Updated Credit Card Policies Are Released by SBI, ICICI, and Axis Bank for FY 2024–2025
April 1st is when the new fiscal year is scheduled to start. Major Indian credit card issuers, including Axis Bank, ICICI Bank, and State Bank of India (SBI), are making major changes to their reward point and lounge access rules. SBI, the biggest bank in India, has modified its credit card reward point scheme. Starting on April 1st, the first day of the new business year, reward points on ticket payments for a number of the bank’s credit cards will cease. AURUM, SBI Card Elite, and SimplyClick SBI Card are a few of these cards.
The new lounge access rule for ICICI Bank
The guidelines for free airport lounge access have been modified by ICICI Bank. Only after spending the required amount of Rs 35,000 will the user be qualified for free admission to airport lounges for the subsequent quarter, beginning on April 1. The Coral Credit Card and the MakeMyTrip ICICI Bank Platinum Credit Card are two of the ICICI Bank credit cards that will be subject to the new regulations.
Yes Bank: Entry to the Domestic Lounge
With effect from the start of the new fiscal year, Yes Bank has also modified its policy on domestic lounge access perks. To get entry to the lounge in the next quarter, all credit card holders must spend at least Rs 10,000 in the current quarter.
Axis Bank: Lounge Access and Reward Earnings
The terms governing Axis Bank’s Magnus Credit Card reward points and lounge access have been modified. The Magnus Card’s yearly fee exemption is no longer in effect. The reward points will no longer be used for purchases in the insurance, gold, and gasoline categories in accordance with the new regulations. In addition to this, the bank will alter the domestic airport lounge access program. Customers must have spent at least Rs 50,000 throughout the previous three months to qualify for this. On April 20, these new rules will go into force. Additionally, there will be a reduction in the number of free guest visits for both domestic and foreign lounges from eight to four each calendar year.
