From HDFC To IDFC: 4 Important Credit Card Changes You Need To Know

New Delhi: In May 2024, several banks and card issuers updated their credit card fees, charges and rules. The top banks making these changes include Bank of Baroda, Swiggy HDFC Bank Credit Card, Yes Bank and HDFC Bank. It’s important for credit card customers to stay informed about these updates and follow the revised fees and guidelines set by their bank or credit card company.

1. Bank of Baroda

Bank of Baroda is increasing the late payment fees for credit cards starting from June 26. If customers miss a payment or pay less than the amount due they’ll have to face higher late fees. Further, the interest rate on unpaid dues will rise from 3.49 per cent i.e 41.88 per cent annually to 3.57 per cent per month i.e 45 per cent annually. ()

2. Swiggy HDFC Bank Credit Card

There will be a significant change from June 21 in how this bank handles cashback. Instead of cashback appearing as Swiggy Money on its app it will be directly reflected on your credit card statement. This means the cashback will reduce your statement balance for the next month. The cashback will continue to show up on your Awiggy app as usual until June 20. ()

3. Yes Bank

There have been several updates made by YES Bank to its credit cards except for the ‘private’ credit card type. These changes primarily affect the fuel fee category on some cards. The way spending levels are calculated for waiving annual and joining fees has been modified. Further, there is also a new extra fee utility transactions.

4. IDFC Bank

IDBC First Bank will be adding a utility bill surcharge for its credit card customers. If your total utility bill payments exceed Rs 20,000 in a single billing cycle you will be charged 1 percent fee plus GST. However, the FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card are exempt from this surcharge.