New Credit Card Rules From November 1: There are some important changes regarding credit cards that will be effective from November 1, 2024. Major banks like SBI and ICICI Bank have announced changes in their credit card rules. If you also use the credit card of these banks, it is very important to know these changes.
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New Credit Card Rules From November 1: SBI Cards
SBI Cards has announced some new rules for its customers and they will be effective from November 1, 2024. Let’s know what changes have been made:
1. Validity of Points
The validity of reward points of the SBI card has been changed. Now these reward points will be valid for a limited time only, so it will be necessary to use them on time.
2. EMI Transaction Charges
If you made purchases through EMI using your credit card, some additional charges may be levied on it. Therefore it is important to get full information related to new charges before making any big purchase.
3. Bill Payment Charges
SBI has said that extra charges may be levied on some payment modes, which were not there earlier. Under this, charges may be levied on online bill payments, auto debit transactions etc.
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New Credit Card Rules From November 1: ICICI Bank Credit Cards
ICICI Bank has also introduced some new rules for its credit card holders and they will come into effect from November 1.
1. Fuel Surcharge Waiver
The fuel surcharge waiver has been changed on some ICICI Bank credit cards. On some cards, this facility has been removed completely and on some cards, it will be available based on the limit.
2. Reward Points Redemption
ICICI Bank has changed the process of reward points redemption for its credit cards. Redemption of reward points in certain categories will be different than before and there may be some limitations on it.
3. Change in Interest Rates
There has been a change in the interest rates for purchases made on EMI. ICICI Bank has said that the new interest rates may vary depending on the card type and transaction.
