State Bank of India Revises Rules For Cashback Services On Credit Cards From May 1

The Financial Year 2023-24 has commenced with many changes introduced in personal taxation, investments, etc following the Union Budget 2023. May has also brought many financial rules and regulations into effect. Some key financial changes have also been introduced by the State Bank of India Credit Cards and Payment Services. SBI has made some revisions to rules from May 1. The Bank has shared information regarding this on its official website. According to the changes:-

1. Customers will not be able to avail of the benefits of EazyDiner Prime and Lenskart Gold Membership via AURUM Credit Card.

2. AURUM Credit Card holders will also not be able to avail of the coupon of Rs 5,000 from RBL Luxe for a Milestone Spend of Rs 5,00,000. They will avail of this coupon from Tata CLiQ Luxury.

3. SBI has also reduced the reward points on the use of SimplyCLICK SBI Card and SimplyCLICK Advantage SBI Card while doing online rent payments. The reward points have been reduced from 5x to 1x.

4. Cashback SBI Cards will also not offer any cashback on services like jewellery, school & educational services, utilities, and insurance services cards. Cash back will also not be provided on gifts, novelty & souvenir shops, member financial institutions/quasi cash, and railways.

SBI Credit Cards and Payment Services also made revisions in SimplyCLICK SBI Card and SimplyCLICK Advantage SBI Card while purchasing from Lenskart. The Bank introduced the changes on April 1 by reducing reward points from 10x to 5x. But the cardholders can also avail of the 10x reward points by purchasing from Apollo 24/7 and Book My Show. Cardholders will also receive 10x reward points by using the card for payments related to Cleartrip, EazyDiner, and Netmeds.

The Bank also changed charges of Credit Cards from March 17. An SMS and E-Mail were sent to the SBI Credit Card customers. This informed them that they would have to pay a rent of Rs 199+ applicable taxes via credit card. Previously the rent charged was Rs 99+applicable taxes.