A few banks have revised their credit card fee and charges. Credit card users need to be aware of these changes and plan their payments and spending accordingly. Some of these banks are HDFC Bank and IDFC Bank.
As banks are revising fees for credit card users, it’s important for customers to be aware of these changes to abide by the rules and norms set down by the banks and to manage their finances accordingly.
A few banks have revised their credit card fee and charges. Credit card users need to be aware of these changes and plan their payments and spending accordingly. Some of these banks are HDFC Bank and IDFC Bank.
HDFC Bank has revised its fee structure for its customers for various transactions. Such changes are meant for rental payments, educational expenses, and several other transaction categories. From August 1, HDFC Bank customers will face a one per cent charge in rental transactions using third-party payment apps. Customers who make rental transactions through third-party payment apps such as Paytm, CRED, MobiKwik, and Cheq must pay a one per cent fee on the transaction amount. For every transaction, the payments are capped at Rs 3000 per transaction.
Also, for transactions above Rs 50,000, the customers need to pay a one per cent charge on utility transactions. While for transactions below Rs 50,000, there will be no additional fee, for transactions above Rs 50,000, there will be a one per cent fee. For every transaction, there is a cap of Rs 3000. However, insurance transactions are exempt from these fees.
Moreover, there is a one per cent charge for fuel transactions above Rs 15,000. There is a one per cent charge on educational transactions made by third-party apps. There is a 3.5 per cent charge on international transactions.
Customers redeeming their statement credits will face a Rs 50 redemption fee. Also, if the customers opt for the easy EMI option, whether online or offline, will need to pay a processing fee of Rs 299.
Starting August 1, HDFC Bank has also revised credit card rules for Tata Neu Infinity and Tata Neu Plus credit cards. While Tata Neu Infinity cardholders will receive 1.5 per cent NeuCoins on eligible UPI transactions using the Tata Neu UPI ID, and 0.50 per cent NeuCoins for transactions via other UPI IDs, Tata Neu Plus cardholders will earn one per cent NeuCoins on transactions using Tata Neu UPI ID, and 0.25 per cent NeuCoins for other UPI IDs.
Starting September 1, IDFC Bank has also announced a revision to its credit card payment terms. Such changes include the minimum amount due (MAD) and payment due date. MAD is decreased to two per cent. The bank has also modified its payment due date for credit card statements. The earlier time frame of 18 days from the statement generation date is shortened to 15 days. This is meant for cardholders to be more vigilant about their payment schedules to avoid late fees.