HDFC Bank revises credit card rules from August 1, 3rd party app transactions, late fees, rewards to cost…

India's biggest private sector bank, HDFC Bank, has brought in new terms and conditions for credit card holders. The new rules will take effect from August 1, 2024.

Here are the updated terms and conditions for HDFC Bank's credit card holders:

Charge on rental transactions using third-party payment apps

1 per cent fee on transaction amount for all the rental transactions done through third-party payment apps such as PayTM, CRED, MobiKwik, and Cheq etc. Such payments are capped at ₹3,000 per transaction.

Charge on utility transactions

Transactions below ₹50,000 will not attract any additional fees. For transactions above ₹50,000, however,1 per cent fee will be charged. There is a cap of ₹3,000 per transaction. Insurance transactions are, however, exempted from these fees.

Charge on fuel transactions

For transactions above ₹15,000, a 1 per cent fee will charged on the entire transaction amount. There will be no additional fees for transactions below ₹15,000. Such transactions are capped at ₹3,000 per transaction.

Charge on educational transactions

A 1% fee will be charged for transactions made by third-party apps such CRED, PayTM etc. There is a cap of ₹3,000 per transaction. International educational payments are excluded from this charge. Transactions made directly through college or school websites and their POS machines will be not be have a fee.

Charge on international transactions

A markup fee of 3.5% will be levied for all the international or cross currency transactions.

Revision of late payment charges

On the basis of outstanding amounts, the late payment fee structure has been revised, ranging from ₹100 to ₹300.

Fees on redeeming rewards

₹50 will be charged as redemption fees for customers redeeming rewards on statement credit or cashback.

Finance charge for outstanding balance

3.75 percent per month will be charged for customers using revolving credit facilities. It will be applicable from the transaction date until the outstanding balance is fully paid.

Easy-EMI processing fee

An EMI processing fee of up to ₹299 to avail Easy-EMI option at any online or offline store.

Other fees

In addition, HDFC Bank has changed rules for Tata Neu Infinity and Tata Neu Plus credit cards that will take effect from August 1, 2024. Users of the Tata Neu Infinity and HDFC Bank credit card will receive 1.5% NeuCoins on eligible UPI transactions done using Tata Neu UPI ID. Transactions made via other eligible UPI IDs will get 0.50% NeuCoins. Card holders of the Tata Neu Plus HDFC Bank Credit Card will get 1% NeuCoins on eligible UPI transactions using Tata Neu UPI ID, and 0.25% NeuCoins on transactions using other eligible UPI IDs.