In July 2024, several changes have been introduced regarding the use of credit cards in India. These changes affect cardholders across various banks like SBI Card, ICICI Bank, YES Bank, and Citi Bank.
ICICI Bank Updates
ICICI Bank has introduced several revisions to its credit card services starting July 1, 2024:
Card Replacement Fee: A standard fee of ₹200 will apply for all card replacements.
Discontinued Charges: Fees for essential services like charge slip requests (₹100), cheque/cash pick-up (₹100), dial-a-draft transactions (3% or up to ₹300), and outstation cheque processing (1% or up to ₹100) have been discontinued.
Duplicate Bank Statement: The ₹100 fee for duplicate bank statements will be waived for three months.
RBI’s Regulation on Credit Card Payments
From July 1, 2024, all credit card payments must be processed through Bharat Bill Payment System (BBPS), mandated by the RBI.
This regulation aims to enhance payment efficiency and security, initially implemented by 8 out of 34 authorized banks.
Yes Bank Lounge Access Revisions
Yes Bank has revised its lounge access rules effective July 1, 2024. Cardholders must now spend a minimum of ₹35,000 in the previous quarter to qualify for complimentary lounge access in the next quarter, maintaining the existing number of visits.
SBI Card Government Transaction Reward Points
Starting July 15, 2024, several SBI credit cards, including Air India, Central, Chennai Metro, and others, will no longer earn reward points on government-related transactions.
Axis Bank-Citibank Credit Card Migration
By July 15, 2024, the migration of Citibank credit cards to Axis Bank will be completed. New Axis Bank cards will replace existing Citibank cards, maintaining similar features and benefits under new names.
These updates reflect recent changes in credit card regulations and services aimed at enhancing user convenience and compliance with regulatory requirements.
