Credit Card News

Verified updates on card devaluations, rewards multipliers, festive promotions, and bank circulars.

Official MITC Schedule

Axis Bank Comprehensive MITC Filing: 52.86% Retail APR, 1% Rental Cap at ₹1,500 & Burgundy Private Preferential Terms

Authoritative Charges, APR & Spend Criteria

MAGNUS

Axis Bank

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October 03, 2026

Axis Bank Comprehensive MITC Filing: 52.86% Retail APR, 1% Rental Cap at ₹1,500 & Burgundy Private Preferential Terms

Axis Bank's officially verified MITC schedule confirms a standard finance charge of 3.60% per month (52.86% APR) for retail credit cards, with Magnus privileged at 3.00% (42.58% APR) and Burgundy Private at 1.50% (19.56% APR). Tiered late payment fees range up to ₹1,200 for balances exceeding ₹10,000 (waived for Burgundy Private). Rental transaction surcharges are maintained at 1% capped at ₹1,500 + GST, while wallet loads above ₹10,000/month incur 1% surcharge.

Official MITC Schedule

ICICI Bank MITC Regulatory Filing: 45.00% Base APR, 8-Tier Late Fee Schedule & Amazon Pay Direct Settlement Protocol

Authoritative Charges, APR & Spend Criteria

amazonpay

ICICI Bank

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October 03, 2026

ICICI Bank MITC Regulatory Filing: 45.00% Base APR, 8-Tier Late Fee Schedule & Amazon Pay Direct Settlement Protocol

The latest ICICI Bank MITC circular reaffirms the 3.75% per month (45.00% APR) standard finance charge across retail portfolios, while Emeralde cardholders enjoy 1.99%–2.49% per month. Late fees follow an 8-tier progression peaking at ₹1,300 for balances exceeding ₹50,000. Reward point redemptions incur ₹99 + GST per request, whereas the Amazon Pay ICICI card features unconditionally zero redemption and maintenance fees with direct statement credit.

Official MITC Schedule

Kotak Mahindra Bank MITC & Cardholder Agreement: Retail & Corporate Fee Schedules and White Pass Redemptions

Authoritative Charges, APR & Spend Criteria

KOTAK

Kotak Mahindra Bank

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October 03, 2026

Kotak Mahindra Bank MITC & Cardholder Agreement: Retail & Corporate Fee Schedules and White Pass Redemptions

Kotak Mahindra Bank's combined MITC and Cardholder Agreement documents define a 3.50%–3.75% monthly interest rate (42.0%–45.0% APR) on consumer cards, 3.10%–3.40% on White Reserve, and 2.50%–3.00% on Corporate credit cards. Cash advances are charged at ₹300 per ₹10,000, late payment fee scales to ₹1,300, and overlimit charge is set at ₹500. White Pass milestone claims remain exempt from reward redemption charges.

Zero Forex Markup

IDFC FIRST Bank Reportedly Eliminates Forex Markup Across Entire Portfolio

0% Currency Conversion On International Spends

FIRST WEALTH

IDFC FIRST Bank

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October 02, 2026

IDFC FIRST Bank Reportedly Eliminates Forex Markup Across Entire Portfolio

In a major structural upgrade, reports indicate IDFC FIRST Bank has waived foreign currency markup (previously 1.5% to 3.5%) across its entire retail credit card suite for both new and existing cardholders, without requiring card reissue or tier upgrades. International rewards earning remains intact.

Bandhan Sparks

Bandhan Bank Enters Credit Card Market with 4 Mastercard Variants

Now Open for Applications with Launch Benefits

Bandhan Sparks

Bandhan Bank

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October 02, 2026

Bandhan Bank Enters Credit Card Market with 4 Mastercard Variants

Bandhan Bank has officially entered India's credit card market in partnership with Mastercard, rolling out a 4-tiered product family: Sparks (Entry Rewards), Ignite (Rewards & Travel), Flare (Premium Travel), and Lumina (Ultra-Premium Metal). Privileges include domestic lounge access, golf rounds, dining privileges, and movie benefits.

PhonePe HDFC Ultimo

HDFC Bank & PhonePe Launch Ultimo & Uno Co-Branded Credit Cards

Now Open for Applications with Launch Benefits

PhonePe HDFC Ultimo

HDFC Bank

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October 02, 2026

HDFC Bank & PhonePe Launch Ultimo & Uno Co-Branded Credit Cards

HDFC Bank and PhonePe have co-created two new credit cards: PhonePe HDFC Ultimo and PhonePe HDFC Uno. Ultimo is a RuPay Select card engineered for UPI merchant transactions, offering accelerated cashback on PhonePe app recharges, bill payments, and offline QR merchant codes.

