In May 2024, various banks and card issuers, including Bank of Baroda, Swiggy HDFC Bank Credit Card, Yes Bank, and HDFC Bank, rolled out significant changes in credit card fees, charges, and policies.
Stay informed about these updates to navigate your credit card usage effectively.
1. Bank of Baroda
Effective June 26, Bank of Baroda is increasing late payment fees for credit cards. Customers missing payments or paying less than the amount due will face higher late fees.
Additionally, the interest rate on unpaid dues is rising from 3.49% per month to 3.57% per month.
2. Swiggy HDFC Bank Credit Card
Starting June 21, Swiggy HDFC Bank Credit Card’s cashback mechanism is changing.
Cashback will no longer appear as Swiggy Money on the app but will directly reduce the credit card statement balance for the following month.
3. Yes Bank
Yes Bank has updated its credit card policies, excluding the ‘private’ credit card type. These changes primarily affect the fuel fee category and the calculation of spending levels for waiving annual and joining fees.
Additionally, a new extra fee for utility transactions has been introduced.
4. IDFC Bank
IDFC First Bank introduces a utility bill surcharge for credit card customers. Customers with total utility bill payments exceeding Rs 20,000 in a billing cycle will be charged a 1% fee plus GST.
Exceptions to this surcharge apply to specific credit card types like the FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card.
