Credit Card New Rule: New credit card rule comes into effect from today, check immediately

New credit card guidelines have come into effect from right this moment i.e. May 1, 2024. If you even have a credit card, then shortly learn what these are.

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IDFC First Bank had a while in the past introduced modifications in all credit playing cards besides its super-premium IDFC First Private Credit Card, which will probably be relevant from May 1, 2024. Under this, the non-public financial institution will scale back reward factors for on-line spending, implement extra spend-based standards for airport lounge entry and replace the phrases and circumstances for utility and fare funds.

how a lot was reduce
Reward factors will probably be tripled (3X) for on-line spends as much as Rs 20,000 in an announcement cycle. At current it’s 6 occasions (6X). However, cardholders can get 10 occasions (10X) reward factors on spends above Rs 20,000 monthly. But the reward factors for training, pockets reloads and authorities service transactions will probably be modified to 3X. IDFC First Bank mentioned that there will probably be no surcharge on payments beneath this restrict, however 1% credit card charges and GST will probably be charged on payments above this restrict.

Free Domestic Airport Lounge Visit
However, this utility surcharge is not going to be relevant on First Private Credit Card, LIC Classic Credit Card and LIC Select Credit Card. Regarding airport lounge entry, the variety of free home airport lounge visits on IDFC First Select Credit Card will probably be lowered from 4 to 2 each quarter. Whereas on First Wealth Credit Card, customers will now be capable to use the lounges of each home and worldwide airports twice per quarter, which was earlier 4. The financial institution will improve the charges for fare transactions to Rs 249 per transaction or 1% plus 18% GST (whichever is greater).

These banks have additionally reduce advantages
Axis Bank, ICICI Bank and Yes Bank have additionally lowered the advantages on their playing cards. Some time in the past, ICICI Bank had elevated the minimal spend required for complimentary airport lounge entry to Rs 35,000 on a number of credit playing cards together with the Coral Credit Card and MakeMyTrip ICICI Bank Platinum Credit Card. Meanwhile, Yes Bank has now elevated the minimal spend to avail the home lounge entry profit on all its credit playing cards to Rs 10,000. Apart from this, Axis Bank will make modifications in Magnus Credit Card from April 20.

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