With the beginning of September, many important financial changes are coming into effect, which can affect your credit card rewards, payment deadlines, and minimum balance. From today, many banks are going to change their credit card rules, which can have a direct impact on the financial condition of consumers. Let’s know what these new rules are:
1. Now you will get more reward points on RuPay credit cards
From today, the reward point system has been improved for RuPay credit card users. The National Payments Corporation of India (NPCI) has ensured that RuPay credit card holders will now get rewards on UPI transactions like other payment service providers. This change has brought relief to those users who were lagging behind in earning reward points till now.
2. Restrictions on HDFC Bank reward points
Starting September 1, HDFC Bank has capped the limit on reward points earned on utility and telecom transactions to 2,000 points per month. Notably, school payments that are made through third-party apps such as CRED, CheQ, and MobiKwik will no longer earn reward points. However, educational institutions will continue to earn reward points on direct payments made through their official website or POS machines. This policy will apply to all HDFC credit cards, including co-branded and high-end cards such as Swiggy and Tata Neu.
3. Change in payment rules of IDFC First Bank
Starting today, IDFC First Bank has changed its credit card payment rules. Now customers will have to pay their bills within 15 days from the statement generation date, which was 18 days earlier. Also, the bank has reduced the minimum amount due (MAD) from 5% to 2%. However, it is advisable for cardholders to pay more than the minimum amount to avoid higher interest rates in future.
Summary of New Credit Card Rules
Banks/Cards New Rules Effective Date RuPay Credit Cards Reward points on UPI transactions introduced September 1, 2024 HDFC Bank Reward points limit on utility and telecom transactions increased to 2,000 per month, school payments banned September 1, 2024 IDFC First Bank Bill payment deadline extended to 15 days, minimum amount due (MAD) reduced to 2% September 1, 2024
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I am from Bihar. I am proud of being from Bihar. I teach a lesson to fake news. I am a friend of the migrants. India is my everything. You can contact me on Instagram at @nyabihar and lov@gulfhindi.com.
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