SBI, ICICI & Axis Bank Introduce Revised Credit Card Policies For FY 2024-25

As the new financial year approaches on 1 April, major credit card issuers in India, including State Bank of India (SBI), ICICI Bank and Axis Bank, are implementing significant changes to their policies, particularly regarding reward points and lounge access benefits.

SBI has announced modifications to its credit card reward point policy. Starting from 1 April, reward points for fare payments on select credit cards, such as AURUM, SBI Card Elite and SimplyClick SBI Card, will cease.

ICICI Bank has introduced new rules for complimentary airport lounge access. From 1 April, users will qualify for complimentary lounge access in the following quarter only after spending a threshold amount of Rs 35,000. This change will apply to various ICICI Bank credit cards, including the Coral Credit Card and MakeMyTrip ICICI Bank Platinum Credit Card.

Yes Bank has also revised its policy regarding domestic lounge access benefits for credit card customers in the upcoming financial year. To be eligible for lounge access in the following quarter, all credit cardholders will need to spend a minimum of Rs 10,000 in the current quarter.

Axis Bank is implementing changes related to reward earnings and lounge access for its Magnus Credit Card. The exemption in the annual fee for the Magnus Card will be removed and reward points will no longer be redeemable for spending on insurance, gold and fuel categories.

Additionally, customers will now have to spend a minimum of Rs 50,000 in the last three months to qualify for lounge access at domestic airports. These new regulations will take effect from 20 April, and the number of complimentary guest visits for both domestic and international lounges will be reduced from 8 to 4 per calendar year.