New Delhi: Several banks have modified their credit and debit card terms, with new rules coming into effect in the upcoming months. The significant ones among them are HDFC Bank, ICICI Bank, and IDFC FIRST Bank, all of which bring in some major changes that cardholders must know.
HDFC Bank Credit Cards
Effective 1 August 2024, HDFC Bank shall charge the following fees on credit card transactions:
– Rental Transactions: A 1% fee, with a maximum of ₹3,000 per transaction, will be levied on any rent payment made through CRED, PayTM, and others.
• Fuel Transactions: A 1% levy will be charged on fuel transactions above ₹15,001 in a single transaction, with a maximum levy of ₹3,000. For business cards, this fee will apply only when expenditure on petrol is over ₹30,000 in a single transaction.
• International/Cross Currency transactions: This will attract a fee of 3.5% as a markup. Premium cards, like Infinia and Diners Black, will retain fees that remain lower at 2% and 2.5%, respectively.
Also, HDFC Bank is revising its Credit Card Reward Program with effect from September 1, 2024; the revisions have already been separately intimated to cardmembers.
IDFC FIRST Bank Credit Cards
IDFC FIRST Bank will be modifying the following terms in its credit cards with effect from September 2024:
– Minimum Amount Due (MAD): The percentage of principal outstanding considered for computation of MAD has been revised from 5% to 2%. This gives more room in every cardmember’s pocket.
– Due Date of Payment: The due date for payment will be revised from 18 days to 15 days from the statement generation date, applicable to all future statements from September 2024.
ICICI Bank Debit Cards:
ICICI Bank has revised the rules of access to airport lounges, effective October 1, 2024. Debit cardholders could avail two complimentary lounge passes upon spends of ₹10,000 in the previous calendar quarter. For the Oct-Nov-Dec 2024 quarter, the spends would have to be made during Jul-Aug-Sept 2024 for the same benefit.
These developments mean that banks are now changing policies to suit changing customer needs and spending patterns. It is for the cardholder to note all these changes and consequently alter their usage patterns.
HDFC, ICICI, and IDFC FIRST Bank are updating their credit and debit card rules from August to October 2024. Key changes include new fees for transactions and revised loyalty programs, affecting how cardholders use and manage their accounts. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
