Starting April 1, major changes in banking regulations will impact account holders across India. These updates include modifications to credit card benefits, savings account rules, and ATM withdrawal policies. Banks like SBI, Axis Bank, and IDFC First Bank are revising their policies, affecting fees, rewards, and perks. Staying informed will help customers make better financial decisions.
Key Credit Card Changes from April 1
Several banks, including SBI, Axis Bank, and IDFC First Bank, are set to implement changes that will affect credit cardholders. These modifications impact reward points, annual fees, and other benefits.
SBI Credit Cards: Reduced Rewards
SBI Card users will see a reduction in reward points on specific transactions:
- SimplyCLICK SBI Card will now offer 5X reward points on Swiggy, down from 10X.
- Myntra, BookMyShow, and Apollo 24 will continue to provide 10X rewards.
SBI Air India Cards: Significant Reward Cuts
Air India SBI Credit Card holders will experience a sharp decline in rewards:
- The Air India SBI Platinum Credit Card will now provide 5 reward points per Rs 100 spent on Air India bookings, down from 15 points.
- Air India SBI Signature Credit Card holders will earn 10 points per Rs 100 spent, reduced from 30 points.
Axis Bank Vistara Credit Card: Major Benefit Removals
Following the merger of Vistara with Air India, Axis Bank is modifying its credit card benefits:
- From April 18, 2025, annual fees will be waived for renewals.
- However, complimentary Maharaja Club tier memberships will be discontinued.
IDFC First Bank Credit Card: Discontinuation of Rewards
IDFC First Bank is making significant changes to its Club Vistara credit card program:
- Milestone rewards will no longer be available after March 31.
- Maharaja Points can still be earned until March 31, after which the card will be phased out.
- Club Vistara Silver Membership and complimentary vouchers will no longer be offered.
- Annual fees will be waived for one year on renewals after March 31, 2025, but key travel benefits will be removed.
What Customers Should Do
With these changes, credit card users must review their benefits and make necessary adjustments to avoid losing rewards. Comparing new offers and planning spending accordingly can help maximize benefits. Staying updated with bank notifications will ensure a smooth transition into the new financial year.
