New Delhi: Cardholders will be in for some changes effective October 1, 2024, if they hold an HDFC Bank credit card or an ICICI Bank debit card. Credit card rule changes are aimed at capping benefits on certain card categories and also curbing free or unlimited usage of complimentary services offered by banks.
Banks and credit card issuers update their terms and conditions ranging from charges to the use of their perks and benefits from time to time, based on feasibility and cardholder interest.
HDFC Bank Infinia Card
HDFC Bank will impose a cap on points redemption for vouchers of Apple and Tanishq on HDFC SmartBuy. As of date, Infinia car users can redeem their points to purchase any number of Apple products. Going forward, this will be capped at 1 Apple product in each quarter: January-March, April-June, July-September, October-December. HDFC Bank will limit Tanishq’s voucher redemption to 50,000 points per quarter, CNBCTv18 reported.
HDFC Bank’s SmartBuy platform provides communication of offers from merchant partners. It is a platform for the facilitation of services to HDFC Bank customers, according to SmartBuy’s website.
ICICI Bank debit card changes
ICICI Bank will introduce milestone-based airport lounge access on debit cards from October 1, 2024. Cardholders will be required to spend Rs 10,000 in the previous quarter to gain lounge access. To illustrate, if you seek to use an airport lounge during the October-December quarter, you will have to spend Rs 10,000 in the July-September quarter, according to the website.
The ICICI Bank debit card rule changes will apply to the Coral category as well as Rubyx and Expressions card categories. On meeting the quarterly spending threshold, cardholders will be eligible for two complimentary lounge visits per quarter.
An authorisation amount of Rs 2 is charged on the card for each lounge visit. The spending milestone requirement will take in to consideration expenditure on e-commerce and POS transactions.
Credit and debit card rule changes from Oct 1: From voucher redemptions to complimentary airport lounge access, here’s what is set to change from october 1, 2024. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
