Updated Credit Card Policies: Explore Major Modifications in HDFC Bank, SBI Card, ICICI Bank, and Axis Bank

Numerous leading Indian banks have recently implemented significant revisions to their credit card terms. This article delves into the noteworthy changes introduced by HDFC Bank, Axis Bank, SBI Card, and ICICI Bank.

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HDFC Bank’s Credit Card

Revisions in Lounge Access for Regalia Credit Card

HDFC Bank has initiated changes in the rules governing two of its flagship credit cards – Regalia and Millennia. Effective from December 1, 2023, alterations in the lounge access program for Regalia credit cards have been introduced.

1. Lounge Access Based on Spending: Access to lounges is now determined by credit card spending.
2. Spending Criteria: Expenditure of Rs 1 Lakh or more in a calendar quarter (Jan-Mar | Apr-June | Jul-Sept | Oct-Dec)
3. Redemption Process: Visit Regalia SmartBuy page >> Lounge Benefits >> Lounge access voucher (Activated from December 1, 2023)
4. Quarterly Milestone Benefit: Enjoy up to 2 complimentary lounge access vouchers.

Millennia Credit Card Lounge Access

1. Lounge Access Based on Spending: Similar to Regalia, lounge access for Millennia is tied to credit card spending.
2. Spending Criteria: Achieve a spending threshold of Rs 1 Lakh or more in a calendar quarter (Jan-Mar | Apr-June | Jul-Sept | Oct-Dec)
3. Redemption Process: Upon meeting criteria, receive an SMS with a link to the Millennia Milestone page >> Choose a lounge access voucher (Accessible from December 1, 2023)
4. Quarterly Milestone Benefit: Avail up to 1 complimentary lounge access voucher.

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SBI Card Adjustments

Suspension of Cashback for Rent Payments

As per the SBI Card website, starting January 1, 2024, Cashback accrual for Rent Payment transactions using the Paytm SBI Credit Card will be discontinued.

Reward Point Changes for SimplyCLICK/SimplyCLICK Advantage SBI Card

Effective from November 1, 2023, the SimplyCLICK/SimplyCLICK Advantage SBI Card will witness a 5X Reward Points increase for EazyDiner online transactions. However, 10X Reward Points for online purchases from select merchants remain unchanged.

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Axis Bank’s Credit Card Rule Revisions

Axis Bank recently implemented substantial modifications across its credit cards. This includes changes to Axis Bank Magnus credit card benefits, annual fees, joining gifts, and a revision of terms and conditions for the Axis Bank Reserve Credit Card.

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ICICI Bank Credit Card Adjustments

Airport Lounge Access Changes

ICICI Bank cardholders will soon experience significant alterations in airport lounge access benefits across 21 credit cards.

According to the ICICI Bank website, starting April 1, 2024, one complimentary airport lounge access can be enjoyed by spending Rs. 35,000 in the preceding calendar quarter. The spending pattern continues for subsequent quarters to qualify for complimentary lounge access.

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A Landscape of Credit Card Modifications

In conclusion, major Indian banks such as HDFC Bank, Axis Bank, SBI Card, and ICICI Bank have undergone substantial changes in their credit card offerings. Cardholders are encouraged to stay informed about these modifications to maximize the benefits associated with their credit cards.