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Credit Card New Rules: Bank are going to update their policies, will be applicable from 1 April 2024

Credit Card New Rules 2024: With the new financial year just around the corner, several changes are underway in various services. As part of this, several banks including SBI, Yes Bank, ICICI Bank, and Axis Bank are set to update their policies, particularly concerning credit card-related reward points and lounge access benefits.

SBI Card Reward Points Policy Update:

SBI Card has revised its policy regarding reward points acquisition. The new offer will come into effect from the beginning of the new business year. Earning reward points on fare payments for certain credit cards such as AURUM, SBI Card Elite, and SimplyClick SBI Card will cease.

ICICI Bank Lounge Access Criteria:

ICICI Bank has updated the criteria for complimentary airport lounge access. Customers will now need to spend a minimum of Rs 35,000 starting from April 1 to unlock complimentary lounge access for the subsequent period. This modification applies to various ICICI Bank credit cards including the Coral Credit Card and MakeMyTrip ICICI Bank Platinum Credit Card.

Yes Bank Lounge Access Benefits:

Similar to ICICI Bank, Yes Bank has adjusted its policies regarding domestic lounge access benefits for the new financial year. The bank has stipulated that in order to avail lounge access in the following quarter, customers must spend at least Rs 10,000 in the current quarter. This policy change applies to all credit cards issued by Yes Bank.

Changes in Axis Bank Credit Cards:

Axis Bank has also announced changes to its Magnus Credit Card starting from April 20 next month. These changes include discontinuation of discounts on reward earnings, adjustments to lounge access programs, and alterations to annual fees. Additionally, reward points will no longer be earned on spending in insurance, gold, and fuel categories. Changes are also forthcoming in the domestic airport lounge access program, where customers will now need to spend at least Rs 50,000 in the last three months.

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