redemption fee of Rs 9 (along with 18% GST) for cash redemptions and Rs 199 (along with 18% GST) for point transfers to mileage programs.
* YES Bank: Limits reward point usage for flights and hotels, with limits ranging from 1 lakh to 3 lakh points per month, depending on the credit card.
* AU Small Finance Bank: Updates its reward point policy for the Ixigo AU credit card, including discontinuing points for certain categories, international transactions, and limiting points for telecom and insurance spends.
These changes will take effect from December 1, 20, 20, 20, and 22, 2024, for each bank, respectively. It is important for customers to stay informed to manage their fees and rewards effectively.