Analysts say the changes made by banks on credit cards this year reflect the new reality after the sharp 250-basis point increase in interest rates by the Reserve Bank of India (RBI) since May 2022 to restrain inflation. One basis point is 0.01 percentage point. ET analysed credit card rewards and charges for HDFC Bank, SBI Card and Axis Bank, which together make up more than 50% of the outstanding cards in the market.
India Business News: Banks have scaled back credit card perks, including reward points and cashbacks, during the festive season. The move is aimed at increasing profitabil
Analysts say the changes made by banks on credit cards this year reflect the new reality after the sharp 250-basis point increase in interest rates by the Reserve Bank of India (RBI) since May 2022 to restrain inflation. One basis point is 0.01 percentage point. ET analysed credit card rewards and charges for HDFC Bank, SBI Card and Axis Bank, which together make up more than 50% of the outstanding cards in the market.