A number of banks and card issuers revised their credit card policies, fees, and charges in May 2024. The leading banks implementing these modifications include IDFC Bank, Yes Bank, Bank of Baroda, Swiggy, and HDFC Bank Credit Card. It is imperative that credit cardholders be apprised of these modifications and adhere to the updated charges and policies established by their financial institution or credit card provider.
1. Baroda Bank
Beginning on June 26, Bank of Baroda will be raising its late payment penalties for credit cards. Customers will be subject to additional late fees if they fail to make a payment or pay less than what is owed. In addition, the interest rate on past-due balances will increase from 3.49 percent, or 41.88 percent, each year to 3.57 percent, or 45 percent, per month.
2. Swiggy HDFC Bank Credit Card
Starting on June 21, this bank's cashback policy will undergo a substantial modification. The cashback will show up straight on your credit card statement rather than as Swiggy Money on the app. This implies that during the next month, the cashback will lower the balance on your account. Up until June 20, the cashback will still appear on your Swiggy app as normal.
3. Yes Bank
With the exception of the "private" credit card type, YES Bank has updated its credit cards many times. For certain cards, the fuel fee category is the main target of these modifications.A modification has been made to the way expenditure thresholds are determined in order to waive yearly and joining fees. Additionally, there is a new additional charge for utility transactions.
4. IDFC Bank
For credit card users, IDBC First Bank will be tacking on an energy bill fee. A one-percent fee + GST will be applied if the total amount of utility bill payments you make in a billing period exceeds Rs 20,000. The LIC Classic Credit Card, LIC Select Credit Card, and FIRST Private Credit Card are not subject to this fee, though.
