“Credit Card Shake-Up: Major Changes in SBI, HDFC, ICICI, and Axis Bank Cards You Need to Know!”

by

SBI has made changes to the Paytm SBI Credit Card, removing the cashback feature on transactions related to rentals, effective from January 1, 2024. Additionally, there’s a modification in rewards points for online purchases using the SBI Card on EazyDiner, reducing the points from 10X to 5X. However, certain merchants like Apollo 24×7, BookMyShow, Cleartrip, Dominos, Myntra, Netmeds, and Yatra will continue to offer 10X reward points.

HDFC Bank altered its Regalia and Millennia credit cards, linking lounge access programs to card spending. Regalia cardholders can benefit from two complimentary lounge access vouchers, while Millennia cardholders can avail themselves of one complimentary lounge access voucher based on credit card spending.

ICICI Bank made changes to airport lounge access benefits for credit cardholders and also modified reward points’ rules.

Axis Bank also updated rules for its credit cardholders, adjusting benefits, annual charges, joining gifts for cards like Axis Bank Magnus Credit Card and Axis Bank Reserve Credit Card, along with changes in terms and conditions.

Each bank has implemented alterations in credit card offerings and benefits, affecting reward programs, lounge access, and associated charges. These changes vary across different card types and became effective on specific dates in 2023 and 2024.

 


SBI:

  1. Paytm SBI Credit Card: The removal of cashback benefits on rental transactions since January 1, 2024, signifies a shift in the card’s perks.
  2. SBI Card EazyDiner Rewards: The adjustment from 10X to 5X rewards points for online purchases via EazyDiner was implemented from November 1, 2023. However, specific merchants still retain the 10X rewards points feature.

HDFC Bank:

  1. Regalia Credit Card: The linkage of lounge access programs to card spending now allows customers to benefit from two complimentary lounge access vouchers.
  2. Millennia Credit Card: Similar to Regalia, this card also offers lounge access vouchers based on credit card spending, granting users one complimentary access voucher.

ICICI Bank: The bank revised its credit card offerings related to airport lounge access and adjusted the rules governing reward points earned through card usage.

Axis Bank:

  1. Axis Bank Magnus Credit Card: Changes were made to the card benefits, annual charges, and joining gifts, affecting the overall perks associated with this card.
  2. Axis Bank Reserve Credit Card: Similar to other cards, this one also underwent changes in terms and conditions, reflecting alterations in its benefits and offerings.

These changes across SBI, HDFC, ICICI, and Axis Bank signify a shift in the benefits, reward structures, and terms associated with their credit card products. Customers need to be aware of these modifications to understand how they might impact their card usage and benefits.

Leave a Comment