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Mint
24-07-2025
- Business
- Mint
SBI Card discontinues ₹1 crore air accident insurance coverage. Check details
If you hold an SBI Credit Card, particularly one of its premium variants, there's an important update for you. With effect from July 15, SBI Card has discontinued free air accident insurance coverage up to ₹ 1 crore for select credit cardholders Elite, Miles Elite and Miles Prime. Apart from this, several key changes in payment settlement rules of this credit card as well as Minimum Amount Due (MAD) calculations will also come into effect. These changes will impact the premium users the most, especially those who rely on SBI's credit card insurance benefits and flexible repayment terms. Let us understand more about what has changed and how it may affect you. So far, select SBI credit cardholders (Elite, Miles Elite and Miles Prime) were entitled to complimentary air accident insurance amounting to ₹ 1 crore. However, this benefit will be discontinued with effect from July 15, 2025, as part of SBI Card's latest policy overhaul. Affected card variants include SBI Card Elite, SBI Card Miles Elite and SBI Card Miles Prime. These cards will no longer provide air accident insurance coverage after the cut-off date. If you were relying on this insurance during air travel, then it is vital to re-consider some alternative personal coverage options. Similarly, some cards which offer ₹ 50 lakh air accident insurance with no additional charges will also lose this benefit from July 15. The cards which are impacted by this rule include SBI Card Prime and SBI Card Pulse. Now the users of these cards will have to make new arrangements if they want to retain any sort of air travel insurance coverage. Another major change relates to how SBI adjusts your credit card payments. Earlier, the amount you paid would be distributed based on an internal hierarchy. From July 15, SBI will revise the order in which your payment gets applied to different outstanding amounts. SBI has also announced to tighten the rules around Minimum Amount Due, i.e., the minimum sum that you must pay to avoid default or penalty. The new formula substantially increases the minimum amount by including more components. New MAD calculation includes 100 per cent GST, 100 per cent EMI amount, 100 per cent charges and fees, 100 per cent finance charges, Overlimit amount (if applicable) and 2 per cent of the remaining outstanding balance, reveals customer notices given on This means if you only pay the minimum due each billing cycle month to avoid late fees, then your minimum amount due will turn out to be higher than before, thus affecting your monthly budget and increasing overall interest costs if the full amount isn't paid regularly. Disclaimer: Mint has a tie-up with fintechs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit. For all personal finance updates, visit here
India.com
16-07-2025
- Business
- India.com
SBI Credit Card Rules Changed From 15 July 2025: All You Want To Know
photoDetails english 2932409 Updated:Jul 16, 2025, 07:57 AM IST SBI Cards Minimum Amount Due rule changes from 15 July 1 / 9 With effect from 15 July 2025, Minimum Amount Due (MAD) calculation will be as follows: 100% of GST + 100% of EMI amount + 100% of Fees/Charges + 100% of finance charges + Overlimit Amount (if any) + 2% of remaining balance outstanding. SBI Cards Order of Payment Settlement rule changes from 15 July 2 / 9 With effect from 15 July 2025, the Order of Payment Settlement will be as follows: Payment received against the Cardholder's outstanding will be adjusted against 100% of GST, 100% of EMI amount, 100% of Fees/Charges, 100% of Finance charges, Balance transfer, Retail Spends and Cash Advance, in that order. SBI Card Elite rule changes from 15 July 3 / 9 With effect from 15 July 2025, the complimentary Air Accident insurance coverage of Rs 1 crore currently offered on your SBI Card Elite will be discontinued. SBI Card Miles Elite rule changes from 15 July 4 / 9 With effect from 15 July 2025, the complimentary Air Accident insurance coverage of Rs 1 crore currently offered on your SBI Card Miles Elite will be discontinued. SBI Card Miles Prime rule changes from 15 July 5 / 9 With effect from 15 July 2025, the complimentary Air Accident insurance coverage of Rs 1 crore currently offered on your SBI Card Miles Prime will be discontinued. SBI Card Prime rule changes from 15 July 6 / 9 With effect from 15 July 2025, the complimentary Air Accident insurance coverage of Rs 50 lakhs currently offered on your SBI Card Prime will be discontinued. SBI Card Pulse rule changes from 15 July 7 / 9 With effect from 15 July 2025, the complimentary Air Accident insurance coverage of Rs 50 lakhs currently offered on your SBI Card Pulse will be discontinued. SBI cards rule from August 8 / 9 Additionally, regarding change in SBI cards rule from August, the company said With effect from 11 August 2025, Complimentary Air Accident Insurance coverage of Rs 1 Cr. currently offered on your 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 will be discontinued. SBI card rule changes With effect from 11 August 2025 9 / 9 With effect from 11 August 2025, Complimentary Air Accident Insurance coverage of Rs. 50 Lakh currently offered on your UCO Bank SBI Card PRIME, Central Bank of India SBI Card PRIME, PSB SBI Card PRIME, KVB SBI Card PRIME, Karur Vysya Bank SBI Platinum Credit Card, South Indian Bank SBI Card PRIME, South Indian Bank SBI Platinum Credit Card, Karnataka Bank SBI Card PRIME, Karnataka Bank SBI Platinum Credit Card, City Union Bank SBI Card PRIME, Allahabad Bank SBI Card PRIME, UBI SBI PLATINUM Credit Card, OBC SBI VISA PLATINUM Card, Federal Bank SBI Platinum Credit Card, BOM SBI PLATINUM Credit Card will be discontinued.
