New Rules for Credit and Debit Cards: Bank Cardholders Should Know this Changes
Various banks have changed their credit and debit card terms and conditions, which will take effect in August, September and October 2024. HDFC Bank, IDFC FIRST Bank and ICICI Bank are among these banks that have announced changes in the previous week.
Cardholders should be aware of the following changes:
Credit Cards of HDFC Bank
New HDFC Bank credit card fees and charges effective August 1, 2024.
Rental Transactions
A 1% fee will be imposed on the transaction amount with a maximum of Rs.3000 per transaction, if rent is paid through services such as CRED, PayTM, Cheq, MobiKwik, Freecharge and others.
Fuel Transactions
Consumer Cards: There will be no additional fees if you spend less than Rs.15,000 on fuel in any transaction. Nonetheless, a 1% tax will be imposed on the entire amount if you spend more than Rs.15,000 on petrol every transaction up to a maximum of Rs.3000 per transaction.
Business Cards: If less than Rs.30000 is spent by you on gas per transaction, you will not be charged any additional fees. However, if more than Rs.30,000 is spent in each transaction on petrol, you will be charged a 1% fee on the whole amount, with a limit of Rs.3000 per transaction.
Cross Currency/ International Transactions
If an international or cross-currency transaction is made by you, a markup of 3.5% will be charged.
*The markup fee will remain at 2% for Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), Biz Black Metal Card, Regalia Gold, BizPower, Tata Neu Infinity HDFC Bank, and 2.5% for 6E Rewards Indigo XL.
Changes in IDFC Bank Credit Card
IDFC First Bank has announced significant changes to its credit card payment terms, including the minimum amount due (MAD) and the payment due date. The IDFC FIRST Bank website mentioned that these changes will become effective in September 2024.
Minimum Amount Due (MAD) Payment Revised
As of the September 2024 statement, the percentage of outstanding principal balance (which includes purchases, cash withdrawals, and balance transfers) used in the MAD calculation will be reduced from 5% to 2%.
There has been no additional change to the MAD computations. The change in the MAD computation allows you additional financial flexibility in months when you have unexpected or higher spending.
Due Date of Payment
IDFC First Bank credit card payment due date will now be 15 days from the date the statement is generated, instead of the prior 18 days.
| Old Due Date | New Due Date |
| 18 Days from Statement Generation | 15 Days from Statement Generation |
Loyalty Programm of HDFC Bank Credit Card
For some credit cards, HDFC Bank has changed the credit card loyalty program. The new restrictions take effect September 1, 2024. The bank sent an email with the update to the individual consumers.
Rules of ICICI Bank Debit Card
ICICI Bank drastically changed its airport lounge access criteria for certain debit cards. ICICI Bank’s website showed that if you spend Rs.10,000 in the previous calendar quarter, you will receive two complimentary airport lounge passes beginning October 1, 2024.
