Here’s a breakdown of what will change:
Enhanced reward points for RuPay credit cards
Starting September 1st, RuPay Credit Card Users You will see an improvement in your reward points system.
The National Payments Corporation of India (NPCI) has mandated that RuPay credit cards will now receive the same reward points as those of other payment service providers for UPI transactions.
The NPCI circular highlighted that reward points are crucial to boost credit card usage and noted that RuPay credit cards were previously at a disadvantage in this regard.
HDFC Bank Reward Points Limits
HDFC Bank is introducing new limits in reward points starting September 1st.
The bank will limit points earned on utility and telecommunications transactions to 2,000 points per calendar month.
Additionally, reward points will no longer be earned for educational payments made through third-party apps such as CRED, Cheq and MobiKwik.
However, payments made directly to educational institutions through their websites or POS machines will continue to accrue points.
This policy applies to all HDFC credit cards, including co-branded and premium cards like Swiggy and TataNeu.
IDFC First Bank Payment Settings
IDFC First Bank is making changes to your credit card payment terms beginning with the September 2024 statement cycle.
The payment due date will be shortened from 18 days to 15 days from the date the statement is generated.
This means that cardholders will have 3 fewer days to make their payments.
Additionally, the Minimum Amount Due (MAD) will be reduced from 5% to 2% of the principal amount.
While this MAD reduction may provide short-term relief, users are advised to pay more than the minimum to avoid higher interest charges over time.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.