The start of a new financial year typically introduces alterations in financial rules and policies, and credit cards are not exempt. Below is an overview of key credit card-related updates taking effect from April 1, 2024:
Changes in SBI credit card reward points
Starting from April 1, 2024, SBI Card will discontinue earning reward points on rent payment transactions for specific credit cards, namely AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card.
For more information on the revised reward points program, please visit the SBI Card website or app. Given that SBI Card regularly updates their rewards program, it’s advisable to stay informed about any changes. Furthermore, the earning of reward points on rent payments for certain cards will cease on April 15, 2024.
Updates on Yes Bank credit cards
Starting April 1, 2024, Yes Bank has introduced a new spending criterion for complimentary domestic lounge access on their credit cards. Below is a detailed overview of the updated policy:
Minimum spending threshold: ₹10,000 or above within a calendar quarter.
Eligibility period: The expenditure in the previous calendar quarter will determine the access for the following quarter.
For example, to qualify for complimentary lounge access from April to June 2024, you should have spent at least ₹10,000 between December 21, 2023, and March 20, 2024.
This approach enables you to strategically plan your expenditures to retain lounge access privileges. Please note, that the number of complimentary lounge visits per quarter remains the same, provided the spending criteria are met.
Updates to ICICI Bank credit cards
ICICI Bank has introduced a new policy update concerning complimentary airport lounge access on their credit cards. Below is a brief overview of the modifications:
Effective from April 1, 2024
Benefit: One free airport lounge visit per quarter
Spending criteria: A minimum of ₹35,000 spent in the previous calendar quarter
To qualify for complimentary lounge access from April to June 2024, you should have incurred at least ₹35,000 in expenses between January and March 2024, which is the preceding calendar quarter.
This marks a notable shift from the previous policy, so frequent airport lounge users with ICICI Bank credit cards must take note. Please consult the ICICI Bank website or app for the full terms and conditions.
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Published: 29 Mar 2024, 01:01 PM IST