Several banks in India have made changes to their credit card reward programmes recently. Many benefits, such as airport lounge access, movie ticket offers and reward points, have been reduced too. For many, spending requirements have increased to claim certain benefits. Even American Express (Amex), known for premium offerings, has joined the wave.
It is important that customers take note of these changes to stay updated on their cards' reward programs and understand how they may impact their future spending.
These cards have made changes to their offerings:
- American Express has reduced rewards on its Platinum Travel Card from March 9. Earlier, cardholders used to earn 15,000 points for spending Rs 1.9 lakh. Now, this reward stands at 7,500 points. Similarly, at Rs 4 lakh spent, users earlier received 25,000 points and a Rs 10,000 Taj voucher, but now the reward has been limited to only 10,000 points. Under a new offering, users can get 22,500 points plus the Taj voucher for Rs 7 lakh milestone.
- SBI Card has reduced free domestic airport lounge visits from eight to four per year on its five popular credit cards.
- ICICI Bank has removed complimentary movie ticket benefits from its Platinum credit cards. The bank has also introduced a cap on reward points on transportation, allowing customers to earn points only on monthly spending of up to Rs 20,000.
- In October, Axis Bank also changed its credit card reward system, making all earned points expire 30 days after the card is closed.
- Scapia by Federal Bank has increased the monthly spending requirement for free airport lounge access. Previously set at Rs 10,000–15,000, cardholders now need to spend Rs 20,000 to enjoy this benefit.
Earlier, HDFC Bank also announced a cut in rewards on its Infinia card, reducing SmartBuy voucher points from 25x to 15x per Rs 150 spent. However, the move was reversed after customers reacted strongly online, leading to widespread backlash against the private lender.
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