New Delhi: HDFC Bank credit card revisions intimated by the lender to customers via email will kick in from August 1, 2024. The changes range from spending in certain categories to capping of reward points accrued from them. HDFC credit card users must note the changes introduced by the lender with effect from Thursday.
Reward point caps on utility and telecom payments
HDFC Bank credit card will cap reward points earned on utility and telecom transactions at 2,000 points per calendar month.
This cap will apply to bill payments for Utility (applies to transactions categorized under the Merchant Category Code 4900) as well as telecom and cable (MCC 4812, 4814 and 4899).
Rewards on payments for education
HDFC Bank credit card will now allow points accrual on educational bill payments made via third-party apps such as:
CRED
Cheq
MobiKwik
Such payments will invite a 1 per cent fee up to Rs 3,000 per transaction. HDFC credit card will allow points accrual on direct payments made to educational institutions via:
Website
POS machines
This change aims to ensure that rewards are more directly linked to the educational transaction itself, the bank said.
Policy on wallet loading and Easy EMIs
Going forward, HDFC Bank credit cardholders will not be able to earn points on:
Wallet loading (MCC 6540)
Easy EMI
The policy aims to align the reward points structure with specific categories, the lender said. The Merchant Category Codes (MCC) have been set by card network providers, namely:
Visa
MasterCard
Rupay
Diners
HDFC Bank credit card late payment fee
HDFC Bank has also hiked the late payment fee based on the amount outstanding:
Outstanding amount slab
Revised charges
≤ ₹100
Nil
₹101 – ₹500
₹100.00
₹501 – ₹1,000
₹500.00
₹1,001 – ₹5,000
₹600.00
₹5,001 – ₹10,000
₹750.00
₹10,001 – ₹25,000
₹900.00
₹25,001 – ₹50,000
₹1,100.00
> ₹50,000
₹1,300.00
Other changes to HDFC Bank credit cards
The bank will also charge a Rs 50 redemption fee on reward points, and an additional 3.75 per cent finance charge on the revolving credit facility from the date of transaction until the date of clearance.
International transactions will invite a 3,5 per cent markup fee to compensate for currency exchange difference.
Fuel payments will invite a 1 per cent charge up to Rs 3,000 on transactions exceeding Rs 15,000 per month.
HDFC Bank Credit Card changes: The bank has introduced caps on points accrual in certain categories Stay informed about these updates to understand how they may impact your rewards. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
