The country’s leading private bank HDFC Bank has changed the loyalty program on some credit cards. At the same time, IDFC FIRST Bank has announced changes in credit card payment rules such as minimum due amount.
Credit card rules: The new month of September will start five days from today. In such a situation, many rules will change from September 1, including the rules related to credit cards of many banks. The country’s leading private bank HDFC Bank has changed the loyalty program on some credit cards. At the same time, IDFC FIRST Bank has announced changes in credit card payment rules like minimum due amount. HDFC Bank has sent a mail to its customers about these changes. At the same time, IDFC FIRST Bank has given information about the change on its official website.
Change in Minimum Due Amount (MAD) payment
IDFC First Bank has reduced the percentage of Principal Balance Outstanding (which includes shopping, cash withdrawal and balance transfer) in the Minimum Due Amount (MAD) calculation from 5% to 2% from September 2024. Apart from this, no other changes have been made.
Payment Due Date
IDFC First Bank has reduced the payment due date for credit cards. It will now be 15 days from the date of statement generation, which was 18 days earlier.
Old Due Date: Up to 18 days from the date of statement generation
New Due Date: Up to 15 days from the date of statement generation
According to the IDFC First Bank website, “As per the revised MITC effective from September 2024, the due date for payment on your credit card will now be 15 days from the date of statement generation and will be applicable to all subsequent statements.”
HDFC Bank changes credit card loyalty program
Private bank HDFC Bank has changed the credit card loyalty program rules on certain credit cards. The bank has sent an email with updates to the concerned customers. According to the email sent, there will be several amendments in your HDFC Bank credit card.
1. The limit of reward points earned on utility transactions and telecom and cable transactions will be up to 2000 reward points per calendar month.
2. Reward points will not be awarded on education made through third-party apps like CRED, Cheq, MobiKwik and others. However, reward points will be awarded on education payments made directly through the college/school website or their POS machines.
4. Reward points will not be available on wallet loading and Easy EMI transactions. Please note that Merchant Category Code (MCC) is determined by the network (Visa, MasterCard, RuPay, Diners) and not HDFC Bank.
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