As September approaches, several key financial changes are set to come into effect that could impact consumers’ finances. Starting Sunday, September 1, several banks will be introducing major adjustments that will impact credit card reward points, payment terms, and minimum balances. It is crucial that consumers are aware of these updates and take necessary action before the deadlines expire, especially with regards to Aadhaar revisions, fixed deposit schemes, and changes to credit card terms.
Below is a breakdown of the upcoming changes:
RuPay Credit Cards to Earn More Reward Points
Starting September 1st, RuPay Credit Cardholders will benefit from an enhanced reward points system. The National Payments Corporation of India (NPCI) has mandated that RuPay credit cards will now earn the same reward points for UPI transactions as other payment service providers. NPCI highlighted that this change addresses the earlier disadvantage faced by RuPay cardholders in earning rewards.
HDFC Bank introduces reward points limits
HDFC Bank will introduce new limits on reward points from September 1. The bank will cap reward points earned for utility and telecom transactions at 2,000 points per month. Additionally, reward points will no longer be awarded for school payments made through third-party apps such as CRED, CheQ and MobiKwik. However, direct payments to educational institutions through their websites or point-of-sale (POS) devices will continue to earn points. This policy applies to all HDFC Credit Cardsincluding co-branded and premium cards like Swiggy and Tata Neu.
IDFC First Bank will be implementing changes to its credit card payment terms starting with the September 2024 statement cycle. The payment due date will be shortened from 18 to 15 days from the statement generation date, giving cardholders three fewer days to pay their bills. Additionally, the minimum amount due (MAD) will be reduced from 5% to 2% of the principal amount. While this reduction may offer temporary relief, consumers are advised to pay more than the minimum to avoid higher interest charges over time.
In addition to these changes to credit cards, other important updates are coming. The free version Aadhaar The document update offer has been extended for three months from June 14 to September 14. Additionally, GST taxpayers will be required to provide valid bank details within 30 days of registration.
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