I read that SBI is making changes to its credit card rules. What exactly is changing, and as an SBI credit card holder, what should I keep in mind?
Yes, three rules are changing-
1.) Change in calculations of Minimum Due Calculation(MAD)-
From now onwards MAD will be calculated as 100% of GST + 100% of EMI amount + 100% of fees/charges + 100% of finance charges + overlimit amount (if any) + 2% of remaining balance outstanding. It will increase your higher minimum payment every month. It will effective from July 15.
2.) Updated payment settlement order-
From now onwards payments will first go towards GST, followed by EMIs, charges, finance charges, balance transfers, retail spends and eventually, cash advances. It will effective from July 15.
3.) Air accident insurance cover discontinued-
Third major change is that from August 11, SBI Card will discontinue the complimentary Air Accident insurance coverage of ₹50 lakh- ₹1 crore on several co-branded cards.
You as a SBI credit card holder must consider upgrading your credit card if it no longer meets your requirement. Pay more than the minimum due to avoid accumulating interest, charges and fees.