New Rules on Credit Card Usage: 5 Financial Adjustments Scheduled for April 2024

April heralds the commencement of the new financial year 2024-25, bringing along significant money-related alterations that could impact your spending and investments. Below are some noteworthy financial modifications set to take effect in April 2024:

• Revised NPS Rule: The Pension Fund Regulatory and Development Authority (PFRDA) has bolstered the security measures of the National Pension System (NPS). With this update, a new security layer, comprising a two-factor Aadhaar authentication, has been implemented, making it mandatory for all users accessing the CRA system.
• SBI Credit Card Amendments: SBI Card has declared the cessation of reward points accrual on rent payment transactions for specific credit cards, effective April 1, 2024. This policy applies to credit cards such as AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card.

• YES Bank Credit Card Revisions: Starting April 1, 2024, YES Bank credit cardholders who spend ₹10,000 or more in a calendar quarter will qualify for complimentary domestic lounge access.
• ICICI Bank Credit Card Adjustments: As stated on the ICICI Bank website, commencing April 1, 2024, cardholders can enjoy one complimentary airport lounge access by spending Rs. 35,000 in the preceding calendar quarter. Spending in the prior quarter will unlock access for the subsequent one. To avail of complimentary lounge access in the April-May-June 2024 quarter, a minimum spend of Rs. 35,000 in the January-February-March 2024 quarter is required, and similarly for subsequent quarters.