Credit Card Fee Shift: Late Payment Penalties to Utility Bill Surcharge – Stay Updated on Rule Changes

Navigating Credit Card Rule Changes: A Guide to Understanding the Latest Updates

Credit cards can be considered one of the indispensable tools in the life of people nowadays. This past month some banks adjusted some of their fee schedules and regulation of their credit card. According to an article in the Economic Times, it is notable that Bank of Baroda, IDBI Bank, Yes Bank, and HDFC Bank have amended their fee structure to some extent. If you have a Credit Card of any of these banks then you are aware of the new rules for credit card usage.
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IDFC First Bank: Explaining the Utility Bill Surcharge: IDFC First Bank has recently implemented a new regulation with respect to charges for the utility bills payments. The extra charge will apply if an amount greater than Rupees: 20,000 is paid through a credit card on utility bills. Nevertheless, the surcharge will not apply to those customers who have the LIC Classic Credit Card and the LIC Select Credit Card. No surcharge is charged for transactions within a statement cycle amounting to Rs. 20,000 or below. But if they cross Rs 20,000 then in addition to a 1 percent surcharge, an additional GST will be 18 percent.

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BOBCARD One Co-Branded Credit Card: There are also changes in the interest rate and the amount that one has to be charged for paying their dues late: Bank of Baroda has reviewed the interest rate and the late payment charges on the BOBCARD One co-branded credit card. The rates increase will become active on the 26th of June in the year 2024. Much like the GetOnecard version of the card, the Bobcard One co-branded credit card comes with charges that apply in situations where a user pays after the due date, pays partially, or exceeds the credit limit.

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Swiggy HDFC Bank Credit Card: New Cashback Program: The HDFC Bank Credit Card that provides most communication for Swiggy’s customers is being refreshed. As at June 21, 2024, the credit card will then undergo some changes in the cash back rewards system. Therefore, it was to be expected that the cashback from the card would not appear as Swiggy Money on the app after the said date but would be reflected directly on the credit card account. As such, it is advisable for those who are involved in and will be impacted by these changes to stay informed.

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