Bank Rule Change- There will be changes in many rules related to banks in the new financial year. Many banks including SBI will implement new rules related to credit cards.
Credit Card Rules: Six days from today the new month and new financial year will start. Many rules will change in the new financial year. SBI, Yes Bank, ICICI Bank and Axis Bank are also going to change the rules related to their credit cards. Therefore, if you also use credit cards of these banks, then you should also be aware of the new rules.
India’s largest bank, SBI has changed its credit card reward point policy. The new rules will be effective from April 1. Reward points on fare payments for a series of credit cards offered by the bank will stop from the first day of the new business year. These cards include AURUM, SBI Card Elite and SimplyClick SBI Card.
ICICI Bank changed the rules of lounge access
ICICI Bank has changed the rules for complimentary airport lounge access. In the quarter starting from April 1, the customer will have to spend a minimum of Rs 35,000. Only after this you will get a complimentary airport lounge access for the next quarter. The new rules will be applicable to various ICICI Bank credit cards including Coral Credit Card and MakeMyTrip ICICI Bank Platinum Credit Card.
Rules of Yes Bank also changed
Yes Bank has also made changes in its policy of providing domestic lounge access benefits from the new financial year. All credit card customers will have to spend a minimum of Rs 10,000 in the current quarter to get lounge access in the next quarter. This change has happened for all credit cards and will be effective from April 1.
There will be no exemption in annual fees
Axis Bank has changed the rules related to reward earnings and lounge access of its Magnus Credit Card from 20th of next month. Also, the exemption in annual fee of Magnus Card has been abolished. Reward points will no longer be available on spending on insurance, gold and fuel categories. Not only this, the bank will also make changes in the lounge access program of domestic airports. Under this, customers will have to spend a minimum of Rs 50,000 in the last three months.