India.com
04-07-2025
- Business
- India.com
SBI Credit Card Rules Changing From 15 July 2025: All You Want To Know
photoDetails english 2926313 Updated:Jul 04, 2025, 09:07 AM IST SBI Cards Minimum Amount Due rule changes from 15 July 1 / 9 With effect from 15 July 2025, Minimum Amount Due (MAD) calculation will be as follows: 100% of GST + 100% of EMI amount + 100% of Fees/Charges + 100% of finance charges + Overlimit Amount (if any) + 2% of remaining balance outstanding. SBI Cards Order of Payment Settlement rule changes from 15 July 2 / 9 With effect from 15 July 2025, the Order of Payment Settlement will be as follows: Payment received against the Cardholder's outstanding will be adjusted against 100% of GST, 100% of EMI amount, 100% of Fees/Charges, 100% of Finance charges, Balance transfer, Retail Spends and Cash Advance, in that order. SBI Card Elite rule changes from 15 July 3 / 9 With effect from 15 July 2025, the complimentary Air Accident insurance coverage of Rs 1 crore currently offered on your SBI Card Elite will be discontinued. SBI Card Miles Elite rule changes from 15 July 4 / 9 With effect from 15 July 2025, the complimentary Air Accident insurance coverage of Rs 1 crore currently offered on your SBI Card Miles Elite will be discontinued. SBI Card Miles Prime rule changes from 15 July 5 / 9 With effect from 15 July 2025, the complimentary Air Accident insurance coverage of Rs 1 crore currently offered on your SBI Card Miles Prime will be discontinued. SBI Card Prime rule changes from 15 July 6 / 9 With effect from 15 July 2025, the complimentary Air Accident insurance coverage of Rs 50 lakhs currently offered on your SBI Card Prime will be discontinued. SBI Card Pulse rule changes from 15 July 7 / 9 With effect from 15 July 2025, the complimentary Air Accident insurance coverage of Rs 50 lakhs currently offered on your SBI Card Pulse will be discontinued. SBI cards rule from August 8 / 9 Additionally, regarding change in SBI cards rule from August, the company said With effect from 11 August 2025, Complimentary Air Accident Insurance coverage of Rs 1 Cr. currently offered on your 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 will be discontinued. SBI card rule changes With effect from 11 August 2025 9 / 9 With effect from 11 August 2025, Complimentary Air Accident Insurance coverage of Rs. 50 Lakh currently offered on your UCO Bank SBI Card PRIME, Central Bank of India SBI Card PRIME, PSB SBI Card PRIME, KVB SBI Card PRIME, Karur Vysya Bank SBI Platinum Credit Card, South Indian Bank SBI Card PRIME, South Indian Bank SBI Platinum Credit Card, Karnataka Bank SBI Card PRIME, Karnataka Bank SBI Platinum Credit Card, City Union Bank SBI Card PRIME, Allahabad Bank SBI Card PRIME, UBI SBI PLATINUM Credit Card, OBC SBI VISA PLATINUM Card, Federal Bank SBI Platinum Credit Card, BOM SBI PLATINUM Credit Card will be discontinued.
