New Delhi: There are going to be many major changes in banking rules in India from April 1, 2025, which will affect account holders across the country. These new rules will affect credit card benefits, savings account rules, ATM withdrawal policies and many other things. It is very important to be aware of these changes so that you can avoid fines and take full advantage of your banking system. Especially if you have a credit card, then definitely understand some important changes that will be implemented in the new financial year.
Changes in credit card rules
With the beginning of the new financial year, many big banks like State Bank of India (SBI), IDFC First Bank, and Axis Bank are going to change their credit card rules. These changes will be related to fees, reward points and other benefits. Let us look at the changes related to the credit cards of these banks one by one.
Cut in reward points
SBI is going to reduce the reward points available on certain transactions for its credit card holders. If you have a SimplyClick SBI card, now instead of 10X reward points, you will get only 5X reward points on spending on Swiggy. That is, half the points as compared to earlier. However, you will continue to get 10X reward points on some partner brands like Myntra, BookMyShow and Apollo 24 as before. This means that if you spend on these brands, you will still get the old benefits, but those who spend on Swiggy will suffer a loss.
SBI Air India Credit Card
If you have an Air India SBI Credit Card, then there is bad news for you too. There is a big reduction in the reward points received on these cards. For instance, Air India SBI Platinum Credit Card users will now get just 5 reward points instead of 15 for every Rs 100 spent on Air India ticket bookings. That is, one-third of the profit as compared to earlier. On the other hand, Air India SBI Signature Credit Card holders will now get 10 points instead of 30 for every 100 rupees. This change is a big blow for those who travel frequently by Air India and take advantage of reward points.
Changes after merger
After the merger of Vistara and Air India, Axis Bank is changing the benefits of its Vistara credit card. The good news for those whose cards will be renewed from April 18, 2025 is that they will not have to pay annual fees. But there are some big disadvantages along with this. For example, now cardholders will not get free Maharaja Club tier membership, which was a big benefit earlier. This change will affect those who used to avail special travel benefits through this card.
IDFC First Bank Credit Card
IDFC First Bank is also making major changes to its Club Vistara Credit Card. Milestone rewards on this card will stop from March 31, 2025. That is, after this you will not get any special bonus based on your spending.However, you can earn Maharaja Points till March 31. But after this the card will gradually be discontinued. Along with this, Club Vistara Silver membership and free vouchers like premium economy tickets and class upgrade vouchers will also end.
How will these changes affect you?
All these changes can affect account holders in many ways. If you depend on reward points for online shopping, ticket booking or travel with credit card, then now you will get less benefits. For instance, SBI card users will not get the same benefits of spending on Swiggy as before, and Air India card users will lose out as they will get fewer points on ticket bookings. Similarly, Vistara card users of Axis Bank and IDFC First Bank will lose benefits like free membership and vouchers, although there will be some relief with the waiver of annual fees.
What should account holders do?
To avoid these changes and maximize your benefits, you should take some steps. First of all, read the new rules of your credit card carefully. Get information from the bank’s website or customer care. Second, if you feel that the existing card will no longer give you the same benefits as before, then compare the credit card offers of other banks. Third, adjust your spending habits to suit these new norms. For example, if you are getting less rewards on Swiggy, then increase your spending on platforms like Myntra or BookMyShow where you are still getting 10X points.