From Sunday, September 1, 2024, a few changes are set to affect credit card users across various banks. These adjustments will impact how reward points are earned and redeemed, payment deadlines, and minimum amount due. These changes will influence how reward points are earned and redeemed, as well as payment deadlines and minimum balances. It is important to keep in mind and take action before these deadlines pass on anything from revisions to Aadhaar and bank fixed deposit schemes to changes in credit card terms.
HDFC Bank reward points caps
HDFC Bank is introducing new caps on reward points starting September 1 with limiting the points earned on utility and telecom transactions to 2,000 points per calendar month. Additionally, reward points will no longer be earned on education payments made through third-party apps such as CRED, Cheq, and MobiKwik. This policy applies to all HDFC credit cards, including co-branded and premium cards like Swiggy and TataNeu.
What changes IDFC first Bank is introducing
IDFC First Bank is making changes to its credit card payment terms starting with the September 2024 statement cycle. The payment due date will be shortened from 18 days to 15 days from the statement generation date. This means cardholders will have 3 fewer days to make their payments. Additionally, the Minimum Amount Due (MAD) will be reduced from 5% to 2% of the principal amount.While this reduction in MAD may provide short-term relief, users are encouraged to pay more than the minimum to avoid higher interest charges over time.
RuPay credit cards now earn more reward points
The reward point system for RuPay credit card customers will be improved beginning September 1 this year. The National Payments Corporation of India (NPCI) has ordered that RuPay credit cards would henceforth receive the same reward points as other payment service providers for UPI transactions.
