Let us know 6 effective ways with the help of which you can identify the problem related to your credit card and prevent your loss.

First understand the problem

When you question a transaction, first determine if it’s really incorrect. Incorrect charging can occur for a variety of reasons, including repeated transactions, use without your permission, a merchant billing error, a charge for a subscription you canceled, or the wrong amount. Merchants sometimes bill differently, so check your email, app history, or receipt to identify the error.

Note down all the important information

It is important to keep the correct details of the transaction. Such as transaction ID, date, amount, merchant name and record of the conversation with the merchant. Also keep screenshots of emails or bank statements so that they can serve as your proof if needed.

Talk to the merchant first

Often the dispute is resolved by talking to the merchant directly. If there has been a double charge by mistake, they can correct it without the bank getting involved. After talking on the phone, be sure to confirm the conversation by email so that you have proof.

Then inform the bank

If the merchant does not resolve the issue, inform your bank or credit card issuer immediately. Most banks offer the facility to lodge a dispute through mobile app, internet banking, phone or email. Keep in mind that the complaint has to be made within 30 to 60 days, so do not delay.

Is it necessary to fill the complaint form?

Some banks require you to fill out an official form to initiate a dispute, in which you give full details of your problem. Sign it and send it to the bank and keep a copy.

Keep an eye on the process

Usually banks resolve disputes within 7 to 30 days. During this time, they can temporarily stop deducting your money from your account or can also give you temporary credit. The bank will keep informing you through phone, email or message. If the decision comes in your favor, then the money will be refunded.

Know your rights

According to the rules of the Reserve Bank of India (RBI), if you complain on time, then you are not responsible for any fraudulent transaction. In this case, the bank compensates for your loss. You can challenge any transaction done without your permission. If you do not get a satisfactory answer from the bank, then you can also complain to the banking ombudsman.

If you notice any mistake in the use of credit card, take action quickly. Filing a dispute is not just a way to correct the mistake, but also to protect your money and rights. By taking the right steps at the right time, you can keep both your financial security and credit history intact.

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These changes are related to finance charges, cash payment fees, currency conversion markup, fuel transactions, utility transactions etc. The new rules have come into effect from today i.e. 20 December 2024.

Finance or Interest Charges

The finance interest charge applicable on credit cards will now be levied at 3.75% per month, up from 3.6% earlier. This change will be applicable on all Axis Bank retail credit cards except Burgundy Private Credit Card, Magnus Burgundy Credit Card, Flipkart Secured Credit Card, Magnus Credit Card, IOCL Easy Credit Card, Myzone Easy Credit Card, Legacy Secured Credit Card, Olympus Credit Card, Primus Credit Card, Privilege Easy Credit Card and Reserve Credit Card.

Charges on cash payments

Charges on cash payments have been increased. The charge for cash payments at bank branches will be increased from Rs 100 to Rs 175. This change will be applicable on all Axis Bank retail credit cards except Burgundy Private Credit Card, Primus Credit Card and Insta Easy Credit Card.

Reward redemption

If you redeem your EDGE Rewards Points or EDGE Miles on the EDGE portal, you will have to pay a fee of Rs 99. If you transfer DGE Rewards Points or EDGE Miles to a partner loyalty program, you will have to pay a reward redemption fee of Rs 199.

Late Payment Charge (LPC)

The existing Late Payment Charge (LPC) structure will continue. If the Minimum Amount Due (MAD) is not paid by the payment due date (PDD) for two consecutive billing periods, an extra charge of Rs 100 will be applicable. This change will be applicable on all Axis Bank retail credit cards except Burgundy Private Credit Card, Olympus Credit Card and Primus Credit Card.

Rent surcharge:

The bank will continue to levy a rent surcharge of 1% on all rent transactions. The maximum fee capping of Rs 1,500 per transaction has been abolished.

Wallet Load Transactions

A charge of 1% will be levied on total wallet load transactions of Rs 10,000 or more in a statement period.

Fuel Transactions:

1 per cent charge will be levied on total fuel transactions of Rs 50,000 or more in a statement period.

Education Transactions:

1% charge will be levied on education payments made through third party apps/websites.

Utility Transactions:

1 per cent charge will be levied on total utility payments of Rs 25,000 or more in a statement period.

Currency Conversion

Dynamic currency conversion charge has been increased from 1 per cent to 1.5 per cent.

