SBI Cards , one of India's leading credit card issuers, has announced significant changes to its reward program and card protection benefits, set to take effect in September. These modifications will impact various card variants and services offered by the company.

Reward Point Adjustments

Starting September 1, SBI Card will implement changes to its reward point system for three Lifestyle Home Centre SBI Card variants. Cardholders of these specific variants will no longer earn reward points on two categories of transactions:

1. Digital gaming transactions
2. Government-related payments

This adjustment may affect customers who frequently use their cards for online gaming or for paying government fees and taxes.

Card Protection Plan Updates

In a move that will affect all SBI Card customers with Card Protection Plan memberships, the company has announced a significant change effective September 16. On this date, existing memberships will automatically migrate to new plan variants. These new variants will come with:

• Updated features
• Revised pricing

It's important to note that the migration to the new plan will occur on each customer's individual renewal date, ensuring a smooth transition for all cardholders.

Removal of Complimentary Air Accident Insurance

Perhaps the most notable change is the removal of complimentary air accident insurance coverage from multiple co-branded cards. This adjustment affects several card variants:

• ELITE variants: Six ELITE card types will no longer offer the ₹1 crore air accident insurance cover.
• PRIME and Platinum co-branded cards: These cards, issued in partnership with various banks, will no longer provide the ₹50 lakh air accident insurance cover.

Impact on Cardholders

These changes represent a significant shift in the benefits offered by SBI Card. Customers, particularly those who frequently engage in digital gaming or make government payments, may need to reassess the value proposition of their cards. Similarly, those who relied on the complimentary air accident insurance coverage will need to consider alternative insurance options.

SBI Card's decision to revise its rewards and benefits structure comes at a time when credit card companies are adjusting their offerings to align with changing market conditions and customer behaviors. Cardholders are advised to review the updated terms and conditions of their specific card variants to understand how these changes will affect them personally.

As the changes are set to roll out in phases throughout September, SBI Card customers should keep an eye out for official communications from the company detailing the specific impacts on their individual cards and accounts.

SBI Cards and Payment Services Limited (SBI Card) has announced the launch of a new co-branded credit card in partnership with Bank of Maharashtra, targeting the domestic market. The company made this disclosure through regulatory filings to stock exchanges on August 18, 2025.

Key Details of the New Product

Strategic Partnership

This new offering represents a strategic collaboration between SBI Cards, a leading credit card issuer in India, and Bank of Maharashtra, a prominent public sector bank. The partnership aims to leverage the strengths of both institutions to provide enhanced financial services to customers.

Regulatory Compliance

The launch announcement was made in compliance with Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. SBI Cards' Chief Compliance Officer and Company Secretary, Payal Mittal Chhabra, filed the disclosure with the BSE Limited and the National Stock Exchange of India Limited.

Market Impact

While specific features and benefits of the Bank of Maharashtra SBI Card have not been disclosed in the initial announcement, co-branded credit cards typically offer tailored rewards and benefits to customers of the partnering bank. This move is likely to strengthen SBI Cards' position in the competitive credit card market and potentially expand its customer base through Bank of Maharashtra's network.

The launch of this co-branded card underscores SBI Cards' commitment to diversifying its product portfolio and forming strategic alliances within the banking sector. As the credit card industry in India continues to grow, such partnerships may play a crucial role in capturing market share and meeting evolving consumer needs.

Investors and customers alike will be watching closely to see how this new offering performs in the domestic market and what unique value propositions it brings to cardholders.