Credit card holders beware, 5 big rules are changing from April 1, everything will change from reward points to airport lounge access.

News India Live, Digital Desk: If you also use credit card, then this news is very important for you. With the beginning of the new financial year from April 1, there are going to be changes in many important rules related to credit cards. These changes will have a direct impact on your pocket and card benefits. Banks are now tightening their policies regarding reward points, lounge access and transaction fees.

1. Rules regarding Airport Lounge Access

Till now, free lounge access was available on many credit cards, but from April 1, the spending criteria for it have been increased. Many banks have now made a rule that you will get free lounge access only if you have spent at least ₹35,000 to ₹50,000 on the card in the last quarter.

2. Deduction of Reward Points

Banks are now either stopping or drastically reducing the reward points available on rent payment, insurance premium and payment of government services. If you pay house rent through credit card, you will no longer get points and may also have to pay a transaction charge of 1%.

3. Capping on Utility Bills

A limit has now been imposed on cashback or reward points received on payment of utility bills like electricity, water and gas. For example, you will no longer be able to avail cashback if you pay more than a certain amount of bills in a month. This rule is especially for those who pay big bills through credit cards.

4. Change in Fuel Surcharge Waiver

Many banks are also revising the rules of ‘Fuel Surcharge Waiver’ available on filling petrol and diesel. Now the maximum discount limit of the month has been reduced on some cards. This means that now you will not get full refund on heavy fuel expenses as before.

5. Increase in late payment and finance charges

Difficulties are going to increase from April 1 for those who do not pay credit card bills on time. Many banks have decided to increase late payment fees and interest on the outstanding amount (Finance Charges). Missing a bill now will prove more costly to both your credit rating and your wallet.