A significant statement regarding HDFC Bank's credit card has been made. The bank has announced that it would be implementing the following changes to credit card charges, starting on August 1, 2024.
The following transactions are subject to the new payment charges: rentals, fuel, utilities, educational, international, cross-currency, rewards redemption toward statement credit, financing, and easy-EMI processing fees.
Examine the Full Updates to the HDFC Bank Credit Card Terms, Which Will Take Effect on August 1, 2024, Regarding Rental Transactions
A one percent fee, up to ₹3000 per transaction, will be applied if you pay your rent using services like as CRED, PayTM, Cheq, MobiKwik, Freecharge, and others.
Category Merchant Category Codes (MCC)
Rent 6513
Fuel Transactions
Consumer Cards: If you spend less than ₹ 15000 each transaction on petrol, no extra cost will be levied. If you spend more than ₹15,000 each transaction on gasoline, you will be charged a 1% fee, limited at ₹3000.
Business Cards: If you spend less than ₹ 30000 each transaction on petrol, there will be no extra price. If you spend more than ₹30,000 each transaction on gasoline, you will be charged a 1% fee, limited at ₹3000.
Category Merchant Category Codes (MCC)
Fuel 1361,5172,5541,5542,5983,9752
Utility Transactions:
Consumer Cards: If you spend less than ₹50,000 each transaction on Utilities, no extra cost will be imposed. If you spend more than ₹50,000 each transaction on utilities, you will be charged a 1% fee, limited at ₹3000. Business Cards: If you spend less than ₹ 75,000 each transaction on Utilities, there will be no extra cost. If you spend more than ₹75,000 each transaction on utilities, a 1% fee will be imposed, up to a maximum of ₹3000.
Category Merchant Category Codes (MCC)
Utility 4900
Insurance transactions will not be classified as Utility transactions, hence no charge will apply.
Educational Transactions
There are no costs if you pay for your education using the college or school's website or POS devices. This price excludes international education payments. Education payments made using third-party applications such as CRED, PayTM, Cheq, MobiKwik, and others will incur a 1% fee, with a maximum of ₹3000 per transaction.
Category Merchant Category Codes (MCC)
Education 8211,8220,8241,8244,8249,8299
International/Cross Currency Transactions
If you make an international or cross-currency transaction, a 3.5% markup charge will be applied.
*The markup charge will continue 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.
Rewards Redemption for Statement Credit
If you redeem your points for statement credit (CashBack), a ₹50 redemption fee will apply.
Rewards Redemption charges will not apply to Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), BizBlack Metal, Swiggy HDFC Bank, or Flipkart Wholesale.
Finance Charges
If you use the revolving credit facility and opt to pay less than the entire amount due as shown on the monthly billing statement, financing charges of 3.75% (per month) will apply from the transaction date until the outstanding debt is paid in full. Applies to all retail and cash transactions.
* The finance fee will continue at 1.99% (per month) for Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), and BizBlack Metal.
Easy-EMI Processing Fee
Using the Easy-EMI option at any online or offline retailer will incur an EMI processing cost of up to ₹299. Government laws require that all fees be subject to GST. The network defines the Merchant Category codes (Visa, MasterCard, Rupay, and Diners). HDFC Bank has not defined the merchant category.
