HDFC To IDFC, Changes In Credit Card Rules You Must Know

Four banks, namely Bank of Baroda, Yes Bank, IDFC First Bank and HDFC Bank have initiated some updates across various aspects of credit card usage. These updates include the interest rates and late fees associated with specific transactions. Customers who use credit cards for transactions should be aware of these changes. They should also follow the latest fees and guidelines set by the bank or credit card company.

1. Swiggy HDFC Bank Credit Card

From June 21, the way this bank handles the cashback will undergo a significant change. Instead of cashback appearing as Swiggy Money on the Swiggy app, this cashback will now be reflected directly on the credit card statement. This implies the cashback will directly reduce your statement balance for the next month. Until June 20, cashback will continue to show up on your Swiggy app as usual.

2. IDFC First Bank

For customers using the credit card services of IDFC First Bank, there will be an addition of the utility bill surcharge of 1 per cent fee plus Goods and Services Tax (GST). This will happen on the total amount of their credit card payments for utility bills if the total exceeds Rs. 20,000 in a single billing cycle. FIRST Private Credit Card, LIC Classic Credit Card and LIC Select Credit Card are exempted from this utility surcharge.

3. Yes Bank

Yes Bank has revised various aspects of their credit cards excluding the “private” type. There might be adjustments to fees related to fuel purchases on some of the Yes Bank credit cards. These include the-

A. Annual and Joining Fee Waiver: The way Yes Bank calculates your spending to determine if you qualify for a waiver on annual and joining fees might have changed.

B. Utility Transaction Fees: There could potentially be a new fee for utility bill payments on Yes Bank credit cards.

4. Bank of Baroda

Starting from June 26, the Bank of Baroda has made late payments on credit cards more expensive. If the customers miss a payment or pay less than the minimum amount due, they’ll be charged a higher late fee. This is an incentive to make timely payments and avoid additional charges. The interest rate on unpaid dues has also been hiked from 3.49 per cent per month (41.88 per cent annually) to 3.57 per cent per month (45 per cent annually).