Many major banks have announced important changes in their credit card services which will come into effect in July. You can check the details here about the new rules being implemented on credit cards of some major banks and financial institutions.
Credit Card Rules: Many major banks and financial institutions have made important changes in the credit card services available to customers. These include credit reward points, reward point benefits, devaluation in credit card and charges. These changes made regarding credit card services will come into effect during the month of July. If you are a credit card user, then you can know about the new rules being implemented on the credit cards of major banks here.
Apart from the new rules related to credit cards in July, many changes are going to happen including Paytm Payment Bank Wallet. Let’s take a look at the new rules applicable to the credit cards of major banks in July.
These rules will apply to SBI Card
SBI Card has announced that from July 1, 2024, reward points on government-related payments will be discontinued on some credit cards. According to the SBI Card website, reward points will not be applicable on government-related payments on its 22 SBI credit cards in July. You can check the list of SBI credit cards on which this new rule is going to be applicable from July 15, 2024, here.
Reward points will not be available on government-related payments on these cards from July 15
Air India SBI Platinum Card
Air India SBI Signature Card
Central SBI Select+ Card
Chennai Metro SBI Card
Club Vistara SBI Card
Club Vistara SBI Card PRIME
Delhi Metro SBI Card
Etihad Guest SBI Card
Etihad Guest SBI Premier Card
Fabindia SBI Card
Fabindia SBI Card SELECT
IRCTC SBI Card
IRCTC SBI Card Premier
Mumbai Metro SBI Card
Nature’s Basket SBI Card
Nature’s Basket SBI Card ELITE
OLA Money SBI Card
Paytm SBI Card
Paytm SBI Card SELECT
Reliance SBI Card
Reliance SBI Card PRIME
Yatra SBI Card
These rules will be applicable on ICICI Bank credit card from tomorrow
ICICI Bank has announced changes in various credit card services from July 1, 2024. This change will be applicable on all cards except one Emerald Private Metal Credit Card of the bank from tomorrow. From July, the replacement fee of all ICICI Bank cards except one will be Rs 200 instead of Rs 100. Apart from this, these charges levied on the credit card of the second largest bank of the private sector will be discontinued from July.
The charge of Rs 100 levied on check or cash pick up will be discontinued.
The deduction of 3% of the draft value amount with a minimum cost of Rs 300 will be discontinued.
The charge of Rs 100 levied on every charge slip request will be discontinued.
Along with this, 1% of the check value which was a minimum of Rs 100 will also be discontinued.
The charge of Rs 100 for duplicate statement will be abolished.
Apart from SBI Card and ICICI Bank Credit Card, there are cards of some other major banks on which new rules are to be implemented. However, these changes will be implemented in August. If you want, you can see the details here.
When will the new rules apply to Citibank credit cards
Axis Bank informed Citibank credit card customers that the migration of all relationships, including credit card accounts, will be completed by July 15, 2024. Axis Bank sent an email notification to Citibank credit card customers that the migration of all relationships, including cards, will be completed by July 15, 2024. It also said that Citi-branded cards will continue to function without interruption until they receive their new Axis Bank cards within a few months of migration (by the end of the year). Points accumulated till the date of migration will never expire. However, points earned after migration will expire after three years. For example, if you have got points on the use of the card till August 10, 2024, then they will expire after August 10, 2027
New rules will be applicable on HDFC Bank credit card in August
HDFC Bank is also going to change the rules of its credit card. If the bank’s credit card user makes a transaction through CRED, Paytm, Mobikwik, Freecharge third party app, then 1 percent charge will have to be paid as transaction fee. This charge can be up to a maximum of Rs 3,000 per transaction. According to the official website of HDFC Bank, the new rules on credit card services will come into effect from August 1, 2024.
This is the rule for Tata New Infinity HDFC Bank Credit Card
In the coming days, Tata New Infinity HDFC Bank Credit Card users will get benefits on payment. The new rules will come into effect on August 1, 2024. With the implementation of the new rule, eligible customers will get 0.50 percent NewCoins on UPI transactions. Apart from this, if a card user uses Tata Neu UPI ID for transactions, he will get 1 percent NewCoins separately. It is being told that the value of 1 NewCoins on Tata New App is Rs 1.
The month of July will start from Monday. This month is also special because of the first general budget of the new government. The month of July is also important for taxpayers. The Income Tax Department has fixed July 31, 2024 as the last date for filing ITR for the financial year 2023-24 (Assessment Year-AY 2024-25). In such a situation, taxpayers do not have much time left. To avoid last minute rush, you can file your tax return from the official website of the Income Tax Department. If you are unable to file ITR by July 31, you will still be able to file belated income tax return with late fine till December 31, 2024.
