SBI and ICICI Bank Credit Card
If you are an SBI Card or ICICI Bank Credit Card user, then there is a big news for you. The bank has made several changes in the rules related to payment of utility bills like electricity, gas and water. SBI Card has announced these important changes for its credit card users, which are effective from November 1, 2024. ICICI Bank has also changed the rules of its credit card. The new rules will come into effect from 15 November 2024. The bank has reduced many benefits like airport lounge access, insurance and late payment fine. Now no rewards will be available on government transactions and there will be no surcharge waiver if fuel expenditure is more than Rs 1,00,000 per month.
New rules of SBI card
SBI has decided to levy an additional charge of 1% on utility bill payments if the amount in the statement cycle exceeds Rs 50,000. However, no additional charges will be levied on bills below Rs 50,000. Additionally, finance charges for all unsecured credit cards have been increased to 3.75%, which will not be applicable on Shaurya and Defense credit cards. The validity of reward points of SBI card has been changed. Now these reward points will be valid for a limited time only, so it will be important to use them on time. If you have made a purchase through EMI with your credit card, there may be some additional charges. Therefore, it is important to get complete information related to the new charges before making any big purchase.
Changes in ICICI Bank Credit Card rules
Private sector bank ICICI Bank has also changed the rules of its credit card. The new rules will come into effect from 15 November 2024. The bank has reduced many benefits like airport lounge access, insurance and late payment fine. Now there will be no rewards on government transactions and there will be no surcharge waiver if the fuel expenditure is more than Rs 1,00,000 per month. ICICI Bank has changed the process of reward point redemption for its credit cards. In some categories, reward point redemption will be different from before and there may be some limitations on it. Interest rates have been changed for purchases made on EMI. ICICI Bank has said that the new interest rates may vary depending on the type of card and transaction.
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