Credit Card/Banking News and Update: Axis LTF, IndusInd Vistara, HDFC Infinia, IDFC, Amex, AU LIT, City CSK, ICICI,SBI

1. Up to 105 Interest-Free Days with CreditPro at IDFC FIRST Bank

Overview:
IDFC FIRST Bank has launched an innovative service called CreditPro exclusively for selected credit cardholders. This service enables users to transfer outstanding dues from other bank credit cards to their IDFC FIRST Bank card, easing the burden of high credit card payments.

Key Features:

• Balance Transfer Benefits:
  • Transfer dues from other banks with no joining fee if done within 15 days of enabling CreditPro.
  • An annual fee of ₹749 applies from the second year onward.

• Interest-Free Period:
  • Enjoy up to 105 days of interest-free payments on balance transfers.
  • After the interest-free period, the rate is 19.99% per annum—substantially lower than the industry average of 42%.

• Example Savings:
  For an outstanding amount of ₹1 lakh and 89 interest-free days, users could save approximately ₹11,485 in interest charges.

How Do 105 Interest-Free Days Work?

1. Initial Balance Transfer:

   • Begin with a successful balance transfer to a new card offering interest-free privileges.

2. Billing Cycle Breakdown:

   • Billing Cycle 1:
     • Interest-Free Period: Up to 45 days.
     • Payment Requirement: A minimum payment of 5% of the transferred dues along with any processing fee (PF) and GST.
     • The remaining amount continues as interest-free.

   • Billing Cycle 2:
     • Interest-Free Extension: An additional 30 days.
     • Payment Requirement: A minimum payment of 5% of the remaining dues.

   • Billing Cycle 3:
     • Final 30 Days: Another 30-day interest-free period.
     • Options for Payment:

     • Full Payment: Settle the entire remaining balance.

     • Minimum Payment: Pay at least 5% and carry forward the rest (which will accrue interest at 1.67% per month).

     • Convert to EMI: Option to convert the dues into EMIs with 0% processing fees.

How to Enable CreditPro?

• Visit the IDFC FIRST Bank website or open the mobile app.

• Locate the CreditPro section and click on Enable.

• Navigate to the Manage Card section and select Enable Balance Transfer.

• Complete your first balance transfer to start enjoying the interest-free period.

Fees and Charges:

2. Revision to Priority Pass Program with Infinia Credit Card

Overview:
HDFC Bank has updated its premium Infinia Credit Card offering:

• Update: Domestic airport lounge access via Priority Pass has been discontinued.

• New Terms: Priority Pass now applies only to lounges outside India.

3. 50% Bonus Air India Maharaja Points on Credit Card Reward Point Conversion

Overview:
Air India’s revamped loyalty program, the Maharaja Club (formerly Flying Returns), now offers a bonus for credit cardholders converting their reward points into Maharaja Club points.

Key Details:

• Bonus Offer Validity:
  • Limited time offer valid until 31st March 2025.
  • Earn up to 2 lakh bonus Maharaja Club points.

• Bonus Conversion Tiers:

• Maximizing the Bonus:
  To hit the bonus cap of 2,00,000 points, aim for the 50% tier by converting more than 1,00,000 Bank Reward Points. With a 1:1 conversion ratio, converting exactly 4,00,000 points yields the maximum bonus.

• Eligible Credit Cards Include:

  ICICI Bank:
  • Emeralde Private Metal Credit Card: Conversion at 1:1
  • Other ICICI Credit Cards: Conversion at 6:1

  HDFC Bank:
  • Infinia/Infinia Metal: 2:1
  • Diners Black/Diners Black Metal: 2:1
  • Regalia Gold: 3:1

  SBI Card:
  • Miles, Miles PRIME, and Miles ELITE Credit Card: 1:1
  • Air India SBI Credit Cards: 1:1
  • SBI AURUM Credit Card: 5:1

  HSBC Credit Cards:
  • HSBC Premier: 5:4
  • HSBC Classic, Gold, Smart Value: Standard conversion
  • HSBC Platinum: 2:1

  DBS Bank Credit Cards:
  • DBS Vantage Card: 5:4
  • DBS Spark Credit Card: 6:1
  • Bajaj Finserv DBS Bank SuperCard: 6:1

4. Instant 25% Off on Cinepolis with American Express Cards

Overview:
American Express cardholders now enjoy an instant 25% discount on movie tickets at Cinepolis.

Offer Details:

• Usage: Valid on both the Cinepolis website and app.

• Validity: From 1st March 2025 to 31st May 2025.

• Promo Code: Use CINEAMEX25 during booking.

• Note: No minimum spend is required.

5. Up to ₹800 Cashback on Swiggy With American Express Credit Cards

Overview:
American Express cardholders can earn cashback on Swiggy Instamart purchases through this attractive offer.

Offer Details:

• Validity: 5th March 2025 to 31st May 2025.

• Cashback Tiers:

  • Spend ₹0 – ₹3,499: No cashback

  • Spend ₹3,500 – ₹5,999: ₹350 cashback

  • Spend ₹6,000 – ₹7,999: ₹600 cashback

  • Spend ₹8,000 and above: ₹800 cashback

Conditions:

• The offer is applicable only for American Express Consumer Cardmembers in good standing.

• Only purchases on Swiggy Instamart qualify (food delivery orders do not count).

• Cashback is credited to your Swiggy wallet after qualifying purchases.

6. Swiggy HDFC Credit Card – Spend Milestone Offer March 2025

Overview:
HDFC Bank is rewarding Swiggy HDFC Credit Cardholders with Swiggy One memberships and food coupons based on their spending during the designated period.

