Reward points, payment deadlines and more: Key credit card changes starting September 1
HDFC Bank will implement new caps on reward points starting September 1. Customers will see a limit on the reward points earned from utility and telecom transactions, capped at 2,000 points per calendar month.
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FollowStarting September 1, 2024, several major changes will affect credit card users across various banks in India. These updates include revisions to how reward points are earned and redeemed, changes to payment deadlines, and adjustments to minimum amounts due. Users need to be aware of these changes and take necessary actions to avoid any inconvenience.
HDFC Bank introduces reward points caps:
HDFC Bank will implement new caps on reward points starting September 1. Customers will see a limit on the reward points earned from utility and telecom transactions, capped at 2,000 points per calendar month. Additionally, reward points will no longer be awarded for education payments made through third-party apps like CRED, Cheq, and MobiKwik. This policy will affect all HDFC credit cards, including co-branded and premium cards such as Swiggy and TataNeu.
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IDFC First Bank changes payment terms:
IDFC First Bank is also making adjustments to its credit card payment terms, effective from the September 2024 statement cycle. The payment due date will be reduced from 18 days to 15 days after the statement generation date, giving cardholders three fewer days to settle their bills. Additionally, the Minimum Amount Due (MAD) will be lowered from 5% to 2% of the principal amount.
Enhanced reward points for RuPay credit cards:
In a move to benefit RuPay credit cardholders, the National Payments Corporation of India (NPCI) has mandated that, starting September 1, 2024, RuPay credit cards will now earn the same reward points as other payment service providers for UPI transactions. This change is expected to make RuPay cards more attractive to users who frequently use UPI for transactions.
