A survey claims that during the past few years, there has been a sharp rise in the number of credit card users. The top public and private credit card issuers in the nation have modified their credit card policies. The rules have been modified by banks like SBI Card, ICICI, and Axis. All of these modifications by the banks are effective as of January 2024. In contrast, HDFC Bank has declared the new regulations to take effect on December 1, 2023.
You might be required to pay more fees than
before you choose to pay with a credit card. The new regulations stipulate that 1% will be added to each fare payment. It will only be available up to Rs. 1500, though. In addition, if you engage in any kind of transaction using Indian currency abroad or make payment to an Indian shopkeeper registered abroad, then you will have to pay an additional fee of 1%. This rule is applicable from today i.e. 5th March 2024.
There will be a change in the way the minimum payment
on an SBI card is calculated. Up until now, the minimum payment has been determined by adding up the entire amount of GST, the EMI amount, 100% of all fees and expenditures that you have paid, and 5% of the advance. The minimum payment amount will be Rs 950, for instance, if your GST is Rs 100, your EMI is Rs 500, your duty is Rs 200, your costs are Rs 1000, and your finance fee is Rs 100. Its guidelines, however, will alter as of March 15.
The guidelines for using an ICICI Bank credit card
to gain free entry to the airport lounge are evolving. The amended regulation will take effect on April 1, 2024. This law states that if you have invested Rs 35,000 in the previous quarter i.e. (January-February-March 2024), you can use the free lounge once in the next quarter i.e. (April-May-June 2024). This simply means that if you want free access to the airport lounge from April to June 2024, then you will have to spend at least Rs 35,000 on the card between January to March 2024. This rule will be applicable every quarter.
The terms for the Regalia and Millennia credit cards
have been modified by HDFC Bank. Commencing on December 1, 2023, the Regalia Card lounge access regulations have undergone modifications as well. The lounge access program will be dependent on credit card expenditure as per the new regulations by the banks. If you spend more than Rs 1 lakh in a calendar quarter, you will receive two lounge admission tickets. Similar to this, you will receive one lounge pass after using your HDFC Millennia Card to spend Rs 1 lakh per quarter.
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