As we step into July 2024, key changes are taking place in the credit card landscape across various banks in India.
From the discontinuation of specific charges to changes in reward programs and regulatory mandates, here's a comprehensive look at what credit cardholders need to know this month.
ICICI Bank has announced revisions to its credit card services, effective from July 1, 2024.
SBI Cards & Payment Services has announced that from July 15, 2024, reward points will no longer be applicable for government-related transactions on several credit cards.The affected transactions fall under Merchant Category Codes (MCC) 9399 and 9311, typically including various government-related services.Affected SBI Credit Cards (Effective July 15, 2024):Air India SBI Platinum CardAir India SBI Signature CardCentral SBI Select+ CardChennai Metro SBI CardClub Vistara SBI CardClub Vistara SBI Card PRIMEDelhi Metro SBI CardEtihad Guest SBI CardEtihad Guest SBI Premier CardFabindia SBI CardFabindia SBI Card SELECTIRCTC SBI CardIRCTC SBI Card PremierMumbai Metro SBI CardNature's Basket SBI CardNature's Basket SBI Card ELITEOLA Money SBI CardPaytm SBI CardPaytm SBI Card SELECTReliance SBI CardReliance SBI Card PRIMEYatra SBI CardThe migration of Citibank credit cards to Axis Bank is set to be completed by July 15, 2024, following Axis Bank's acquisition of Citibank India's consumer businesses and its non-banking finance arm.Until customers receive their new Axis Bank cards, existing Citibank-branded cards will continue to function.New credit card names post-migration:Citi Rewards Credit Card → Axis Bank REWARDS Credit CardIndianOil Citi Credit Card → INDIANOIL AXIS BANK PREMIUM Credit CardCiti PremierMiles Credit Card → Axis Bank HORIZON Credit CardCiti Cash Back Credit Card → Axis Bank CASHBACK Credit CardFirst Citizen Citi Credit Card → AXIS BANK SHOPPERS STOP Credit CardCiti Prestige Credit Card → Axis Bank OLYMPUS Credit CardCiti Business Credit Card → Axis Bank REWARDS Credit CardIndianOil CitiBusiness Credit Card → INDIANOIL AXIS BANK PREMIUM Credit CardIKEA Family Credit Card by Citi → IKEA Family Credit Card by Axis BankUnredeemed points will be converted to Axis EDGE REWARD Points or EDGE Miles, retaining their never-expiring status pre-migration, but with a three-year expiration period post-migration.From July 1, 2024, the Reserve Bank of India's (RBI) new regulation mandates that all credit card payments be processed through the Bharat Bill Payment System (BBPS).
This aims to enhance payment efficiency and security.Only twelve of the 34 banks authorised to issue credit cards have activated bill payments on BBPS, including SBI Card, BoB Card, Kotak Mahindra Bank, IndusInd Bank and Federal Bank.YES Bank has revised its lounge access rules, effective July 1, 2024.Cardholders must spend a minimum of ₹35,000 in the previous quarter to qualify for complimentary lounge access in the following quarter.The number of complimentary lounge visits remains unchanged, contingent upon meeting the ₹35,000 spending threshold.
As we step into July 2024, key changes are taking place in the credit card landscape across various banks in India. From the discontinuation of specific charges to changes in reward programs and regulatory mandates, here's a comprehensive look at what credit cardholders need to know this month. ICICI Bank has announced revisions to its credit card services, effective from July 1, 2024. These changes include the discontinuation of fees associated with various essential services:Charge Slip Request: The ₹100 fee for each charge slip request will be discontinued.Cheque/Cash Pick-Up Fee: The ₹100 fee for cheque or cash collection services will no longer apply.Dial-a-Draft Transaction Fee: The 3% fee (or a maximum of ₹300) for Dial-a-Draft services will be eliminated.Outstation Cheque Processing Fees: The 1% fee (or a maximum of ₹100) for outstation cheque processing will be waived.Duplicate Bank Statements: The ₹100 fee for requesting duplicate bank statements for a three-month period will be removed.However, from July 1, a standard fee of ₹200 will be applicable for all card replacements. SBI Cards & Payment Services has announced that from July 15, 2024, reward points will no longer be applicable for government-related transactions on several credit cards.The affected transactions fall under Merchant Category Codes (MCC) 9399 and 9311, typically including various government-related services.Affected SBI Credit Cards (Effective July 15, 2024):Air India SBI Platinum CardAir India SBI Signature CardCentral SBI Select+ CardChennai Metro SBI CardClub Vistara SBI CardClub Vistara SBI Card PRIMEDelhi Metro SBI CardEtihad Guest SBI CardEtihad Guest SBI Premier CardFabindia SBI CardFabindia SBI Card SELECTIRCTC SBI CardIRCTC SBI Card PremierMumbai Metro SBI CardNature's Basket SBI CardNature's Basket SBI Card ELITEOLA Money SBI CardPaytm SBI CardPaytm SBI Card SELECTReliance SBI CardReliance SBI Card PRIMEYatra SBI CardThe migration of Citibank credit cards to Axis Bank is set to be completed by July 15, 2024, following Axis Bank's acquisition of Citibank India's consumer businesses and its non-banking finance arm.Until customers receive their new Axis Bank cards, existing Citibank-branded cards will continue to function.New credit card names post-migration:Citi Rewards Credit Card → Axis Bank REWARDS Credit CardIndianOil Citi Credit Card → INDIANOIL AXIS BANK PREMIUM Credit CardCiti PremierMiles Credit Card → Axis Bank HORIZON Credit CardCiti Cash Back Credit Card → Axis Bank CASHBACK Credit CardFirst Citizen Citi Credit Card → AXIS BANK SHOPPERS STOP Credit CardCiti Prestige Credit Card → Axis Bank OLYMPUS Credit CardCiti Business Credit Card → Axis Bank REWARDS Credit CardIndianOil CitiBusiness Credit Card → INDIANOIL AXIS BANK PREMIUM Credit CardIKEA Family Credit Card by Citi → IKEA Family Credit Card by Axis BankUnredeemed points will be converted to Axis EDGE REWARD Points or EDGE Miles, retaining their never-expiring status pre-migration, but with a three-year expiration period post-migration.From July 1, 2024, the Reserve Bank of India's (RBI) new regulation mandates that all credit card payments be processed through the Bharat Bill Payment System (BBPS). This aims to enhance payment efficiency and security.Only twelve of the 34 banks authorised to issue credit cards have activated bill payments on BBPS, including SBI Card, BoB Card, Kotak Mahindra Bank, IndusInd Bank and Federal Bank.YES Bank has revised its lounge access rules, effective July 1, 2024.Cardholders must spend a minimum of ₹35,000 in the previous quarter to qualify for complimentary lounge access in the following quarter.The number of complimentary lounge visits remains unchanged, contingent upon meeting the ₹35,000 spending threshold.
