In December 2024, several big banks such as Axis Bank, SBI, YES Bank, and AU Small Finance Bank have updated the terms and conditions related to their credit cards.
These changes will directly affect cardholders. Let’s take a look at the major changes from these banks.
AU Small Finance Bank Credit Card Updates
Reward Points Changes
AU Small Finance Bank is making changes to the Ixigo AU credit card starting from December 22, 2024:
Discontinuation of Reward Points: Cardholders will no longer earn reward points on educational, government, rent, and BBPS transactions.
No Reward Points on International Transactions: While the 0% forex markup on international transactions will remain, reward points will no longer be earned on these purchases.
Rewards on Utility and Insurance Spends: For utility, telecom, and insurance spends, cardholders will earn 1 reward point per ₹100 spent. However, insurance-related transactions will be capped at 100 reward points per transaction.
Axis Bank Credit Card Changes
Airtel Axis Bank Card
Cashback on Airtel Payments: 25% cashback will still be available for recharge or bill payments on active Airtel connections. However, no cashback will be offered on payments for new or inactive connections.
Charges
Finance Charge: The monthly finance charge will increase from 3.6% to 3.75%.
Cheque Return or Auto Debit Reversal Charge: The minimum charge will rise from ₹450 to ₹500. Additionally, a ₹100 charge will apply for non-payment of the Minimum Amount Due (MAD).
SBI Credit Card Changes
Utility Payment Charges
Starting from December 1, 2024, SBI will charge a 1% fee on utility payments if the total amount exceeds ₹50,000 in a billing cycle. Utility payments include mobile, telephone, electricity, and insurance premiums.
YES Bank Credit Card Changes
Capping on Reward Points Usage
YES Bank has set a cap on the usage of reward points across different cards:
Marquee Cards: A maximum of 3 lakh reward points or 70% of the total invoice can be used monthly for flight and hotel bookings.
Reserve Cards: A maximum of 2 lakh reward points or 70% of the total invoice can be used.
Other Cards: A maximum of 1 lakh reward points or 70% of the total invoice can be used.
Additionally, YES Bank will continue the existing 50% limit on the use of reward points for gift vouchers or statement credit.
