Credit Card New Rule: The month of July has started and with it some new rules or changes have come into force in the country. These include new rules related to using credit cards. Some rules have come into effect from July 1, 2024, while some will come into force later this month. The affected customers include cardholders of SBI Card, ICICI Bank, YES Bank, Citi Bank etc. Let’s know which changes are being implemented related to credit card in July…
ICICI Bank
ICICI Bank has announced revisions in its credit card services, effective from July 1, 2024. A standard fee of ₹200 will be applicable for all card replacements from July 1. The changes include discontinuation of charges associated with various essential services…
Charge slip request: The fee of ₹100 for each charge slip request will be discontinued.
Check/cash pick-up fee: The fee of ₹100 for check or cash collection services will no longer be applicable.
Dial-a-draft transaction fee: The 3% fee (or maximum ₹300) for dial-a-draft services will be abolished.
Outstation check processing fee: The 1% fee (or maximum ₹100) for outstation check processing will be waived.
Duplicate bank statement: The fee of ₹100 for requesting a duplicate bank statement will be waived for a period of three months.
RBI’s new order on credit card bill payments implemented
The Reserve Bank of India (RBI) has a new regulation that from July 1, 2024, all credit card payments should be processed through the Bharat Bill Payment System (BBPS). Its aim is to increase payment efficiency and security. Out of the 34 banks authorized to issue credit cards, only 8 have activated bill payments on BBPS. These include SBI Cards, BoB Cards, Kotak Mahindra Bank, IndusInd Bank and Federal Bank.
YES Bank
Yes Bank has implemented a revision in its lounge access rules from July 1, 2024. Cardholders will have to spend a minimum of ₹35,000 in the previous quarter to qualify for complimentary lounge access in the next quarter. There is no change in the number of complimentary lounge visits. This is dependent on meeting the ₹35,000 spending limit.
SBI Card
SBI Cards and Payment Services has announced that reward points will not be applicable for government-related transactions on several credit cards from July 15, 2024. The affected SBI credit cards include Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, Chennai Metro SBI Card, Club Vistara SBI Card, Club Vistara SBI Card Prime, Delhi Metro SBI Card, Etihad Guest SBI Card, Etihad Guest SBI Premier Card, Fabindia SBI Card, Fabindia SBI Card Select, IRCTC SBI Card, IRCTC SBI Card Premier, Mumbai Metro SBI Card, Nature Basket SBI Card, Nature Basket SBI Card Elite, OLA Money SBI Card, Paytm SBI Card, Paytm SBI Card Select, Reliance SBI Card, Reliance SBI Card Prime, Yatra SBI Card.
Axis Bank-Citibank Migration
The migration of Citibank credit cards to Axis Bank will be completed by July 15, 2024. Axis Bank has acquired the consumer businesses of Citibank India and its non-banking finance arm. Until customers receive their new Axis Bank cards, existing Citibank-branded cards will continue to work. After migration, the names of the new credit cards will be like this…
- Citi Rewards Credit Card: Axis Bank Rewards Credit Card
- Indian Oil Citi Credit Card: Indian Oil Axis Bank Premium Credit Card
- Citi Premier Miles Credit Card: Axis Bank Horizon Credit Card
- Citi Cash Back Credit Card: Axis Bank Cash Back Credit Card
- First Citizen Citi Credit Card: Axis Bank Shoppers Stop Credit Card
- Citi Prestige Credit Card: Axis Bank Olympus Credit Card
- Citi Business Credit Card: Axis Bank Rewards Credit Card
- Indian Oil Citi Business Credit Card: Indian Oil Axis Bank Premium Credit Card
- IKEA Family Credit Card by Citi: IKEA Family Credit Card by Axis Bank
