Beginning April 1, major credit card issuers in India, such as SBI Card, ICICI Bank, Axis Bank and others, are bringing in significant modifications to their usage policies, particularly the accrual of reward points and lounge access benefits.
Here are some major changes announced by credit card firms so far:
SBI Card overhauls reward points policy
SBI Card has updated its policies on the accrual of reward points.
Commencing from April 1, 2024, the accrual of reward points on rent payments will be discontinued for a range of credit cards offered by the lender. AURUM, SBI Card Elite, SimplyCLICK SBI Card, are the primarily impacted cards among others.
ICICI Bank to raise minimum spend for lounge access
ICICI Bank has revised criteria for complimentary airport lounge access.
Starting from April 1, 2024, customers will have to spend a minimum of ₹35,000 in the preceding calendar quarter to unlock one complimentary airport lounge access for the subsequent quarter. This modification applies to a variety of ICICI Bank credit cards, including the Coral Credit Card, MakeMyTrip ICICI Bank Platinum Credit Card, and others.
YES Bank adjusts lounge access benefits
Yes Bank will revamp its domestic lounge access benefits from April 1, 2024. The bank has officially communicated that, for all its credit cards, cardmembers will be required to expend a minimum of ₹10,000 in the ongoing quarter to qualify for lounge access in the subsequent quarter.
Axis Bank changes Magnus Credit Card benefits
Axis Bank has announced changes to its Magnus Credit Card from April 20 onwards. 2024. These revisions include adjustments to reward earnings, lounge access programs, and annual fee waiver exclusions.
Spends on insurance, gold/jewelry, and fuel categories will no longer qualify for reward points.
Benefits including complimentary concierge services and airport meet and assist services will be discontinued.
The lender will also make changes to the domestic airport lounge access program, necessitating a minimum spend of ₹50,000 in the preceding three months for lounge access.
The number of complimentary guest visits for both domestic and international lounges will also be reduced from 8 to 4 per calendar year.
(Edited by : Ajay Vaishnav)
First Published: Mar 20, 2024 3:26 PM IST
