Major Credit Card Policy Changes Announced by SBI, Axis, YES Bank, and AU Small Finance Bank

As 2024 nears its end, leading banks, including SBI, Axis Bank, YES Bank, and AU Small Finance Bank, are rolling out significant changes to their credit card policies. These updates, effective from December 2024, will impact fees, rewards, and redemption rules. Here’s a detailed breakdown for customers to stay informed:

SBI Credit Card Updates

Starting December 1, 2024, SBI Card will:

• Impose a 1% fee on utility bill payments exceeding ₹50,000.
• Discontinue reward points on digital gaming platform transactions for select credit cards, including SimplyCLICK, AURUM, and Gold SBI Cards.

Axis Bank Changes

Effective December 20, 2024, Axis Bank will:

• Charge a redemption fee of ₹9 (plus 18% GST) for cash redemptions.
• Introduce a ₹199 fee (plus 18% GST) for transferring points to mileage programs.
• Adjust interest rates, penalty charges, and transaction fees related to wallet loads, fuel spending, and rent payments.

YES Bank Reward Point Limits

YES Bank will enforce restrictions on reward point usage starting December 1, 2024:

• MARQUEE Credit Card: Points redeemable for flights and hotels capped at 70% of the invoice value or three lakh YES Rewardz points per month.
• RESERV Credit Card: Maximum redemption limit set at two lakh points per month under the same 70% rule.
• Other credit cardholders can redeem up to one lakh points monthly, also capped at 70% of the bill value.

AU Small Finance Bank Revisions

Policy changes for the Ixigo AU Credit Card, effective December 22, 2024, include:

• No reward points on transactions related to education, government payments, rent, and Bharat Bill Payment System (BBPS).
• From December 23, 2024:
  • Reward points for international transactions will be discontinued, but a 0% forex markup will be applied.
  • Telecom, utilities, and insurance transactions will earn 1 reward point per ₹100 spent, with a maximum of 100 reward points per insurance transaction.

Takeaway for Customers

With these updates, cardholders are advised to review their credit card usage and adapt their spending strategies to minimize fees and optimize rewards. Staying informed will help manage the financial impact of these changes effectively