SBI, IDFC, Axis Bank reduce credit card perks from April
What's the story
In a major development, leading Indian banks such as State Bank of India (SBI), IDFC First Bank, and Axis Bank are poised to change their credit card rewards and benefits structure.
The changes will be implemented from April 2025. The changes include a decrease in reward points for specific transactions and the removal of milestone benefits, as per CNBC-TV18.
Here's what you need to know about the upcoming changes.
SBI changes
SBI Card to cut reward points
SBI Card will also cut the reward points for specific transactions.
For example, SimplyCLICK SBI Cardholders will now get only 5X reward points on Swiggy orders, instead of the earlier 10X.
However, the customers can still enjoy the 10X reward benefit at other partner brands such as Myntra, BookMyShow, and Apollo 24x7.
Travel impact
Air India SBI Credit Card users to face major changes
Air India SBI Credit Card users will see even bigger changes.
The Air India SBI Platinum Credit Card will now provide just five reward points per ₹100 spent on Air India ticket bookings instead of the earlier 15 points.
Meanwhile, the Air India SBI Signature Credit Card will now give just 10 points per ₹100 spent, a major drop from the earlier 30 points.
IDFC changes
IDFC First Bank to discontinue milestone benefits
IDFC First Bank has announced that it will discontinue milestone benefits for its Club Vistara Credit Card from March 31, 2025.
Although customers can continue earning Maharaja Points till March 31, 2026, the card will eventually be phased out.
This change also means that Club Vistara Silver Membership will no longer be available and complimentary vouchers like Premium Economy Ticket and class upgrade vouchers will be discontinued.
Axis changes
Axis Bank to revise Vistara Credit Card benefits
In the wake of Vistara's merger with Air India, Axis Bank is changing Vistara Credit Card benefits effective April 18, 2025.
While cardholders renewing their cards on/after this date won't have to pay an annual fee, a number of lucrative perks will be removed.
These include complimentary Maharaja Club tier memberships as well as welcome and milestone ticket vouchers.