HDFC and IDFC Bank will change the rules related to credit card from September 1, it will have a direct impact on the pocket
The largest private sector bank HDFC Bank is going to change the rules of credit cards from September 1. The bank will set the limit of reward points on utility transactions. Also, the minimum due amount on IDFC First Bank's credit card is going to be reduced. The reward point will also change on making a UPI payment with a RuPay credit card.
Various financial changes have been coming into effect since September 1, which will directly hit your pocket. Basically, these changes are credit-card related. It would affect the earning and redemption of reward points. Similarly, such amendments will affect the payment time limits and minimum balances.
The reward point system will be enhanced for the customers of RuPay credit cards from September 1. According to the National Payments Corporation of India, RuPay credit cards will also receive reward points for UPI transactions at par with other payment service providers from now onwards. The circular underlined the increasing importance of reward points in increasing credit card usage at NPCI. It said RuPay credit cards were at a disadvantage in this respect.
On September 1, HDFC Bank will put new caps into effect for reward points. The bank is capping points earned from utility and telecom transactions at 2,000 per calendar month. Reward points on school payments-meaning any kind of fee payment made via third-party apps such as CRED, CheQ, and MobiKwik-will not be granted anymore.
However, educational institutions will remain an exception and are eligible to earn points on direct payments via their website or through point-of-sale devices. This new policy is applicable on all credit cards, co-branded cards, and even all the premium cards by HDFC, including Swiggy and Tata New.
IDFC First Bank has revised the credit card payment terms. From the September 2024 statement cycle, the due date of payment will be 15 days from the date of statement generation, instead of 18 days; three days less to settle your bill. It has also sliced the minimum amount due.
