Many banks like Axis Bank, SBI, YES Bank and AU Small Finance Bank have introduced various credit card related changes in December. While AU Small Finance Bank has revised its reward points, Axis Bank has made several changes to the general terms and conditions of most of its credit cards. SBI has revised utility bill payments fees, and YES Bank has revised reward point redemption category.
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AU Small Finance Bank credit card changes
AU Small Finance Bank has revised its reward point usage for Ixigo AU credit card with effect from December 22, 2024. Here are the latest changes:
1. Discontinuation of reward points on specific categories: Ixigo AU credit cardholders will not earn reward points on educational, government, rent and BBPS transactions starting December 22, 2024.
2. Discontinuation of reward points on international spends:
The bank introduced a 0% forex markup on Ixigo AU credit card effective December 23 and it is withdrawing reward points on international transactions to facilitate the same.
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3. Reward points on Telecom/utility and insurance spends:
Ixigo Au credit cardholders will earn 1 reward point per Rs 100 on utility and telecom and insurance spends. Additionally, cardholders can earn a maximum of 100 reward points per transaction for insurance spends.
Axis Bank credit card changes
Axis Bank made several changes to the general terms and conditions of most of its credit cards. Here are some of the changes:
Airtel Axis Bank credit card
Revision in cashback benefit:
You can continue to enjoy 25% cashback on recharge or bill payments for active Airtel connections through the Airtel Thanks platform. However, payments (for hardware cost, installation charges, advance recharge or bill payment amount or any other amount) made for new or inactive connections will not be eligible for cashback.
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Revision in fees and charges:
1. Finance/interest charges: Finance/interest charges applicable on this credit card will be levied at a revised rate of 3.75% per month, from the current rate of 3.6% per month.
2. Cheque return or dishonour fee or auto Debit Reversal: Minimum fee charged will be revised to Rs. 500 from the current Rs. 450. The cap of the maximum fee of Rs. 1,500 will be removed.
3. Additional charge on non-payment of Minimum Amount Due (MAD): The current Late Payment Charges (LPC) structure will continue to be applicable. An additional charge of Rs.100 will be applicable if the payment of Minimum Amount Due (MAD) is not made by the Payment Due Date (PDD) for two consecutive billing periods.
Note that there are other charges which were revised for Axis Reserve credit card, Atlas, Magnus for Burgundy and Olympus.
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SBI credit card changes
Utility Payment
If the total amount of utility payments made in a billing period exceeds Rs. 50,000, a 1% fee will be applied. This is applicable from December 1, 2024. The utility payments include payment of telephone, mobile, electricity bills, and insurance premiums on time.
According to the SBI Card website, “Utility Payments Fee W.e.f. 1st Dec 2024, 1% of total amount of Utility Payments, if the total amount exceeds Rs.50,000 in a billing cycle.”
Yes Bank credit card changes
YES Bank said in an advisory that effective from December 1, 2024, the reward point redemption will be capped as follows:
- For MARQUEE Credit Cards: When redeeming your YES Rewardz points to book flights and hotels, you can redeem up to 70% of the total invoice value or 3 lakh YES Rewardz points, whichever is lower, in a calendar month.
- For RESERV Credit Cards: When redeeming your YES Rewardz points to book flights and hotels, you can redeem up to 70% of the total invoice value or 2 lakh YES Rewardz points, whichever is lower, in a calendar month.
- For other credit cards: When redeeming your YES Rewardz points to book flights and hotels, you can redeem up to 70% of the total invoice value or 1 lakh YES Rewardz points, whichever is lower, in a calendar month.
“Please note, the above-mentioned change in YES Rewardz points redemption is in addition to the existing capping of 50% of available YES Rewardz points on redemption against gift vouchers & Statement Credit,” YES Bank said in its advisory.
