New Rules: New credit card rules are coming into effect from next month i.e. 1st May 2024. If you also have a credit card, then quickly read what these are.
IDFC First Bank has recently announced changes in all credit cards except its super-premium IDFC First Private Credit Card, which will be effective from May 1, 2024. Under this, the private bank will reduce reward points for online spending, implement more spend-based criteria for airport lounge access and update the terms and conditions for utility and fare payments.
How much was cut
Reward points will be tripled (3X) for online spends up to Rs 20,000 in a statement cycle. At present it is 6 times (6X). However, cardholders can get 10 times (10X) reward points on spends above Rs 20,000 per month. But the reward points for education, wallet reloads and government service transactions will be changed to 3X. IDFC First Bank said that there will be no surcharge on bills below this limit, but 1% credit card fees and GST will be charged on bills above this limit.
However, this utility surcharge will not be applicable on First Private Credit Card, LIC Classic Credit Card and LIC Select Credit Card. Regarding airport lounge access, the number of free domestic airport lounge visits on IDFC First Select Credit Card will be reduced from four to two every quarter. Whereas on First Wealth Credit Card, users will now be able to use the lounges of both domestic and international airports twice per quarter, which was earlier four. The bank will increase the fees for rental transactions to Rs 249 per transaction or 1% plus 18% GST (whichever is higher).
These banks have also cut benefits
Axis Bank, ICICI Bank and Yes Bank have also reduced the benefits on their cards. Recently, ICICI Bank had increased the minimum spend required for complimentary airport lounge access to Rs 35,000 on several credit cards including the Coral Credit Card and MakeMyTrip ICICI Bank Platinum Credit Card. Meanwhile, Yes Bank has now increased the minimum spend to avail the domestic lounge access benefit on all its credit cards to Rs 10,000. Apart from this, Axis Bank will make changes in Magnus Credit Card from April 20.
