credit card charges change | bank account charges changed | savings account rule updates | credit card reward changes
From 1st of April 2022, some banks have made some changes to their charges and reward systems of savings account and credit cards respectively. You must know the changes to avoid any penalty or loss.
In this article we are covering all the new bank account and credit card updates from April 2022. So, please read this article completely and avoid losing your money by paying extra charges.
Update for IDFC First bank credit card customers from April 2022
IDFC First Bank has revised the reward system for its credit cards. Effective from 17th April 2022, you will no longer be able to earn 10X reward points on Rental and Property management transactions. They will also not be considered to calculate the threshold spend amount. Instead you will earn 3X reward points.
|Feature||Existing||Effective April 17, 2022|
|Rewards on Rental Spends||Rental and Property management transactions are part of 10X reward program and 10X threshold calculations||Effective April 17, 2022 spends under Rental & Property Management merchant category will accrue 3X reward points and will not be eligible for 10X reward threshold calculations|
IDFC First bank has also changed the over-limit charges and late payment charges, effective from 5th April 2022. Unlike earlier, there will now be a overlimit charge that you have to pay if you spend more than your credit limit in a billing cycle (month). Also the maximum amount of late payment charge has been increased.
|Charges||Existing||Effective April 5, 2022|
|Over-limit charges||NIL||2.5% of the Over-limit amount (subject to a maximum of Rs 500)|
|Late Payment charges||15% of Total Amount Due (subject to a minimum of Rs 100 and a maximum of Rs 1000)||15% of Total Amount Due (subject to a minimum of Rs 100 and a maximum of Rs 1250)|
State Bank of India (SBI) credit card updates April 2022
SBI has come up with a small update for its AURUM credit card customers. SBI will not longer provide BBstar membership benefit on AURUM Card with effect from 1st April 2022.
Axis Bank Savings account update April 2022
Axis bank has increased the minimum balance amount from Rs 10,000 to Rs 12,000 on Regular savings bank account. So, if you are having this account, and have Rs 10,000 only in the account, deposit Rs 2000 more to avoid account maintenance charges. This is effective only for Metro and Urban cities of this account. Rest other accounts and the Regular account in the rural areas keep their minimum balance as it was earlier.
There is also another change regarding the cash transactions free limit. The monthly cash transaction free limit is revised from Rs 2 Lakhs to Rs 1.5 Lakhs for Easy savings account and equivalent Schemes. This will be applicable to all location and for both domestic and non-resident segments. So, if you spend more than 1.5 Lakhs, you will not have to pay more. This will also be applicable from 1st April 2022.
Changes to the IFSC code for credit card bill payment of ICICI Bank
When you have to pay huge amount (more than 2 Lakhs) as credit card bill, you need to send to credit cards bank account directly through NEFT/RTGS. There are specific bank account details and IFSC code for every bank’s credit card.
ICICI bank too has the same account number and IFSC code for such large credit card bill payments. But from April 2022, the IFSC code of that account details has changed. The new IFSC code for ICICI bank Credit card bill payments through NEFT/RTGS channel has been changed to ‘ICIC0000004’.
ICICI Bank credit card reward system changes from April 2022
ICICI Bank had partnership with PAYBACK and used to provide PAYBACK points as rewards for its credit cards. But this will be no more valid after March 31, 2022, as the partnership between ICICI Bank and PAYBACK will be ending.
From April 2022, ICICI Bank will start its own reward system instead. Though there has not been much information about how that reward system would be, but we expect it to be good enough. We will keep this article updated with the details as soon as we get.
These were some important new bank account and credit card updates to be effective from April 2022. Please do let us know in the comment section below if we missed something in the article and also do let us know if you find this article helpful.
An IT guy who keeps interest in blogging. Started blogging since 2017. He is the owner of the blog wheretosave.in and knowledgebear.com. A family man who loves Travelling, Gadgets and FOOD.