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The post Credit Card Charges Hike: Axis Bank has increased many charges related to Credit Card, check details here first appeared on Rightsofemployees.com.

Let us tell you that many rules are going to change on December 1, which will affect the daily life and finances of families across the country. Next month in December, many big changes are going to happen including revision of LGP gas cylinder prices and changes in SBI credit card rules. Let us know in detail…

LPG prices

Oil marketing companies can revise the prices of LPG cylinders on the 1st of every month. This may affect domestic rates. These changes are influenced by international market trends and policies, which will potentially affect the household budget. Changes in LPG cylinder prices can be seen from December 1. Let us tell you that in early November, the prices of 19 kg commercial cylinders had increased.

Aadhar card free update

The Unique Identification Authority of India (UIDAI) has extended the deadline for free update of Aadhaar details. Aadhaar card holders can now update their name, address or date of birth through the online process without any charge till December 14. However, updates made after this date will attract a processing fee.

Credit card rules

There is important news for the customers of the country’s largest government bank, State Bank of India (SBI). The bank is changing the rules of credit cards from December 1. SBI will no longer give the benefit of reward points on credit cards used for transactions on digital gaming platforms. Apart from this, HDFC Bank is also changing the lounge access rules for users of its Regalia credit card from December 1.

Filing Belated ITR

Individuals who failed to file their income tax returns (ITR) for the financial year 2023-24 (FY24) by the July 31 deadline still have an opportunity to submit their ITR by December. Those who missed the initial deadline can now file belated ITR with a penalty fee till December 31. The late fee is Rs 5,000. This late fee has been reduced to Rs 1,000 for taxpayers with total income less than Rs 5 lakh.

TRAI Timeline

On December 1, 2024, the Telecom Regulatory Authority of India (TRAI) will implement new traceability rules aimed at reducing spam and phishing messages. However, these rules may temporarily affect OTP services. TRAI has clarified that there will be no delay in OTP delivery after the rules come into effect. “TRAI assures that the message traceability mandate will not delay the delivery of messages and OTPs,” TRAI said in a post on X.

Going to Maldives will be expensive

Maldives is increasing its departure fees from next month. Maldives, one of the most popular tourist destinations, is increasing the fees charged from tourists. For economy class passengers, the fee will increase from $30 (Rs 2,532) to $50 (Rs 4,220), while for business class passengers, the fee will increase from $60 (Rs 5,064) to $120 (Rs 10,129). First class passengers will have to pay $240 (Rs 20,257), up from $90 (Rs 7,597) and private jet passengers will have to pay $480 (Rs 40,515), up from $120 (Rs 10,129).

Changes in ATF prices

The prices of air turbine fuel may also change from December 1. In such a situation, the prices of flight tickets may be affected.

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The post New rules from Dec 1: From LPG gas prices to credit card charges, rules are changing from Dec 1, it will affect your pocket first appeared on Rightsofemployees.com.

Crores of customers have got another blow from the bank after increasing the loan interest rate in the past. The new credit card charges are expected to be effective from the new year. Some customers have also received messages related to this.

There will be a change from January 1, 2023.

It has been told in the SMS that reached the customers that the fee structure of some credit cards will change from January 1, 2023. The bank has revised the fee structure for paying rent through third-party merchants. According to the information given on the official website, 1 percent of the total amount of the transaction will be charged as a fee for such payment. This fee will be taken from the rental transaction of the second month.

1 percent conversion fee will have to be paid, apart from this, changes have also been made in the ‘Reward Point System’ and International Transaction Charge on the bank side. If you do any transaction in Indian Rupee (INR) at an international location, then you will have to pay 1 percent conversion fee. If the merchant registered in any other country is in India, then this fee will also be applicable on that transaction.

Changes in Reward Point System as well Changes have also been made in the Reward Point System of Credit Cards by HDFC Bank. For example, an Infinia cardholder can redeem up to 1.5 lakh points every month on HDFC’s reward point portal SmartBuy. Whereas, Diners Black cardholders can redeem up to 75,000 points every month.

Similarly, Infinia card holders can redeem a maximum of 50,000 points every month on Tanishq vouchers. 3000 points can be redeemed every month on Millennia, Pharmeasy, Bharat and Paytm cards. This change will be applicable from 1 February.

The post HDFC Bank Credit Card Charges: Big News! After increasing the interest rate, now this service has also become expensive first appeared on Rightsofemployees.com.