As the new month begins, some key financial changes will take place potentially affecting consumers' finances. From today (September 1) several significant updates will be introduced by banks that could affect your credit card rewards, payment deadlines, and minimum balances.
Here are the new credit card rules to be effective from today:
RuPay Credit cards will now earn more reward points
From September 1, those using RuPay credit cards can look forward to an enhanced reward point system. The National Payments Corporation of India (NPCI) ensures those holding RuPay credit cards will receive a reward on UPI transactions similar to users of other payment service providers. This significant change addresses the previous disadvantage RuPay cardholders faced in earning rewards.
HDFC Bank reward point caps
Starting from September 1, HDFC Bank will limit the reward points earned from utility and telecom transactions to 2,000 points per month. Notably, school payments channeled through third-party apps such as CRED, CheQ, and MobiKwik will no longer be eligible for reward points. However, any direct payments towards educational institutions, whether through their official websites or POS machines, will continue to be eligible for point accumulation. This policy applies to all HDFC credit cards, including co-branded and high-end cards like the ones associated with Swiggy and Tata Neu.
IDFC First Bank adjusts payment terms
Starting today, IDFC First Bank has decided to change its credit card payment rules. The timeline for customers to pay their bills will now be 15 days post the statement generation date instead of 18 days, narrowing the payment window. Also, the bank is planning to cut down the minimum amount due (MAD) from 5% to a mere 2% of the main amount. However, it's advisable for cardholders to pay more than the minimum amount to avoid high-interest charges in the future.
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