Credit card changes from September: HDFC Bank reward points limit, IDFC First Bank new payment rules

HDFC Bank and ICICI Bank are introducing some new rules for their credit cards from September. For instance, HDFC Bank’s new credit card rules, which come into effect from September 1, include limits on reward points for utility and telecom transactions and fees for third-party education payments. Redemption limits will also apply for Apple products and Tanishq coupons.

HDFC Bank introduces new reward points limit | Starting September 1, HDFC Bank will cap reward points on utility transactions. Customers can only earn up to 2,000 points per month on these transactions. This move is aimed at regulating reward accrual on specific spending categories.

Limits on telecom and cable rewards | Starting September 1, telecom and cable transactions will be capped at 2,000 points per month. These transactions are tracked based on specific merchant category codes (MCCs). The cap ensures fair use of credit cards across different spending categories.
Fifth, unsecured loans The banking regulator imposed restrictions on unsecured loans, such as credit cards and personal loans, by the end of 2023. Unsecured loans have no collateral, making them riskier than other loans. These types of loans were growing at a rate of 30% when the RBI decided to curb them. About nine months after the risk weights were raised, the pace of growth in unsecured loans has nearly halved. However, the regulator believes it is too early to review or remove the restrictions. (Image: Shutterstock)

No rewards for third-party educational payments | HDFC Bank will no longer offer reward points for education payments through third-party apps. Starting September 1, this change encourages direct payments through official channels. Eligible transactions must be made through educational institutions’ websites or POS machines.
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Changes in IDFC FIRST Bank Credit Card | Starting September 2024, IDFC FIRST Bank will reduce the minimum amount due on credit cards. The payment due date will also be shortened from 18 days to 15 days. These changes are aimed at improving the financial discipline of cardholders.

RuPay Credit Card on UPI to get rewards equal to other cards | From September 1, 2024, customers using RuPay credit cards to make payments on UPI (Unified Payments Interface) and other platforms will get the same reward points as those using credit cards of other payment service providers. The National Payments Corporation of India (NPCI) has instructed banks to ensure parity in reward points and benefits on RuPay credit cards.

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