Starting August 1, HDFC Bank credit card users will face increased costs for various transactions due to new fees and revised charges. These changes apply to rental payments, educational expenses, and several other transaction categories.
Rental transactions
Customers who use third-party apps such as CRED, Cheq, MobiKwik, and Freecharge for rent payments will incur a 1% fee on the transaction amount.
This fee is capped at ₹3,000 per transaction, making it crucial for users to plan their payments accordingly.
Fuel transactions
While fuel transactions below ₹15,000 will not attract any additional fees, those exceeding this threshold will be subject to a 1% fee on the entire transaction amount, again capped at ₹3,000 per transaction.
Utility transactions
HDFC Bank has also revised its fee structure for utility transactions.
No fees will be levied on payments below ₹50,000.
However, transactions surpassing ₹50,000 will incur a 1% fee, capped at ₹3,000.
Notably, insurance transactions remain exempt from these charges.
Educational transactions
Educational payments made directly through college or school websites or their POS machines will continue to be fee-free.
However, payments made via third-party apps like CRED, Cheq, and MobiKwik will incur a 1% fee, capped at ₹3,000 per transaction.
Importantly, international educational payments are excluded from these charges.
International transactions
For international or cross-currency transactions, a 3.5% markup fee will be applied, adding to the costs for users making purchases or transactions abroad.
Revised late payment charges
HDFC Bank has revised its late payment fee structure, with charges based on outstanding amounts.
The fees range from ₹100 for balances between ₹101 and ₹500, up to ₹1,300 for balances exceeding ₹50,000.
Rewards redemption and finance charges
Customers redeeming rewards towards statement credits will face a ₹50 redemption fee.
Additionally, a finance charge of 3.75% per month will apply to users of the revolving credit facility, effective from the transaction date until the outstanding balance is cleared.
Easy-EMI processing fee
Opting for the Easy-EMI option, whether online or offline, will now incur a processing fee of up to ₹299.
All these fees are subject to GST as per government regulations, according to HDFC Bank.
Changes to Tata Neu Credit Cards
HDFC Bank will also implement changes to its Tata Neu Infinity and Tata Neu Plus credit cards, affecting the cashback structure for UPI payments.
Starting August 1, Tata Neu Infinity cardholders will receive 1.5% NeuCoins on eligible UPI transactions using the Tata Neu UPI ID, and 0.50% NeuCoins for transactions via other UPI IDs. Tata Neu Plus cardholders will earn 1% NeuCoins on transactions using Tata Neu UPI ID, and 0.25% NeuCoins for other UPI IDs.
These updates, communicated via email notifications to cardholders, aim to streamline rewards and charges as part of HDFC Bank's broader strategy to enhance its credit card offerings.
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