HDFC Bank is set to implement significant changes to its credit card policies starting August 1, 2024.
These updates will impact various aspects of card usage, from transaction fees to late payment charges. Here’s a detailed overview of the new rules:
1% Charge on Rental Transactions
From August 1, a 1% fee will be applied to rental payments made through third-party apps like CRED, Cheq, MobiKwik, and Freecharge.
This charge will be capped at Rs 3000.
Relief on Fuel Payments
No additional charges will be applied to fuel payments under Rs 15,000.
For transactions exceeding Rs 15,000, a 1% fee will be charged, also capped at Rs 3000.
Business Card Holder Rules
For business card holders, no extra fee will be levied for petrol purchases under Rs 30,000 in a single transaction.
Purchases above Rs 30,000 will incur a 1% charge, capped at Rs 3000.
New Markup Fees for Foreign Transactions
A markup fee of 3.5% will be applied to transactions in foreign currencies.
Specific card types will see different rates:
Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), Biz Black Metal Card, Regalia Gold, BizPower, Tata New Infinity HDFC Bank: 2%
6E Rewards Indigo XL: 2.5%
Revised Late Payment Fees
The late payment fee structure has been updated as follows:
- Less than Rs 100: No fee
- Rs 101 to Rs 500: Rs 100
- Rs 501 to Rs 1000: Rs 500
- Rs 1001 to Rs 5000: Rs 600
- Rs 5001 to Rs 10000: Rs 750
- Rs 10001 to Rs 25000: Rs 900
- Rs 25001 to Rs 50000: Rs 1100
Above Rs 50000: Rs 1300
Redemption Fee of Rs 50
A redemption fee of Rs 50 will apply when using rewards as statement credit (cashback).
This fee does not apply to certain premium cards like Infinia, Diners Black, and others.
Increased Interest Rates
For payments less than the full monthly bill, a 3.75% monthly interest rate will apply from the date of transaction until the balance is paid.
Premium cards such as Infinia and Diners Black will have a lower interest rate of 1.99% per month.
Higher EMI Processing Fees
The EMI processing fee for both online and offline purchases will increase to Rs 299 from the previous Rs 199.
GST will be applicable on all fees.
