SBI credit card rules changing from July 15: Here's what cardholders must know
The way your payments are settled will also change. From now on, whatever amount you pay will be adjusted first towards GST, then EMIs, then charges and interest, and lastly towards your main spending like retail shopping or cash withdrawal.So, if you have unpaid charges or finance charges, your payment will first clear those. If you only pay a part of the total, interest will keep adding up on your other spends.NO MORE FREE AIR ACCIDENT COVERThere is another big change for customers who have enjoyed free air accident insurance on their cards. Many SBI credit cards used to offer free air accident insurance cover between Rs 50 lakh to Rs 1 crore. This benefit will stop soon.From August 11, complimentary air accident insurance will be discontinued on popular cards like UCO Bank SBI Card ELITE, Central Bank of India SBI Card ELITE, PSB SBI Card ELITE, KVB SBI Card ELITE, KVB SBI Signature Card and Allahabad Bank SBI Card ELITE.Likewise, free cover of Rs 50 lakh will be withdrawn from cards like UCO Bank SBI Card PRIME, Central Bank of India SBI Card PRIME, PSB SBI Card PRIME, South Indian Bank SBI Card PRIME, Karnataka Bank SBI Card PRIME and many others.WHAT SHOULD YOU DO NOW?If you have any of these cards, check your card's features and see if they still suit your needs. Since benefits like air accident cover are ending, you may want to think about upgrading, switching, or even closing your card.It is wise to read the updated terms carefully and make sure you know how these changes can affect your payments and benefits. Staying aware will help you avoid extra charges and manage your money better.- Ends
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