HDFC Bank announces new credit card rules from August 1; Check revised fees, rewards and more
India's largest private sector bank, HDFC Bank has announced changes to the terms and conditions for its credit card holders. These changes, effective from August 1, 2024, are poised to impact millions of customers. Here's an in-depth look at what to expect and how these new rules might affect your daily transactions and financial planning.
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FollowIndia's biggest private sector bank, HDFC Bank, has brought in new terms and conditions for credit card holders. The new rules will take effect from August 1, 2024. These changes, effective from August 1, 2024, are poised to impact millions of customers.  As these changes take effect from August 1, 2024, cardholders must stay informed and plan their transactions accordingly to avoid unexpected fees and make the most of the available rewards.
Here are the updated terms and conditions for HDFC Bank's credit card holders:
1. Fee for using utilities
Fees for transactions under Rs50,000 won't be charged extra. However, there will be a 1% fee for transactions over Rs 50,000. The maximum amount for each transaction is Rs 3,000. However, transactions involving insurance are not subject to these charges.
2. Charge on rental transactions using third-party payment apps
1 per cent fee on transaction amount for all the rental transactions done through third-party payment apps such as PayTM, CRED, MobiKwik, and Cheq etc. Such payments are capped at Rs 3,000 per transaction.
3. Fee for fuel-related transactions
A one percent fee will be applied to the total transaction amount for any transaction over Rs15,000. There won't be any extra costs for transactions under Rs 15,000. A maximum of Rs 3,000 can be spent on each of these transactions.
4. Charge on educational transactions
A 1% fee will be charged for transactions made by third-party apps such CRED, PayTM etc. There is a cap of Rs 3,000 per transaction. International educational payments are excluded from this charge. Transactions made directly through college or school websites and their POS machines will be not be have a fee.
5. Fee for cross-border transactions
Every foreign or cross-currency transaction will be subject to a 3.5% markup fee.
6. Revision of late payment fees
The late payment cost structure, which now ranges from Rs 100 to Rs 300, has been adjusted based on outstanding amounts.
7. Reward redemption fees
Redeeming points on statement credit or cashback will incur redemption costs of Rs 50 for consumers.
8. Simple-EMI processing charge
A maximum Rs 299 EMI processing charge is required to use the Easy-EMI option at any offline or online retailer.
9. Additional costs
Furthermore, starting of August 1, 2024, HDFC Bank has modified the terms and conditions for the Tata Neu Infinity and Tata Neu Plus credit cards. 1.5% NeuCoins will be awarded to users of the Tata Neu Infinity and HDFC Bank credit cards for qualifying UPI transactions made with the Tata Neu UPI ID. Other valid UPI IDs will get 0.50% NeuCoins for transactions. while using their Tata Neu UPI ID, cardholders of the Tata Neu Plus HDFC Bank Credit Card will get 1% NeuCoins on qualifying UPI transactions; while using other eligible UPI IDs, they will receive 0.25% NeuCoins.
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