New credit card rules are coming into effect from next month, if you have one then read it immediately.

IDFC First Bank has lately introduced modifications in all credit playing cards besides its super-premium IDFC First Private Credit Card, which can be efficient from May 1, 2024. Under this, the personal financial institution will cut back reward factors for on-line spending, implement extra spend-based standards for airport lounge entry and replace the phrases and situations for utility and fare funds.

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

However, this utility surcharge won’t 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 can be decreased 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 enhance the charges for rental transactions to Rs 249 per transaction or 1% plus 18% GST (whichever is increased).

These banks have additionally minimize advantages
Axis Bank, ICICI Bank and Yes Bank have additionally decreased the advantages on their playing cards. Recently, 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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