Today, crores of people have credit cards. From 1 September, some credit card rules are changing in the country. Know what these are.
Starting September 1, HDFC Bank will impose a limit on reward points on utility transactions. Customers can earn only up to 2,000 points per month on these transactions. The move is aimed at regulating reward accumulation in specific spending categories.
Limit on telecom and cable rewards
From September 1, telecom and cable transactions will be capped at 2,000 points per month. These transactions are tracked under specific merchant category codes (MCC). This limit ensures proper use of credit cards across various spending categories.
No rewards for third-party education payments
HDFC Bank will no longer award reward points for education payments through third-party apps. Effective September 1, this change encourages direct payments through official channels. Eligible transactions must be made through the educational institution’s website or POS machines.
IDFC First Bank Credit Card Changes
From September 2024, IDFC First Bank will reduce the minimum amount payable on credit cards. The payment due date will also be reduced from 18 to 15 days. These changes are aimed at increasing the financial discipline of cardholders.
RuPay Credit Card on UPI
From September 1, 2024, customers using RuPay credit cards for payments on UPI and other platforms will get the same reward points as those using credit cards of other payment service providers. The National Payments Corporation of India (NPCI) has directed banks to ensure parity in reward points and benefits for RuPay credit cards.
