The largest private sector bank in the country, HDFC Bank, has updated its credit card rules, effective from August 1, 2024. The revised rules focus on various charges related to credit card transactions.
Rental Transactions
Customers using services like CRED, Cheq, MobiKwik, Freecharge, and others to pay rent will incur a 1% fee on the transaction amount, capped at ₹3000 per transaction.
Fuel Transactions
For fuel transactions, there will be no extra charge if the transaction is less than ₹15,000. However, a 1% charge will apply to transactions above ₹15,000, capped at ₹3000 per transaction.
Utility Transactions
No additional charges will be applied for utility transactions below ₹50,000. For transactions above ₹50,000, a 1% charge will be levied on the entire amount, capped at ₹3000 per transaction. Insurance transactions are exempt from this charge.
Educational Transactions
Payments made directly through college or school websites or their POS machines will remain charge-free.
However, transactions done through third-party apps like CRED, Cheq, MobiKwik, and others will incur a 1% charge, capped at ₹3000 per transaction. International educational payments are excluded from this charge.
International/Cross Currency Transactions
A 3.5% markup charge will be applied to all international or cross-currency transactions.
Late Payment Charges
The late payment charge structure has been revised, ranging from ₹100 to ₹1,300, depending on the outstanding amount.
EMI Processing Charges
EMI processing charges of up to ₹299 will be applicable when availing the Easy-EMI option at any online or offline store.
All mentioned charges are subject to GST as per government regulations.
Other Variations
Additionally, HDFC Bank will implement changes to its Tata Neu Infinity and Tata Neu Plus credit cards starting August 1, 2024.
Users of the Tata Neu Infinity HDFC Bank credit card will receive 1.5% NewCoins on eligible UPI transactions made using the Tata Neu UPI ID.
