Credit card perks getting costlier: What it means for you
Major issuers such as HDFC Bank, American Express, and ICICI Bank are cutting back on credit card perks to manage rising costs and pressure on product economics.
Starting in the next financial year, HDFC Infinia users will have to spend ₹18 lakh a year or keep ₹50 lakh with the bank to keep their top benefits.
Amex's Platinum Travel card and ICICI's Emeralde Private card are also seeing fewer rewards.
Entry-level cards also offer less cashback
It's not just premium cards—entry-level options now offer less cashback and have stricter lounge access.
Banks are adding spending caps and making it harder to qualify for perks, all in an effort to balance cool offers with financial sustainability as costs go up.
If you love free airport lounges, expect higher spending requirements from now on.