Rewards Structure:

Offer Terms:

• Valid for Indian citizens and residents only.

• Applicable on spends made during the period from 5th March 2025 to 5th April 2025.

• Communication regarding rewards will be sent via SMS, email, or WhatsApp.

• This offer excludes rent payments and is non-cashable, non-extendable, and non-negotiable.

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7. City Union Bank Launches All-New CSK Co-Branded Credit Cards

Overview:
In celebration of IPL passion and Chennai Super Kings (CSK), City Union Bank has rolled out three co-branded CSK credit cards:

• CUB CSK RuPay Platinum Credit Card

• CUB CSK Master Platinum Credit Card

• CUB CSK MasterWorld Credit Card

Features and Perks:

• Affordable Joining Fees:
  • RuPay Platinum: ₹500 + GST
  • Master Platinum: ₹1,000 + GST
  • MasterWorld: ₹4,000 + GST

• Welcome Gifts:
  • RuPay Platinum: Exclusive CSK co-branded goodies
  • Master Platinum: Official CSK Fan Jersey
  • MasterWorld: Original Dhoni No.7 Jersey

8. IndusInd Bank’s Pay With Rewards Program

Overview:
IndusInd Bank has introduced an innovative “Pay with Rewards” initiative that allows credit cardholders to redeem accumulated reward points for payments at partner merchants.

Redemption Details:

• Redemption Limit:
  • Redeem up to 25% of the bill payment amount or 25% of your reward points balance, whichever is lower.
  • For select merchants (e.g., TATA AIA), redemption is capped at 15%.

• Additional Information:
  • Any unpaid amount beyond the points redemption must be paid via an IndusInd Bank Credit or Debit Card.
  • The registered mobile numbers with the bank and merchant must match for a successful redemption.

9. IndusInd Bank Indulge Credit Card Devaluation 2025

Overview:
Significant changes have been implemented on the IndusInd Bank Indulge Credit Card that have led to a devaluation of its benefits. Below is a comparison of the previous and new offerings:

10. IndusInd Bank Credit Cards Golf Program Latest Updates 2025

Overview:
IndusInd Bank has updated its golf program across various credit cards, effective from March 13, 2025.

Golf Program Details:

Spending Requirement for Free Golf Access:

11. AU LIT Credit Card Devaluation 2025

Overview:
AU Bank has made several notable changes to its AU LIT Credit Card, India’s first customizable credit card. Here’s how the revised offering compares to the previous version:

12. IndusInd Bank Club Vistara Explorer Credit Card Migration 2025

Overview:
Due to the merger of Air India and Vistara, IndusInd Bank is discontinuing its Club Vistara Explorer Credit Card.

Migration Details:

• Holders can use their cards until 31st March 2025.

• No renewal fees or benefits will be available after this date.

• All Explorer Credit Cardholders (and associated add-on cards) will be migrated to a new IndusInd Bank Credit Card, with communication expected by mail and the new card arriving by April 2025.

13. IndusInd Bank – Internal Audit Findings on MTM Derivative Losses

Overview:
An internal audit at IndusInd Bank has revealed discrepancies related to marked-to-market (MTM) derivative losses.

Key Points:

• The bank did not engage an external auditor for concurrent audits of its treasury transactions.

• This oversight potentially concealed a significant MTM loss estimated at about ₹1,600 crore (approximately 2.35% of its net worth).

• A risk management consultant noted that a concurrent external audit might have flagged these risks sooner.

14. RBI Reassures Depositors on IndusInd Bank’s Financial Health

Overview:
The Reserve Bank of India (RBI) has recently reassured depositors regarding the financial stability of IndusInd Bank.

Highlights from the RBI Statement:

• The bank is well-capitalized with a Capital Adequacy Ratio (CAR) of 16.46% and a Provision Coverage Ratio (PCR) of 70.20%.

• The Liquidity Coverage Ratio is robust, reinforcing the bank’s stable financial position.

• An external audit team has been appointed to thoroughly review the bank’s systems, with remedial actions expected to be completed in the current quarter (Q4FY25).

• Full disclosure to stakeholders is being ensured.

15. PSU Banks Plan Common Video KYC Hub

Overview:
In an effort to streamline customer verification processes, state-run banks are planning to set up a common video KYC hub.

Key Aspects:

• The initiative will digitize and integrate KYC and business processes with the central KYC registry (CKYCR), making CKYCR the “single source of truth.”

• Integration aims to eliminate multiple verifications and enhance customer convenience.

• The government is also urging regulated entities—including insurers and pension funds—to integrate with CKYCR.

16. RBI Directs IndusInd Bank to Complete Remedial Action in Q4

Overview:
Following the disclosure of an accounting discrepancy amounting to approximately ₹2,100 crore, the RBI has directed the board of IndusInd Bank to complete remedial measures within the current quarter.

Key Points:

• RBI reassured depositors by stating that the bank remains “well-capitalized” and its overall financial health is satisfactory.

• In the wake of the disclosure, IndusInd Bank’s share price experienced a notable decline, with market cap losses observed over multiple sessions.

17. Yes Bank Goes Live with GST Payment Facility

Overview:
Yes Bank has launched a new Goods and Services Tax (GST) payment facility to simplify tax payments for corporates and sole proprietors.

Offer Highlights:

• The facility is accessible via the bank’s Retail and Corporate Internet Banking platforms as well as across its branch network.

• Taxpayers can generate GST challans on the official GST portal (www.gst.gov.in) and make payments instantly using Yes Bank NetBanking, with real-time confirmations and downloadable e-challans.

• Alternatively, customers may opt for ‘Over the Counter’ payments at branches.

• This service is authorized by the Government of India.