New HDFC Bank Credit Card Rules Effective from August 1, 2024
HDFC Bank is introducing new rules and charges for credit card customers starting August 1, 2024. These changes will affect various types of transactions. They include rental payments, fuel purchases, international transactions and the use of Easy-EMI options. Here are the details you need to know.
Rental Transactions
If you use an HDFC Bank credit card to pay rent through services like CRED PayTM, Cheq MobiKwik, Freecharge and similar platforms, a 1% fee will be charged on the transaction amount. This fee is capped at Rs.3000 per transaction.
Fuel Transactions
- Consumer Cards: For fuel transactions under Rs.15000, there will be no additional fees. However, if you spend more than Rs.15,000 in a single transaction on fuel, a 1% fee will be applied to the entire amount. This is capped at a maximum of Rs.3000 per transaction.
- Business Cards: Similarly, business cardholders will not incur any additional fees for fuel transactions under Rs.30000. For transactions exceeding Rs.30,000, a 1% fee will be applied to the entire amount. This is also capped at Rs.3000 per transaction.
GSTN issued Advisory on Form GSTR-1A
Late Payment
The late payment fee structure has been revised as follows:
International/Cross-Currency Transactions
For international or cross-currency transactions, a 3.5% markup fee will be applied. However, for premium cards such as Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), Biz Black Metal Card, Regalia Gold, BizPower and Tata Neu Infinity HDFC Bank, the markup fee remains at 2%. For the 6E Rewards Indigo XL card, the fee is slightly higher at 2.5%.
Finance Charges
If you choose to pay less than the total amount due on your monthly billing statement, the finance charges of 3.75% per month will apply. This is from the date of the transaction until the outstanding balance is fully paid. This applies to all monetary and retail transactions. For premium cards such as Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition) and BizBlack Metal finance charge will be lower at 1.99% per month.
Easy-EMI Processing Fee
When using the Easy-EMI option at any online or offline store, an EMI processing fee of up to Rs.299 will be charged. This fee will be included in the total EMI amount. It is subject to GST as per government regulations.
Rewards Redemption
There will be no rewards redemption charge for select premium cards. This includes Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition) and BizBlack Metal. It also includes co-branded cards like Swiggy HDFC Bank and Flipkart Wholesale.
GST and Merchant Category Codes
All fees mentioned are subject to GST as per government regulations. Merchant Category Codes (MCCs) determine how transactions are classified and charged. These are set by payment networks (Visa MasterCard, Rupay Diners), not by HDFC Bank.
These changes in HDFC Bank’s credit card terms aim at managing costs. They also ensure fair usage of credit card benefits. Make sure to review these changes carefully. Plan your credit card usage accordingly to avoid any unexpected fees. By understanding these new rules, you can better manage your finances. Make informed decisions about credit card usage.