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Credit card customers will see changes at major banks
RuPay credit cards will now, for UPI transactions, earn the same reward points as cards from other payment providers, resolving earlier discrepancies.
The month of September is approaching, and so are some important financial changes that can significantly impact one’s wallet. Beginning Sunday, September 1, the following changes are scheduled to take effect for credit card customers from various banks. 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. Below is a summary of the changes that will occur:
– RuPay credit cards now earn more reward points, check how
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.
The NPCI circular emphasised the importance of reward points in driving credit card usage and stated that RuPay credit cards were previously disadvantaged in this regard.
– Rewards point caps at HDFC Bank
HDFC Bank will implement new reward point caps beginning September 1. The bank will cap the number of points gained from utilities and telecom transactions at 2,000 each calendar month. Furthermore, reward points will no longer be rewarded for school payments made via third-party apps like CRED, CheQ and MobiKwik.
Direct payments to educational institutions via their websites or point of sale (POS) devices, on the other hand, will continue to accrue points. This policy is valid for all HDFC credit cards, including co-branded and premium cards such as Swiggy and Tata Neu.
– Payment adjustments by IDFC First Bank
IDFC First Bank’s credit card payment terms will change beginning with the September 2024 statement cycle. The payment due date will be reduced from 18 to 15 days from the date the statement is generated. This means that cardholders will have three less days to settle their bills.
In addition, the minimum amount due (MAD) will be cut from 5 per cent to 2 per cent of the main amount. While the MAD reduction may bring temporary respite, consumers are recommended to pay more than the minimum to avoid greater interest costs in the long run.
Besides these credit card rules, a lot of other changes concerning Aadhaar updates, GST filing and bank fixed deposit schemes will also take place in the upcoming month. While the free Aadhaar document updating offer has been extended by three months from June 14 to September 14, GST taxpayers will be mandated to provide valid bank details within 30 days from the date of registration.