Paying rent through third party apps will be expensive

1 percent charge will be levied on all rental transactions done through third-party payment apps like CRED, Paytm, Mobikwik, Freecharge. This charge will be capped at Rs 3,000 per transaction. These rules will come into effect from August 1.

Extra charge will be levied on educational transactions too

Apart from rent payment, educational transactions are also going to be expensive. The charge on payment through third party apps for educational transactions has also been increased to 1%. However, there will be no charge on transactions through the college or school website or their POS machines and international educational payments.

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Fuel transactions will also become expensive.

If you make a fuel payment of less than Rs 15,000 through HDFC Bank credit card, you will not be charged extra. However, if you make a fuel payment of more than Rs 15,000 at one go, you will have to pay 1% extra charge, the maximum limit of which is Rs 3,000.

Utility payments will become expensive

If you use a credit card to pay utility bills, then you need to be cautious. Actually, there will be no extra charge for utility transactions of less than Rs 50,000 through HDFC Bank credit card, while on payments above this amount, you will have to pay 1% charge per payment, which has a limit of Rs 3,000 per transaction.

Change in late payment charges:

The late payment fee structure has been revised based on the outstanding amount, which will range from Rs 100 to Rs 300.

Change in Tata Neu Card rules as well

If you are a user of Tata Neu Infinity HDFC Bank Credit Card and Tata Neu Plus HDFC Bank Credit Card, then there is bad news for you. There is going to be a big change in the cashback structure on UPI payments made through these two credit cards. These changes will also come into effect from August 1, 2024. Now if you make UPI payments by linking these cards to the Tata Neu app, then you will get more benefits. If you make UPI payments by linking these cards to other UPI apps except the Tata Neu app, then you will get less benefits.

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Some banks and card issuers have changed their credit card related fees, charges and rules in May 2024. Credit card customers should be aware of the changes and ensure to follow the latest fees and guidelines prescribed by the bank or credit card company. The banks that have changed their credit card rules this month are Bank of Baroda, Yes Bank, IDBI Bank and HDFC Bank.

Swiggy HDFC Bank Credit Card

If you are a user of Swiggy HDFC Bank Credit Card, then there is good news for you. Now the cashback structure of this credit card has been revised. These changes will be effective from June 21, 2024. Any cashback earned from June 21 will be visible in the credit card statement instead of Swiggy Money. This means that the cashback will reduce the statement balance of the next month. In this way your bill will be reduced.

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IDFC First Bank

IDFC First Bank has said that it will charge 1% plus GST extra if the total amount of payment made through credit card for utility bills exceeds Rs 20,000. If your utility bill transactions (gas, electricity and internet) within a statement cycle are Rs 20,000 or less, then there will be no surcharge. However, there will be no utility surcharge on First Private Credit Card, LIC Classic Credit Card and LIC Select Credit Card.

BOBCARD One

Bank of Baroda has increased the interest rate and late payment fee on its BOBCARD One co-branded credit card. The increased rates will be effective from June 26, 2024.

Yes Bank

Yes Bank has revised various aspects of all its credit cards, except the ‘Private’ credit card type. These changes only affect the fuel fee category on some of the bank’s credit card types. These changes are related to the calculation of expenditure level for waiver of annual and joining fees, with the exception of ‘Private’. The terms of extra fee for utility transactions have also changed.

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IDFC First Bank had some time ago announced changes in all credit cards except its super-premium IDFC First Private Credit Card, which will be applicable from May 1, 2024. Under this, the private bank will reduce reward points for online spending, implement more spend-based criteria for airport lounge access and update the terms and conditions for utility and fare payments.

how much was cut
Reward points will be tripled (3X) for online spends up to Rs 20,000 in a statement cycle. At present it is 6 times (6X). However, cardholders can get 10 times (10X) reward points on spends above Rs 20,000 per month. But the reward points for education, wallet reloads and government service transactions will be changed to 3X. IDFC First Bank said that there will be no surcharge on bills below this limit, but 1% credit card fees and GST will be charged on bills above this limit.

Free Domestic Airport Lounge Visit
However, this utility surcharge will not be applicable on First Private Credit Card, LIC Classic Credit Card and LIC Select Credit Card. Regarding airport lounge access, the number of free domestic airport lounge visits on IDFC First Select Credit Card will be reduced from four to two every quarter. Whereas on First Wealth Credit Card, users will now be able to use the lounges of both domestic and international airports twice per quarter, which was earlier four. The bank will increase the fees for fare transactions to Rs 249 per transaction or 1% plus 18% GST (whichever is higher).

These banks have also cut benefits
Axis Bank, ICICI Bank and Yes Bank have also reduced the benefits on their cards. Some time ago, ICICI Bank had increased the minimum spend required for complimentary airport lounge access to Rs 35,000 on several credit cards including the Coral Credit Card and MakeMyTrip ICICI Bank Platinum Credit Card. Meanwhile, Yes Bank has now increased the minimum spend to avail the domestic lounge access benefit on all its credit cards to Rs 10,000. Apart from this, Axis Bank will make changes in Magnus Credit Card from April 20.

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