Credit Cards Rule Changed: A number of financial rules and regulations, especially those pertaining to credit cards, have changed as September gets underway. These upgrades may be crucial for you if you use a credit card. The IDFC First Bank credit cards and RuPay credit cards are impacted by these changes.
HDFC Bank Alters Reward Points Rules
As of September 1, HDFC Bank implemented new guidelines concerning reward points. The bank has limited the amount of reward points you can accrue from utility and telecom transactions to 2,000 points per month under these new limits. Furthermore, you will not receive any reward points if you use third-party apps like CRED, CheQ, or MobiKwik to pay your school tuition. You will still be able to earn reward points, though, if you pay schools directly via their websites or Point of Sale (POS) systems.
IDFC First Bank Updates Credit Card Policies
IDFC First Bank has also made two significant changes to its credit card policies. Firstly, the bank has reduced the payment due date after the statement is generated from 18 days to 15 days. This means that customers now have three fewer days to make their payments after receiving their statements. Secondly, the bank has lowered the minimum payment due from 5% of the outstanding amount to 2%. This change reduces the immediate financial burden on customers but could result in higher interest charges over time if the full balance is not paid off.
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