Here is a breakdown of the changes:
Improved reward points for RuPay credit cards
From September 1, RuPay credit card users can look forward to an improvement in their bonus points system.
The National Payments Corporation of India (NPCI) has ordered that RuPay credit cards will now be credited with the same reward points for UPI transactions as credit cards of other payment service providers.
The NPCI circular stressed that reward points play a crucial role in credit card usage and noted that RuPay credit cards have been at a disadvantage in this regard.
HDFC Bank Reward Points Limits
HDFC Bank is introducing new bonus point caps from September 1st.
The bank limits the collection of points for utility and telecommunications transactions to 2,000 points per calendar month.
In addition, educational payments made through third-party apps such as CRED, Cheq and MobiKwik will no longer earn bonus points.
However, payments made directly to educational institutions through their websites or POS devices will continue to earn points.
This policy is applicable to all HDFC credit cards, including co-branded and premium cards like Swiggy and TataNeu.
IDFC First Bank payment adjustments
IDFC First Bank is making changes to its credit card payment terms and conditions from the September 2024 billing cycle.
The payment period is reduced from 18 to 15 days from the date of invoice.
This means cardholders have three days less to pay.
In addition, the minimum deposit amount (MAD) is reduced from 5% to 2% of the capital amount.
While this MAD reduction may provide short-term relief, users are encouraged to pay more than the minimum amount to avoid higher interest charges over time.
