New credit card rules November 2024: Big banks like SBI and ICICI have announced changes in their credit card rules. If you also use the credit card of these banks, then it is very important to know these changes. If you miss it, you may have to face trouble.
New credit card rules November 2024: After Diwali, some important changes are coming for credit card users from November 1. Big banks like SBI and ICICI have announced changes in their credit card rules. If you also use the credit card of these banks, then it is very important to know these changes. If you miss it, you may have to face trouble.
1. Changes on SBI Credit Card
SBI Cards has announced the implementation of some new rules for its customers, which will be effective from November 1, 2024. Let’s know what changes have been made:
Validity of reward points
The validity of reward points of 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.
EMI transaction charges
If you make purchases through EMI with your credit card, then some additional charges may be levied on it. Therefore, before making any big purchase, get complete information about the new charges.
Bill Payment Charges
SBI has said that extra charges may be levied on some payment modes, which were not there earlier. Under this, charges may be applicable on online bill payments, auto debit transactions etc.
2. Changes in ICICI Bank Credit Card
ICICI Bank has also introduced some new rules for its credit card holders, which will come into effect from November 1.
Fuel Surcharge Waiver
Now the fuel surcharge waiver has been changed on some credit cards of ICICI Bank. This facility has been completely removed on some cards, and on some cards it will be available based on the limit.
Reward Points Redemption
ICICI Bank has changed the process of reward points redemption of its credit card. Redemption of reward points in certain categories will be different from before and there may be limitations in it.
Change in interest rates
Interest rates for purchases made on EMI have been changed. ICICI Bank has said that the new interest rates may vary depending on the card type and transaction.
3. How will these changes affect you?
These changes, which will come into effect from November 1, can affect your everyday credit card usage. Let’s know how these changes will affect you.
Loan repayment cost will increase: Increased charges and interest rates on EMI transactions mean that you will have to pay more on your purchases.
Taking advantage of rewards will not be easy: Due to changes in the validity and redemption of reward points, customers will have to redeem their points as soon as possible so that they do not expire.
Increased burden on fuel expenses: Changes in fuel surcharge exemption will affect those customers who regularly use credit cards for fuel.
4. What to do?
Get information about the new rules: Get complete information about the new rules by visiting your bank’s website or talking to customer care.
Redeem reward points on time: Use reward points before they expire.
Plan your budget: Find alternatives for fuel or other major expenses so that your budget is not affected.
