HDFC Bank credit card rules to change from August 1. Details here

HDFC Bank credit card rules to change from August 1. Details here

HDFC Bank is set to introduce new rules for its credit card users from August 1. These changes will affect various transactions, including those made through third-party apps for rent, education, and utility bills.

The bank is also revising its reward redemption charges and fees on certain credit cards.

Here are the key changes announced by HDFC Bank for its credit cards:

Charge for using third-party payment apps for rental transactions -From August 1, all rental transactions made using HDFC Bank credit cards through third-party payment apps like CRED, PayTM, Cheq, MobiKwik, and Freecharge will incur a 1% fee on the transaction amount. This fee will be capped at Rs 3,000 per transaction.

Charge for using third-party payment apps for educational transactions -Payments for educational expenses using HDFC Bank credit cards through third-party payment apps such as CRED, PayTM, Cheq, and MobiKwik will also have a 1% fee.

This fee is also capped at Rs 3,000 per transaction. However, if you make educational payments directly through college or school websites or their POS machines, there will be no charges. International education payments are excluded from this fee.

Charge on utility transactions above Rs 50,000 -For large utility bill payments made with HDFC Bank credit cards, there will be a 1% charge on transactions above Rs 50,000.

This fee is capped at Rs 3,000 per transaction. Payments below Rs 50,000 will not incur this fee. Ankur Mittal, co-founder of Card Insider, notes that this change is unlikely to affect most users as large bill payments in a single transaction are uncommon.

Charge on fuel transactions above Rs 15,000 -If you spend less than Rs 15,000 per transaction on fuel, there will be no additional fee. However, for fuel transactions above Rs 15,000, a 1% fee will be charged, capped at Rs 3,000 per transaction.

Rewards redemption charges -HDFC Bank is introducing a Rs 50 fee for redeeming reward points for a credit statement. This change is significant for many entry-level HDFC Bank credit card users, according to Mittal. Users are advised to redeem their points before August 1 to avoid this fee.

Increased fees on credit cards -The annual and renewal fees for 6E Rewards credit cards are increasing. The 6E Rewards XL–IndiGo HDFC Bank Credit Card will now have an annual/renewal fee of Rs 3,000 plus GST, up from Rs 1,500 plus GST.

The 6E Rewards–IndiGo HDFC Bank Credit Card will now have a fee of Rs 1,500 plus GST, up from Rs 500 plus GST.

Processing fees for Easy EMI payment option -For those opting for the Easy-EMI option at online or offline stores, HDFC Bank will charge an EMI processing fee of up to Rs 299. HDFC SmartEMI allows users to convert their credit card bills into equated monthly instalments (EMIs).

Revised late payment fees -HDFC Bank is also revising its late payment fee structure. The new charges will range from Rs 100 to Rs 1,300, depending on the outstanding amount.

These changes come after HDFC Bank announced a revised cashback structure for the Swiggy HDFC Bank Credit Card and NeuCoin rewards for UPI transactions on the Tata Neu Infinity HDFC Bank Credit Card. Users are encouraged to review these new terms to understand how they may be affected.

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