Credit Card Shake-Up: How Will It Impact Cardholders?

July has ushered in significant financial reforms, including changes to credit card rules and ITR deadlines. Major banks like HDFC, CitiBank, and others have announced alterations to their credit card rules, which will be implemented before the end of July. Additionally, the ITR filing date for the fiscal year (2023-24) and the assessment year (2024-25) is July 31, 2024. However, you can file the delayed return by December 31, 2024, if you still need to submit it by the deadline. Moreover, Paytm also announced changes in the policy around the inactive accounts of Paytm Payment banks.

Changes In Credit Card Rules Of Major Banks

Some of the changes brought in by the banks in their credit cards are:

SBI Credit Cards: The bank announced that starting July 1, 2024, it will discontinue accruing reward points on government-related transactions for certain credit cards. Some of the Air India SBI Platinum Card, Air India SBI Signature Card, Central SBI Select+ Card, Chennai Metro SBI Card, Club Vistara SBI Card and more. 

ICICI Bank credit card: ICICI Bank increased the replacement fee for its credit card by 100%. Originally, the fee was around Rs.100, and from July 1, it was increased to Rs. 200 for all cards except for the Emerald Private Metal Credit Card. 

Tata Neu Infinity HDFC Bank Credit Card: Cardholders will receive 0.5% back as NeuCoins on eligible UPI transactions from August 01, 2024. Additionally, using Tata Neu UPI ID for the transaction will give you an extra 1% back as NeuCoins.

HDFC Bank credit card rules: From August 1, 2024, cardholders will be charged a 1% fee on rent transactions, with a ceiling of Rs 3,000 per transaction. These new rules apply to rent payments made from the credit card via platforms like CRED, Paytm, Cheq, MobiKwik, and Freecharge.

CitiBank Credit Cards: Axis Bank has informed Citibank customers that all relationships, including credit card accounts, will be migrated by July 15, 2024. They sent e-mails to the credit card holders notifying the migration. They mentioned that the Citi-branded card will continue working seamlessly until they receive their new Axis Bank cards. 

Changes In the Paytm Wallet Rules

Paytm Payment banks announced that they plan to close all inactive wallets with zero balance and no transactions in previous years by July 20, 2024.  They mentioned on their website, “Please note that all wallets which do not have any transactions for the last 1 year or more and have nil balance, shall be closed w.e.f. July 20th, 2024. Communication will be sent to all impacted users and users will be given 30 days’ notice period, before closing their wallet.

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