Banking: These 4 banks have changed their credit card rules, know what are the new rules and when will they be applicable..
Credit Card Rules: Some banks and card issuing companies have revised their credit card-related fees, charges, and rules in May 2024. Credit card customers should be aware of these changes. Customers should ensure to follow the latest fees and guidelines prescribed by the bank or credit card company.
The top banks that have revised their credit card rules this month are Bank of Baroda, Yes Bank, IDBI Bank, and HDFC Bank. Full details about what changes these banks have made in their credit card terms and charges are given further in this news.
Bank of Baroda- Bobcard One Co-Branded
Bank of Baroda has increased the interest rate and late payment fee on its BOBCARD One co-branded credit card. According to the most important terms and conditions pages on the GetOnecard website, the increased rates are effective from June 26, 2024.
According to the One website, “As long as you use the Bobcard One co-branded credit card within your approved credit limit, and pay the entire outstanding dues by the due date, we will not charge you anything. However, in cases of delayed payments or partial payments, or using your card beyond the limit, certain charges will be levied.
Swiggy HDFC Bank Credit Card
According to several news reports, one of the most famous credit cards of HDFC Bank, the Swiggy HDFC Bank Credit Card now has an enhanced cashback program. This is happening at a time when a lot of card issuers are reducing the benefits and perks associated with credit cards. Latest sources say that from June 21, 2024, the Swiggy HDFC Bank Credit Card will have a new cashback structure.
The cashback earned will no longer appear on the Swiggy app as Swiggy Money. Instead, it will appear on the credit card account from June 21 and according to the Card Insider website, the cashback will result in a reduced statement balance for the next month, which will be a sure-fire way to solve all your credit is a one-stop destination.
IDFC First Bank
IDFC First Bank has said that it will levy an additional 1 percent + GST if the total amount of credit card payments for utility bills exceeds Rs 20,000. First Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card are not subject to utility surcharge.
So, if the total of your utility bill transactions (gas, electricity, and internet) within a statement cycle is Rs 20,000 or less, there is no surcharge. However, if they go beyond Rs 20,000, there will be an additional 18% GST on top of the 1 percent surcharge.
Yes Bank
Yes Bank has revised various aspects of all its credit cards, except for the 'Private' credit card type. The changes only affect the fuel charge category on some of the bank's credit card types. These revisions, except 'Private', are linked to the calculation of spend levels for waiver of annual and joining fees. There has also been a change in the terms of additional charges for utility transactions.
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