HDFC Bank, India’s largest bank, has announced significant changes to its credit card rules, effective from August 1, 2024. Here’s a detailed overview of the upcoming changes that will impact millions of HDFC credit card holders:
Key Changes to Credit Card Rules
- Transaction Fees on Rent Payments:
- Third-Party Apps: Payments made through third-party apps like Cred, Cheq, MobiKwik, Freecharge will incur a 1% transaction fee.
- Maximum Charge: The fee can go up to a maximum of ₹3,000 per transaction.
- Fuel Transaction Fees:
- Transactions Below ₹15,000: No extra charge.
- Transactions Above ₹15,000: A 1% charge will be applied, with a maximum limit of ₹3,000.
- Utility Transaction Charges:
- Transactions Up to ₹50,000: No service charge.
- Transactions Above ₹50,000: A 1% charge will be applied per transaction, with a maximum limit of ₹3,000.
- International Transactions:
- A 3.5% markup charge will be applied on transactions in international currency.
- School and College Fee Payments:
- Direct Payments: No service charge.
- Third-Party Apps: Payments made through apps like Cred, Cheq, MobiKwik, Freecharge will incur a 1% transaction fee, with a maximum limit of ₹3,000. This does not include payments to international schools and colleges.
- Late Payment Fees:
- Fees will range from ₹100 to ₹1,300, depending on the outstanding amount.
- EMI Processing Fee:
- EMI Conversion: A processing fee of ₹299 will be charged for converting purchases into EMIs through the HDFC credit card.
- Additional GST: Customers will also need to pay GST on these charges.
Effective Date
HDFC Bank has updated its official website to inform customers that these changes will be implemented starting August 1, 2024.