Rule changes for HDFC, ICICI, IDFC FIRST Bank cards: Check new terms

Several major banks are implementing changes to their credit and debit card rules starting August 1

HDFC Bank, ICICI Bank and IDFC FIRST Bank have announced changes to their credit and debit card rules, starting August to October. The updates are expected to impact millions of cardholders. Here’s a detailed overview of the changes that cardholders should be aware of:

HDFC Bank credit cards changes

HDFC Bank's new credit card policy is effective August 1. It will introduce new transaction fees and modify existing charges, impacting a wide range of credit card holders.

One of the most notable changes is the introduction of a 1 per cent fee on rental payments made through third-party applications such as PayTM, CRED, and MobiKwik. This fee will be capped at Rs 3,000 per transaction.

 

Fuel transactions will now attract a 1 per cent fee for amounts above Rs 15,000, with a maximum fee cap of Rs 3,000 per transaction. Transactions below this threshold will not incur additional charges.

International transactions will also see an increase in costs, with a 3.5 per cent markup fee on all cross-currency transactions.

The late payment fee structure has been updated, with fees now ranging from Rs 100 to Rs 300, depending on the outstanding amount.

Customers opting for the Easy-EMI facility will pay a processing fee of up to Rs 299 for availing this option at any online or offline store, making it slightly more expensive to convert purchases into EMIs.

ICICI Bank debit card rules

ICICI Bank has updated its airport lounge access rules for certain debit cards. Starting October 1, a customer can receive two complimentary airport lounge passes if they have spent Rs 10,000 in the previous calendar quarter, according to the ICICI Bank website.

IDFC FIRST Bank credit card changes

Changes to Minimum Amount Due (MAD)

One notable adjustment is the reduction of the Minimum Amount Due (MAD) calculation. MAD is computed as 5 per cent of the outstanding principal balance, which includes purchases, cash withdrawals, and balance transfers. From September 2024, this percentage will decrease to 2 per cent.

Revised payment due date

IDFC First Bank will also modify the payment due date for credit card statements. The previous time frame of 18 days from the statement generation date will be shortened to 15 days.