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September Credit card changes: RuPay rewards surge, HDFC Bank tightens rules, what you need to know. Image: pexels
Starting Sunday, September 1, banks will implement new rules impacting credit card reward points, payment deadlines, and minimum balances.
It’s important to understand these updates and act promptly, especially concerning Aadhaar updates, fixed deposit schemes, and credit card terms.
Here’s a summary of the upcoming changes:
RuPay credit cards offer more rewards
From September 1, RuPay credit cardholders will earn more reward points. The National Payments Corporation of India (NPCI) has ensured that RuPay cards will now earn the same rewards for UPI transactions as other cards. This change addresses past disadvantages faced by RuPay users.
HDFC Bank sets reward point limits
HDFC Bank will introduce limits on reward points starting September 1. Points for utility and telecom transactions will be capped at 2,000 per month. Points will not be awarded for school payments made through third-party apps like CRED, CheQ, and MobiKwik. However, payments directly to schools through their websites or point-of-sale devices will still earn points. This change affects all HDFC credit cards, including co-branded and premium cards such as Swiggy and Tata Neu.
IDFC First Bank alters payment terms
IDFC First Bank will change its credit card payment terms from the September 2024 statement cycle. The payment due date will be reduced from 18 to 15 days from the statement date, giving cardholders three fewer days to pay their bills. The minimum amount due (MAD) will drop from 5% to 2% of the principal amount. While this reduction might offer short-term relief, it’s wise to pay more than the minimum to avoid higher interest charges in the long run.
Other key updates
- The deadline for free Aadhaar document updates has been extended to September 14.
- GST taxpayers must provide valid bank details.
(By arrangement with livemint.com)
