New Delhi: HDFC Bank has announced significant changes to its credit card fee structure, effective from August 1, 2024. The adjustments will affect various transaction types including rental, fuel, utility, and educational transactions, as well as international purchases, rewards redemption, and finance charges.
Key Changes Include:
- Rental Transactions: A 1% fee will apply to payments made through platforms like CRED, PayTM, etc., capped at ₹3000.
- Fuel Transactions: Transactions exceeding ₹15,000 for consumer cards and ₹30,000 for business cards will incur a 1% fee.
- Utility Transactions: Charges over ₹50,000 for consumer cards and ₹75,000 for business cards will attract a 1% fee.
- Educational Transactions: A 1% fee capped at ₹3000 will be charged for payments made through third-party apps.
- International Transactions: A markup fee of 3.5% will apply, with lower rates for premium cards.
- Rewards Redemption: A ₹50 fee will apply for statement credit redemptions, except for certain premium cards.
- Finance Charges: The revolving credit facility will carry a finance charge of 3.75% per month, with a reduced rate for premium cardholders.
These updates are part of HDFC Bank’s strategy to adapt to changing market conditions and ensure the sustainability of its credit card operations. The bank maintains that these changes will allow it to continue offering high-quality services at competitive prices.
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