KEY CHANGES TO CREDIT CARD SERVICES IN INDIA THIS JULY: HERE'S ALL YOU NEED TO KNOW
As we enter July 2024, there are several important changes happening in the credit card services offered by various banks in India. Here’s what credit cardholders need to know this month:
ICICI Bank Credit Card New Rule 2024
Starting July 1, 2024, ICICI Bank will revise its credit card services, eliminating several fees:Charge Slip Request
The Rs 100 fee for each charge slip request will be discontinued.Cheque/Cash Pick-Up Fee
The Rs 100 fee for cheque or cash collection services will no longer apply.Dial-a-Draft Transaction Fee
The 3 per cent fee (or a maximum of Rs 300) for Dial-a-Draft services will be eliminated.Outstation Cheque Processing Fees
The 1 per cent fee (or a maximum of Rs 100) for outstation cheque processing will be waived.Duplicate Bank Statements
The Rs 100 fee for requesting duplicate bank statements for a three-month period will be removed.However, starting July 1, a standard fee of Rs 200 will be applicable for all card replacements.
SBI Card New Rule 2024
SBI Cards & Payment Services has announced changes effective 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, which typically include various government-related services.Axis Bank - Citibank Migration
The migration of Citibank credit cards to Axis Bank will 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.Related News |
RBI Mandate on Credit Card Bill Payments
From July 1, 2024, the Reserve Bank of India (RBI) mandates that all credit card payments be processed through the Bharat Bill Payment System (BBPS) to enhance payment efficiency and security. Only eight of the 34 banks authorized 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
YES Bank has revised its lounge access rules, effective July 1, 2024. Cardholders must spend a minimum of Rs 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 Rs 35,000 spending threshold.Related News |
2024-07-01T11:41:48Z dg43tfdfdgfd