Several banks have updated the terms and conditions for credit and debit cards, with the changes taking effect in August, September, and October 2024. HDFC Bank, IDFC FIRST Bank, and ICICI Bank are among the banks that announced these revisions in the past week.
Here are the changes that cardholders should know.
HDFC Bank credit cards
New HDFC Bank credit card fees, charges applicable from August 1, 2024
Rental Transactions:
If you use services like (but not limited to) CRED, PayTM, Cheq, MobiKwik, Freecharge, and others to pay rent, a 1% fee will be charged on the transaction amount and capped at Rs 3000 per transaction.
New HDFC Bank credit card rules from August 1, 2024: New charges, late payment fee, bill payment rules, and more
Fuel Transactions:
Consumer Cards: There won’t be any extra fees if you spend less than Rs. 15,000 on fuel every transaction. Nevertheless, a 1% fee will be applied to the total amount, up to a maximum of Rs 3000 per transaction, if you spend more than Rs 15,000 on petrol every transaction.
Business Cards: If you spend less than Rs 30000 on petrol per transaction, you will not be charged an additional cost. However, if you spend more than Rs 30,000 each transaction on petrol, a 1% fee will be imposed on the whole amount, with a maximum of Rs 3000 per transaction.
International / Cross Currency Transactions:
If you make an international or cross-currency transaction, a 3.5% markup fee will be applied.
*The markup fee will continue at 2% for Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), Biz Black Metal Card, Regalia Gold, BizPower, Tata Neu Infinity HDFC Bank, and 2.5% for 6E Rewards Indigo XL.
IDFC FIRST Bank credit card changes
IDFC First Bank has announced major changes to its credit card payment terms, such as the minimum amount due (MAD) and payment due date. These changes are effective September 2024, as per the IDFC FIRST Bank website.
Revision in Minimum Amount Due (MAD) Payment
The percentage of principal balance outstanding (which includes purchases, cash withdrawals, and balance transfers) that is included in the MAD computation will drop from 5% to 2% as of the September 2024 statement. The MAD computation has not changed in any other way. The change to the MAD computation gives you more financial flexibility in months when you have unforeseen or larger costs.
Payment due date
Instead of the previous 18 days, the payment due date for IDFC First Bank credit cards will now be 15 days from the date the statement is generated.
Old Due Date: 18 days from statement generation
New Due Date: 15 days from statement generation
According to the IDFC First Bank website, “The payment due date on your credit card will now be 15 days from the statement generation date as per revised MITC w.e.f. September 2024 statement & will be applicable for all subsequent statements.”
HDFC Bank credit card loyalty
HDFC Bank has changed the credit card loyalty program on certain credit cards. The new rules are effective September 1, 2024. The bank emailed the respective customers with the update.
ICICI Bank debit card rules
ICICI Bank has significantly revised the airport lounge access rules on certain debit cards. You can get two complimentary passes to airport lounges starting on October 1, 2024, if you spend Rs. 10,000 in the previous calendar quarter, as per the ICICI Bank website.
How to be eligible complimentary lounge access in Oct- Nov- Dec, 2024 quarter
To be eligible for complimentary lounge access in Oct- Nov- Dec, 2024 quarter, you need to spend a minimum of Rs. 10,000 in the Jul-Aug-Sept, 2024 quarter and similarly for following quarters.
