If you are an SBI Card user, there’s an important update for you! The company has made several changes to its rules regarding payments for utility bills such as electricity, gas and water. SBI Card has announced these significant changes for its credit card users, effective November 1, 2024.
New SBI Card rules
SBI has decided to charge 1% extra on payment of utility bill if the amount exceeds Rs 50,000 in a statement cycle. However, no additional charge will be levied on bills less than Rs 50,000.
Apart from this, the finance charge for all unsecured credit cards has been increased to 3.75%, which will not apply to Shaurya and Defense Credit Cards.
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.
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.
Also read: What is the best time to pay your credit card bill?
ICICI Bank credit card rule changes
Private sector bank ICICI Bank has also changed its credit card rules. The new rules will be effective from November 15, 2024. The bank has reduced many benefits like airport lounge access, insurance and late payment fines. Now there will be no reward on government transactions and there will be no surcharge waiver if fuel expenses exceed Rs 1,00,000 per month.
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.
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.
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