Starting from August to October, HDFC Bank, ICICI Bank, and IDFC FIRST Bank have announced changes to their credit and debit card rules, impacting millions of cardholders. Here’s a detailed overview of the changes:
HDFC Bank Credit Card Changes
Effective August 1:
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- Transaction Fees: Introduction of a 1% fee on rental payments made through third-party applications such as PayTM, CRED, and MobiKwik, capped at Rs 3,000 per transaction.
- Fuel Transactions: A 1% fee for fuel transactions above Rs 15,000, with a maximum cap of Rs 3,000 per transaction. Transactions below this amount remain unaffected.
- International Transactions: A 3.5% markup fee on all cross-currency transactions.
- Late Payment Fees: Updated structure with fees ranging from Rs 100 to Rs 300, depending on the outstanding amount.
- Easy-EMI Facility: A processing fee of up to Rs 299 for availing this option at any online or offline store.
Also read: Top 5 Credit Cards for Travellers
ICICI Bank Debit Card Rules
Effective October 1:
- Airport Lounge Access: Customers can receive two complimentary airport lounge passes if they spend Rs 10,000 in the previous calendar quarter.
IDFC FIRST Bank Credit Card Changes
From September 2024:
- Minimum Amount Due (MAD): The calculation for MAD will change from 5% to 2% of the outstanding principal balance, including purchases, cash withdrawals, and balance transfers.
- Revised Payment Due Date: The payment due date for credit card statements will be shortened from 18 days to 15 days from the statement generation date.
These changes are expected to impact a broad range of cardholders.