New Delhi: HDFC Bank has recently announced significant revisions to its credit card terms, set to take effect from August 1, 2024. These changes are designed to impact how cardholders manage transactions across various categories, with adjustments in fees and charges aimed at enhancing transparency and adapting to evolving market dynamics.
Starting August 1, a 1 percent transaction fee, capped at Rs 3,000, will be applied to rental payments made through third-party apps such as CRED, PayTM, and MobiKwik. Similarly, transactions exceeding Rs 15,000 at fuel stations will incur a 1 percent fee on the total amount, capped at Rs 3,000 per transaction. Payments exceeding Rs 50,000 for utilities via third-party apps will now carry a 1 percent charge, capped at Rs 3,000 per transaction, excluding exempt insurance transactions.
Payments for education services made through third-party apps will also face a 1 percent fee, capped at Rs 3,000 per transaction. However, payments made directly through educational institution channels or POS systems remain unaffected. International and cross-currency transactions will now attract a 3.5% markup fee, applied at the time of transaction.
Cardholders redeeming rewards points towards statement credits (CashBack) will be subject to a Rs 50 redemption fee. Additionally, a finance charge of 3.75% per month will be applied from the transaction date if the revolving credit facility is utilised and the total amount due isn’t paid in full. Availability of the Easy-EMI option at stores, online or offline, will now include a processing fee of up to Rs 299.
Late payment fees have also been revised, introducing a graduated scale based on outstanding amounts. Fees range from nil for balances up to Rs 100 to Rs 1,300 for amounts exceeding Rs 50,000. These adjustments aim to encourage timely payments while aligning penalty charges with the overdue amount.
Overall, these changes reflect HDFC Bank’s proactive approach to refining its credit card offerings, ensuring clarity for customers, and adapting to market trends. By providing transparency on transaction fees, rewards redemption policies, finance charges, and late payment penalties, HDFC Bank aims to maintain customer satisfaction and trust in a competitive financial environment. Cardholders are encouraged to review these updates carefully to optimize their credit card usage and minimize unnecessary charges.
HDFC Bank has recently announced significant revisions to its credit card terms, set to take effect from August 1, 2024. These changes are designed to impact how cardholders manage transactions across various categories, with adjustments in fees and charges aimed at enhancing transparency and adapting to evolving market dynamics. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
