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HDFC Credit Card New Rules: According to a report, the number of credit card users has increased rapidly in the last few years. Major private and public credit card issuing banks of the country have changed the rules related to credit cards. Those who changed the rules include SBI Card, ICICI Bank and Axis Bank. All these changes have come into effect from January 2024. Whereas HDFC Bank has made the new rules effective from December 1, 2023. In such a situation, you should know about the new rules-
Axis Bank Credit Card
If you pay rent through credit card, you may have to pay more fees than before. According to the new rules, a charge of 1 percent will be imposed on every fare payment. However, it will be up to a maximum of Rs 1500. Additionally, if you make any transaction using Indian currency abroad or pay to an Indian shopkeeper registered abroad, you will have to pay an additional 1% fee. This rule has come into effect from today i.e. March 5, 2024.
SBI Credit Card
SBI is going to change the method of calculation regarding minimum payment on card. Till now the minimum payment was calculated as the sum of total GST, EMI amount, 100% of all charges and expenses incurred by you and 5% of the advance. For example, if your GST is Rs 100, EMI is Rs 500, duty is Rs 200, expenses are Rs 1000 and finance charge is Rs 100, then the minimum payment amount will be Rs 950. But its rules are going to change from March. 15.
ICICI Bank Credit Card
The rules for free access to airport lounges with ICICI Bank credit cards are changing. The new rule is coming into effect from 1 April 2024. According to this rule, if you have spent Rs 35,000 in the previous quarter i.e. (January-February-March 2024), then you can use the free lounge once in the next quarter i.e. (April-May-June 2024). This simply means that if you want free access to airport lounges from April to June 2024, you will have to spend at least Rs 35,000 on the card between January to March 2024. This rule will be applicable on every quarterly basis.
HDFC Bank Credit Card
HDFC Bank has changed the rules of Regalia and Millennia Credit Cards. The lounge access rules for Regalia cards have also been changed from December 1, 2023. As per the new rules, the lounge access program will be based on credit card spends. You will get two lounge access vouchers if you spend more than Rs 1 lakh in a calendar quarter. Similarly, on spending Rs 1 lakh every quarter with HDFC Millennia Card, you will get lounge access.