New Changed Reward Points Rule For Credit Card Users From Year 2023

SBI Cards, a pure-play credit card company, is about to revise its reward points policy. From January 1, the SBI-backed company will reduce the accrual of reward points on Amazon online purchases to 5X reward points. Cleartrip vouchers will also be able to be redeemed in a single transaction, according to the company. Users will be unable to combine it with any other offer or voucher beginning January 6, 2023.

According to a notice on SBI Card's website, "with effect from January 6, 2023, the Cleartrip voucher issued to SimplyCLICK Cardholders must redeem their online spend milestone in a single transaction and cannot combine it with any other offer or voucher."

Furthermore, according to the SBI Card notice, "accrual of 10X Reward Points on online spends at Amazon.in with With effect from January 1, 2019, the SimplyCLICK/SimplyCLICK Advantage SBI Card will be reduced to 5X Reward Points."

Customers will, however, continue to earn 10X Reward Points on online purchases made at Apollo 24X7, BookMyShow, Cleartrip, EazyDiner, Lenskart, and Netmeds.

Other banks, including HDFC Bank and ICICI Bank, have revised certain credit card charges.

HDFC Bank

HDFC Bank has sent an SMS to certain credit card customers informing them of a change in the credit card reward points programme and fee structure that will take effect on January 1, 2023.

Rent payments will not earn reward points, and redemption of reward points on various cards has been capped in certain segments, according to the bank.

The redemption of reward points for flights and hotel bookings on the bank's SmartBuy portal will be capped per calendar month at 1.50,000 reward points for Infinia cards, 75,000 reward points for Diners Black cards, and 50,000 reward points for all other cards, according to an SMS sent to its select customers. Similarly, for Infinia, the redemption of reward points for Tanishq vouchers would be limited to 50,000 reward points per calendar month.

ICICI Bank

Customers with ICICI Bank credit cards are now required to pay a 1% fee when paying rent. So far, no bank or credit card company has charged a fee for such transactions. ICICI Bank was the first to charge a fee for rent payments made with credit cards, and others are expected to follow suit.

It is intended for cardholders who pay their rent with their credit cards through platforms such as Cred, RedGiraffe, Mygate, Paytm, and Magicbricks, among others.