HDFC Bank, the largest private sector bank in India, has updated its terms and conditions for credit card users. The new regulations will go into force on August 1, 2024. The most recent terms & conditions for credit card members of HDFC Bank are as follows:
Fee for renting transactions made through third-party payment applications
For all rental purchases made using third-party payment applications like PayTM, CRED, MobiKwik, and Cheq, among others, there is a one percent transaction charge. A maximum of ₹3,000 is paid for each transaction.
Fee for using utilities
Fees for transactions under ₹50,000 won't be charged extra. However, there would be a one percent fee for transactions over ₹50,000. The maximum amount per transaction is ₹3,000. However, transactions involving insurance are not subject to these charges. Apollo purchases IGT's gaming and digital businesses in a US$6 billion deal.
Fee for fuel-related transactions
A one percent fee will be applied to the total transaction amount for any transaction over ₹15,000. There won't be any extra costs for transactions under ₹15,000. A maximum of ₹3,000 can be spent on each of these transactions.
Fee for instruction-related transactions
For transactions conducted using third-party applications like CRED, PayTM, and so forth, there will be a 1% fee. The maximum amount for each transaction is ₹3,000. This tax does not apply to payments made for international education. There won't be a charge for transactions completed directly through college or school websites and POS systems.
Fee for cross-border transactions
Every foreign or cross-currency transaction will be subject to a 3.5% markup fee.
Revision of late payment fees
The late payment cost structure, which now ranges from ₹100 to ₹300, has been adjusted based on outstanding amounts.
Reward redemption fees
Redeeming points on statement credit or cashback will incur redemption costs of ₹50 for consumers.
Customers who use revolving credit facilities will be assessed a finance charge of 3.75 percent per month for any outstanding balances. It will be in effect starting on the transaction date and continuing until the entire amount owed is paid.
Simple-EMI processing charge
A maximum ₹299 EMI processing charge is required to use the Easy-EMI option at any offline or online retailer.
Additional costs
Furthermore, starting of August 1, 2024, HDFC Bank has modified the terms and conditions for the Tata Neu Infinity and Tata Neu Plus credit cards. 1.5% NeuCoins will be awarded to users of the Tata Neu Infinity and HDFC Bank credit cards for qualifying UPI transactions made with the Tata Neu UPI ID. Other valid UPI IDs will get 0.50% NeuCoins for transactions. while using their Tata Neu UPI ID, cardholders of the Tata Neu Plus HDFC Bank Credit Card will get 1% NeuCoins on qualifying UPI transactions; while using other eligible UPI IDs, they will receive 0.25% NeuCoins.
