Effective from September 1, some bank will limit reward points on utility transactions, customers can only earn up to 2,000 points per month on transactions
Effective from September 1, HDFC Bank will limit reward points on utility transactions. Customers can only earn up to 2,000 points per month from certain transactions. The measure aims to limit incentive accumulation in specified spending categories.
Credit Card Rules Changes Effective September 1, 2024
HDFC Bank Credit Card:
Utility Transaction Limit: Customers can earn a maximum of 2,000 reward points per month on utility transactions.
Telecom and Cable Limit: A similar limit of 2,000 points applies to telecom and cable transactions.
No Rewards for Third-Party Education Payments: Rewards will no longer be offered for education payments made through third-party apps.
IDFC First Bank Credit Card:
Reduced Minimum Payment: The minimum amount payable on credit cards will be decreased.
Shorter Payment Due Date: The payment due date will be shortened from 18 to 15 days.
RuPay Credit Card:
Reward Parity: Customers using RuPay Credit Cards for UPI and other payments will now receive the same reward points as those using credit cards from other payment gateway service providers.
The National Payments Corporation of India (NPCI) has directed banks to ensure parity in reward points and benefits for RuPay credit cards.
In addition, phone and cable transactions will be subject to a monthly maximum of 2,000 points beginning September 1. These transactions are identified by a distinct Merchant Category Code (MCC). This restriction ensures optimal credit card use in a variety of purchasing areas.