Terms & Slabs Revised

American Express MRCC: 50% Annual Fee Waiver at ₹90k Spend Removed

Updated Spend Hurdles & Reward Caps

AMERICAN EXPRESS

American Express

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October 11, 2026

American Express MRCC: 50% Annual Fee Waiver at ₹90k Spend Removed

Effective 11 October 2026, American Express is removing the 50% annual fee waiver previously unlocked at ₹90,000 annual spend on the Membership Rewards Credit Card (MRCC). Cardholders must now pay the standard ₹1,500 + GST renewal fee (or achieve full waiver at ₹1.5 Lakhs spend). Reward points earn velocity and the 4×1,000 monthly transaction bonus remain unchanged.

IDFC HPCL First Power Plus

IDFC FIRST Bank & HPCL Launch 'First Power Plus' RuPay Fuel Card

Now Open for Applications with Launch Benefits

FIRST WEALTH

IDFC FIRST Bank

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October 02, 2026

IDFC FIRST Bank & HPCL Launch 'First Power Plus' RuPay Fuel Card

IDFC FIRST Bank has rolled out the HPCL First Power Plus Credit Card on the RuPay network. Features include up to 6.5% savings on fuel at HPCL pumps, ₹1,500 welcome voucher pack, 2 complimentary domestic lounge visits/year, and 24/7 roadside assistance (RSA) for an annual fee of ₹499 + GST.

Cleartrip Travel Deals

Cleartrip SBI Card Offers: Flat Rs. 1,000 Off on Flights & Hotels

Save Up To ₹2,500 on Flights & 20% on Hotels

SBI Card ELITE

SBI Card

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October 01, 2026

Cleartrip SBI Card Offers: Flat Rs. 1,000 Off on Flights & Hotels

SBI Card in collaboration with Cleartrip has rolled out an exclusive travel savings campaign across domestic flights, international flights, and hotel bookings. Cardholders can secure flat discounts of up to ₹1,000 on domestic airfare, up to ₹2,500 on international flights, and up to 20% discount on hotel reservations by applying promo code SBICLEAR at checkout.

Terms & Slabs Revised

IDFC FIRST Club Vistara Discontinued: Migrated to Lifetime Free Diamond Reserve

Updated Spend Hurdles & Reward Caps

FIRST WEALTH

IDFC FIRST Bank

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October 01, 2026

IDFC FIRST Club Vistara Discontinued: Migrated to Lifetime Free Diamond Reserve

The Club Vistara IDFC FIRST Credit Card became inactive after 30 September 2026 following airline program consolidation. Existing cardholders are being transitioned to the IDFC FIRST Diamond Reserve Credit Card on a reported Lifetime Free (LTF) basis. Benefits include 0% forex markup, 2 domestic + 2 international lounge visits/quarter, 4 railway lounge visits/quarter, and flight/hotel cancellation insurance.

Terms & Slabs Revised

Axis Burgundy Debit Card: Zero EDGE Rewards & Tightened Spend Criteria

Updated Spend Hurdles & Reward Caps

Axis Burgundy Debit Card

Axis Bank

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October 01, 2026

Axis Burgundy Debit Card: Zero EDGE Rewards & Tightened Spend Criteria

Axis Bank has executed a severe devaluation of its flagship Burgundy Debit Card. Effective 1 September 2026, EDGE Rewards earning is completely discontinued. Effective 1 October 2026, airport lounge access and BookMyShow ticket privileges are spend-linked, with strict exclusions on UPI, wallet top-ups, credit card bill payments, and cash withdrawals. Insurance claims now require an eligible transaction within 30 days (down from 90 days).

Terms & Slabs Revised

Amex Platinum Travel: Domestic Lounge Access Linked to ₹1 Lakh Quarterly Spend

Updated Spend Hurdles & Reward Caps

AMERICAN EXPRESS

American Express

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October 01, 2026

Amex Platinum Travel: Domestic Lounge Access Linked to ₹1 Lakh Quarterly Spend

American Express has modified domestic lounge access on the Platinum Travel Credit Card effective 1 October 2026. Cardholders must now record at least ₹1,00,000 eligible retail spend in the previous calendar quarter to unlock complimentary domestic lounge visits (capped at 2 visits per quarter). A transition threshold of ₹70,000 applies for Q3 qualifying spends.