HDFC Bank Revises Credit Card Terms Effective August 1
HDFC Bank will implement new credit card terms starting August 1, 2024, including a 1% fee on rental, utility, fuel, and educational transactions via third-party apps, a 3.5% charge on international transactions, revised late payment fees, a redemption fee for rewards, a 3.75% finance charge on outstanding balances, and an Easy-EMI processing fee up to ₹299.
HDFC Bank, India's largest private sector bank, is updating its credit card terms and conditions starting August 1, 2024. Key changes include:
1% Charge on Rental Transactions via Third-Party Apps
Rental transactions made through third-party payment apps like PayTM, CRED, MobiKwik, and Cheq will incur a 1% fee, capped at ₹3,000 per transaction.
1% Charge on Utility Transactions Over ₹50,000
Utility transactions above ₹50,000 will attract a 1% fee, with a cap of ₹3,000 per transaction. Transactions below ₹50,000 and insurance payments are exempt.
1% Charge on Fuel Transactions Over ₹15,000
For fuel transactions exceeding ₹15,000, a 1% fee will apply, capped at ₹3,000 per transaction. Transactions below ₹15,000 are exempt.
1% Charge on Educational Transactions via Third-Party Apps
Educational payments made through third-party apps like CRED and PayTM will incur a 1% fee, capped at ₹3,000 per transaction. Payments made directly to institutions or their POS machines are exempt, as are international educational payments.
3.5% Charge on International Transactions
A markup fee of 3.5% will be applied to all international or cross-currency transactions.
Revised Late Payment Fees
Late payment fees will range from ₹100 to ₹300 based on the outstanding amount.
Fees for Redeeming Rewards
A redemption fee of ₹50 will be charged for customers redeeming rewards as statement credit or cashback.
3.75% Finance Charge for Outstanding Balances
A finance charge of 3.75% per month will apply to revolving credit balances, effective from the transaction date until fully paid.
Easy-EMI Processing Fee Up to ₹299
Customers opting for Easy-EMI at online or offline stores will incur a processing fee of up to ₹299.
These changes aim to align the bank’s fee structure with current market trends and ensure sustainable credit card operations.
Photogallery
