Several major Indian banks — including SBI, HDFC Bank, and Kotak Mahindra Bank — have announced major updates to their credit card terms and conditions, effective from July 2025. The changes include revised reward programs, new transaction fees, modifications to insurance coverage, and updated policies for card replacements. Cardholders are urged to carefully review these updates to ensure continued access to benefits and avoid unexpected charges.
SBI Card: Key Updates Including Removal of Complimentary Air Accident Insurance
Key Date: July 15, 2025
- SBI is removing complimentary air accident insurance from select premium cards.
- Affected Cards and Coverage Details:
- SBI Card Elite, SBI Card Miles Elite, and SBI Card Miles Prime will lose the Rs 1 crore insurance.
- SBI Card Prime and SBI Card Pulse will no longer have the Rs 50 lakh insurance.
Cardholders relying on these benefits should explore alternative insurance options after July 15, 2025.
Other Policy Updates by SBI
- Changes in minimum due calculation and payment settlement hierarchy.
- Review monthly statements post-policy change for interest and charges.
HDFC Bank: Revised Transaction Charges and Reward Point Rules
Effective From: July 1, 2025
- Introducing a 1% fee capped at Rs 4,999/month for online gaming, wallet top-ups, and certain bill payments.
- Reward point limitations for specific spending categories.
Kotak Mahindra Bank: Myntra Credit Card Replacement
Effective Date: July 10, 2025
- Myntra Kotak Credit Card phased out and replaced by Kotak League Credit Card.
- Users should review new benefits, rewards, and charges of the Kotak League Credit Card.
Key Takeaways for Competitive Exams
- Leading Indian banks like SBI, HDFC Bank, and Kotak Mahindra Bank are implementing significant credit card updates from July 2025.
- SBI is discontinuing air accident insurance on select premium cards from July 15, 2025.
- HDFC Bank is introducing new transaction fees and reward point limitations effective July 1, 2025.
- Kotak Mahindra Bank is replacing the Myntra co-branded credit card with the Kotak League Credit Card from July 10, 2025.
