If you use an SBI Card or an ICICI Bank Credit Card, there is significant news regarding changes to payment rules for utility bills such as electricity, gas, and water.
SBI Card has implemented important updates for its users starting November 1, 2024. Similarly, ICICI Bank will introduce its changes on November 15, 2024.
These changes involve the reduction of various benefits, including airport lounge access, insurance, and late payment fees.
Additionally, there will be no rewards for government transactions, and if your monthly fuel spending exceeds Rs 1,00,000, you will no longer receive a surcharge waiver.
New Rules for SBI Card Users
SBI has decided to implement a 1% extra charge for utility bill payments exceeding Rs 50,000 during the statement cycle. However, no additional charge will apply for bills under Rs 50,000.
The finance charge for all unsecured credit cards has also increased to 3.75%, except for Shaurya and Defense Credit Cards.
Furthermore, the validity of reward points for SBI Card users has been adjusted; these points will now have a limited time for usage, so it is crucial to use them before they expire.
If you make purchases through EMI with your credit card, be aware that additional charges may apply. It’s essential to understand these new charges before making significant purchases.
Changes to ICICI Bank Credit Card Rules
ICICI Bank is also updating its credit card rules, effective November 15, 2024. The bank has reduced benefits such as airport lounge access, insurance, and late payment fees.
There will be no rewards for government transactions, and the surcharge waiver will not apply if your fuel expenses exceed Rs 1,00,000 per month.
ICICI Bank has also altered the reward point redemption process for its credit cards, which may now vary by category and have certain limits.
Interest rates for purchases made on EMI have also been revised, with rates differing based on the type of card and transaction.
