Starting December 1, 2024, several changes will be implemented by banks in India, affecting credit card users. SBI Card will introduce a 1% fee for utility bill payments exceeding ₹50,000 and discontinue reward points on digital gaming transactions for certain card types. Axis Bank will introduce a redemption fee for cash redemptions, a fee for transferring points to mileage programs, and adjust interest rates, penalty charges, and transaction fees for certain transactions. YES Bank will restrict reward point usage, capping redemptions at 70% of the invoice value or a set number of points per month. AU Small Finance Bank will introduce changes to the Ixigo AU Credit Card, including no reward points for certain transactions, discontinuing reward points for international transactions, and changing reward points for certain transaction types. It is advised that cardholders review their spending strategies to minimize fees and optimize rewards.
Four major Indian banks – SBI, Axis, YES Bank, and AU Small Finance Bank – unveil significant changes to their credit card policies.
by newsworm | Dec 5, 2024 | Au Small Finance Bank, Axis bank, Banking, State Bank of India