Time of India
29-06-2025
- Business
- Time of India
Credit Card holders take note: Major banks to tweak benefits from July; SBI, HDFC, Kotak revise rules - Here's what you need to know
This is an AI-generated image, used for representational purposes only. Starting July 2025, several leading banks, including SBI , HDFC Bank and Kotak Mahindra Bank, will roll out significant changes to their credit card terms, including revised insurance benefits, new transaction charges, and product migrations. Cardholders are advised to review these updates carefully to avoid unexpected costs and benefit disruptions. SBI Card: Insurance benefit withdrawn, payment rules updated SBI Card will discontinue its complimentary air accident insurance across several premium and co-branded cards from July 15, 2025. This includes the Rs 1 crore cover on SBI Card Elite, SBI Card Miles Elite and SBI Card Miles Prime, and the Rs 50 lakh cover on SBI Card Prime and SBI Card Pulse. Additionally, from August 11, 2025, this benefit will also be removed from co-branded cards like UCO Bank SBI Card ELITE, Central Bank of India SBI Card ELITE, and others, according to ET. SBI has also updated its Minimum Amount Due (MAD) calculation formula. From July 15, the MAD will include 100% of GST, EMI, charges, and finance costs, plus 2% of the remaining dues. The order of payment settlement will now be: GST > EMI > charges > finance charges > balance transfer > retail spends > cash advances. HDFC Bank: New charges on gaming, wallet loads and utilities HDFC Bank will revise several credit card charges from July 1, 2025. According to ET, a 1% transaction fee (capped at Rs 4,999/month) will now apply to: Online skill-based gaming spends over Rs 10,000/month Wallet loads exceeding Rs 10,000/month Utility bill payments above Rs 50,000/month (Rs 75,000 for business cards) No reward points will be given on gaming spends. Insurance spends remain exempt from charges, but rewards will be capped monthly: Infinia cards: 10,000 points Diners Black: 5,000 points Other cards: 2,000 points Cards like Marriott Bonvoy will continue to enjoy uncapped reward points. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Ductless Air Conditioners Are Selling Like Crazy [See Why] Keep Cool Click Here Undo Also, education, rent and fuel spends will see charges if routed through third-party apps or if they exceed defined limits, ET reported. Kotak Mahindra Bank: Myntra Card to be replaced Kotak Mahindra Bank will discontinue the Myntra Kotak Credit Card from July 10, 2025, and transition customers to the Kotak League Credit Card. Users are urged to review the new card's features and rewards structure, as the migration will automatically replace the existing benefits. With banks tightening card benefits and introducing new charges, consumers are advised to monitor their monthly spending categories, especially in areas like online gaming, wallet usage, and high-value utility payments. Reviewing terms can help avoid fees and ensure continued access to key features. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
27-06-2025
- Business
- Time of India
Major credit card rule changes in July 2025: Check latest updates from SBI, HDFC Bank, and Kotak Mahindra Bank
Discontinuation of complimentary air accident insurance in July 2025 HDFC Bank: These transaction charges will be revised effective July 1, 2025 Kotak Credit card changes Many banks including SBI HDFC Bank and Kotak Mahindra Bank have revised their credit card rules, which will come into effect in July 2025. These include the discontinuation of free air accident insurance on certain SBI cards, the introduction of new transaction fees and reward point limits by HDFC Bank, and the gradual replacement of the Myntra Kotak Credit Card with the Kotak League Credit Card. The updated terms of these credit cards should be reviewed by cardholders to prevent any Card has announced a series of important changes for its credit cardholders, which will take effect from July 15, 2025. The changes range from calculation of minimum due payment, payment settlement order, and discontinuation of complimentary insurance for air accidents on select SBI credit Card will discontinue its complimentary air accident insurance coverage of Rs 1 crore, which is currently offered on select premium SBI credit cards, effective July 15, 2025. This change applies to the following cards: SBI Card Elite, SBI Card Miles Elite, and SBI Card Miles Prime. Customers using these variants of credit cards will no longer be eligible for this benefit after the specified complimentary air accident insurance coverage of Rs 50 lakh on SBI Card Prime and SBI Card Pulse will also be discontinued, effective July 15, 2025. Cardholders of these variants will no longer receive this insurance benefit from the specified date onwards, as per the information available on SBI's Bank is revising its credit card charges starting July 1, 2025, to enhance transparency and align with spending patterns. Some of the changes include a 1% fee capped at Rs 4,999/month, which will apply to online skill-based gaming, wallet loading (e.g., PayTM, Mobikwik), and utility bill payments exceeding Rs 50,000/month for consumer cards (Rs 75,000 for business cards). No reward points will be awarded on gaming spends. Insurance spends remain exempt from charges but will have monthly reward point caps: 10,000 for Infinia, 5,000 for Diners Black, and 2,000 for most other cards. Marriott Bonvoy cards are not subject to this cap among other Mahindra Bank has announced the discontinuation of the Myntra Kotak Credit Card, effective July 10, 2025. As part of this transition, all existing Myntra Kotak Credit Card users will be migrated to the Kotak League Credit Card. Cardholders are advised to review the features and benefits of the new card and take note of any changes in terms and rewards that may apply post-migration.
