HDFC Bank has sent a notification regarding these changes to the relevant customers via email.
IDFC FIRST Bank credit card payment terms have also been amended, including the Minimum Amount Due (MAD) and payment due date. As stated in the IDFC FIRST Bank website, these changes will come into effect from September 2024.
Here’s a look at the changes to HDFC Bank and IDFC FIRST Bank credit cards, which will come into effect from September 2024.
Changes in IDFC FIRST Bank Credit Card
IDFC FIRST Bank IDFC FIRST Bank announced significant changes to its credit card payment terms, such as the minimum amount due (MAD) and payment due date. IDFC FIRST Bank’s website indicates that these changes will come into effect in September 2024.
Review of the payment of the Minimum Amount Due (MAD)
The percentage of your outstanding principal balance (which includes purchases, cash withdrawals, and balance transfers) that is included in the MAD calculation will be reduced from 5% to 2% starting with the September 2024 statement. The MAD calculation has not changed in any other way. The change in the MAD calculation gives you more financial flexibility in months when you have unexpected or increased costs.IDFC FIRST Bank revises credit card payment terms: Check the latest minimum amount due and rules on payment due date
Payment due date
Instead of the earlier 18 days, the payment due date for IDFC First Bank credit cards will now be 15 days from the date the statement is generated.
Previous due date: 18 days from the generation of the account statement
New due date: 15 days from the generation of the account statement
According to IDFC First Bank’s website, “The payment due date on your credit card will now be 15 days from the date of generation of the statement as per the revised MITC effective from the statement of September 2024 and will be applicable for all subsequent statements.”
HDFC Bank Credit Card Loyalty Program Rules
HDFC Bank has amended the credit card loyalty programme on select credit cards. The new rules will come into effect from September 1, 2024. The bank has sent an email to the respective customers with the update.
The following revisions to your HDFC Bank credit card will be applicable from September 1, 2024, as per the bank’s email.
Reward points earned on utility transactions will be limited to 2,000 reward points per calendar month.
2. Reward points obtained from telecom and cable transactions will be limited to 2000 reward points per calendar month.
3. Education payments made through third-party apps such as (but not limited to) CRED, Cheq, MobiKwik and others will NOT generate reward points. However, education payments made directly through the university or school websites or their POS machines will generate reward points.
4. Wallet load and Easy EMI transactions will not generate reward points.
Note: Merchant Category Codes (MCC) are set by the network (Visa, MasterCard, Rupay, Diners), not HDFC Bank.
Disclaimer
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.