By Updates in Regulations Impacting Credit Card Policies of Major Banks in India. As the financial year draws to a close on March 31 and the dawn of a new fiscal year approaches on April 1, significant changes are underway in the Indian banking sector. Various rule modifications and regulatory adjustments have prompted major credit card issuers like State Bank of India (SBI), ICICI Bank, Axis Bank, and others to revise their policies, particularly concerning rewards points and lounge access benefits.
State Bank of India (SBI) is set to alter its credit card rewards points policy, with rewards on charge payments for several card types ceasing from April 1 onward. Cards like Aram, SBI Elite, and Simply Click SBI, known for offering rewards on charge payments, will be affected by this change.
Meanwhile, ICICI Bank has decided to revamp its rules for complimentary airport lounge access. Starting April 1, access to complimentary lounge facilities will be contingent upon customers’ expenditure reaching Rs. 35,000 in the preceding quarter. This means eligibility for lounge access will be based on meeting a specific spending threshold in the previous quarter. “ICICI Bank credit card changes affect Coral and Make My Trip Platinum cardholders. New rules apply.”
“S Bank, a significant Indian bank, modifies its domestic lounge access benefits effective from the upcoming financial year.” Under the revised policy, all credit cardholders must spend a minimum of Rs. 10,000 to avail themselves of these lounge benefits.
Axis Bank is not exempt from these changes either. The bank has decided to modify its Magnus Credit Card Reward Earnings and Lounge Access rules. “Annual fee exemption removed; no rewards for insurance, gold, fuel spending in Magnus Card.” Moreover, the bank is tweaking its lounge access program for domestic airports, requiring customers to spend at least Rs. 50,000 in the last three months to qualify. These changes will come into effect from April 20, accompanied by a reduction in the number of complimentary guest visits for domestic and international lounges from 8 to 4 per calendar year.
Changes in Indian banking reflect evolving regulations and market trends. “Stay updated on changes to manage credit cards well for maximum benefits in the new fiscal year.”
