Latest news with #Infinia
Mint
03-07-2025
- Business
- Mint
Should you repay credit card debt with a personal loan or carry it forward? Find out the best solution
During a medical or any other financial emergency, in the absence of an emergency fund, an individual may use their credit card to tide over it. Once the emergency is resolved, the individual may arrange the funds and clear the credit card outstanding. However, what if no funds are available to clear the credit card bill? In this article, we will discuss the charges that a bank levies on carrying forward the credit card outstanding and whether an individual should take a personal loan to repay it. When a credit card bill is generated, the individual can pay the minimum amount due (MAD), the total amount due, or any other amount. If an individual pays the MAD or any amount more than the MAD but less than the total amount due, the bank levies finance charges on the amount carried forward. For example, HDFC Bank charges 1.99% per month (23.88% per annum) as finance charges on the amount carried forward for Infinia, Infinia Metal, Diners Black, Diners Black Metal, BizBlack Metal, and H.O.G Diners Club credit cards. For all other cards, the finance charge is a huge 3.75% per month (45% per annum) on the amount carried forward. The finance charge is levied at the monthly percentage rate on all outstanding transactions from the transaction date if the cardholder chooses not to pay the balance in full. The finance charge is also applicable on all cash advances till they are paid back. The finance charges are debited to the cardholder's account till the card outstanding amount is paid in full. If the cardholder carries forward an outstanding amount from the previous billing cycle, any new transactions in the current billing cycle will also attract finance charges till the previous outstanding amount is paid in full. The finance charge is calculated using the average Daily Balance Method and applied to balances carried forward and to new transactions. In the earlier section, we saw how the bank levies finance charges when a cardholder pays the MAD, or a higher amount but less than the total amount due. When the cardholder doesn't pay the MAD by the due date, the bank levies late payment charges (LPC) in addition to finance charges. For example, HDFC Bank levies LPC depending on the outstanding balance as follows. Outstanding balance Late payment charges Less than or equal to Rs. 100 Nil Rs. 101 to Rs. 500 Rs. 100 Rs. 501 to Rs. 1,000 Rs. 500 Rs. 1,001 to Rs. 5,000 Rs. 600 Rs. 5,001 to Rs. 10,000 Rs. 750 Rs. 10,001 to Rs. 25,000 Rs. 900 Rs. 25,001 to Rs. 50,000 Rs. 1,100 More than Rs. 50,000 Rs. 1,300 The above charges are excluding GST. The above charges are not applicable to Infinia and Infinia Metal credit cards. There is an 18% GST applicable on all fees, interest, and other charges that a bank levies. So, the GST will apply to the above finance charges and late payment charges. In the above section, we understood the charges levied for carrying forward the credit card outstanding, whether after paying MAD or the entire amount, including MAD. Considering the high charges, it is not a good idea to carry forward the outstanding amount. So, then what are the options for a cardholder if they don't have money to clear the partial or entire outstanding balance? If the cardholder can pay the outstanding amount partially and the remaining amount within the next 1-2 months, they may carry forward the balance. However, bear in mind there will be finance charges of up to 3.75% per month on the outstanding amount. The cardholder can consider the balance transfer (BT) option also. Some banks offer a lower interest rate, usually from 0.99% per month, for short-term BTs of up to 6 months. But what if suitable BT options are not available and it will take longer than 3 months to pay the outstanding? In such a scenario, the credit card outstanding may be converted into EMIs or the cardholder may take a personal loan to repay it. Most banks give cardholders the option to convert the entire outstanding or specific transactions into easy EMIs. However, there will be a one-time processing fee and interest charges. The cardholder must check the interest rate being charged and the tenure (usually 6 to 36 months) options. If the cardholder is okay with the processing fee, interest rate, and tenure options offered, they may convert the outstanding into EMIs. If the cardholder is not okay with the EMI offer, they may take a personal loan and use it to pay the credit card outstanding. Check the personal loan processing fee and interest rate. If the cardholder is okay with the charges, they may proceed ahead with the personal loan. The personal loan money can be used to repay the entire credit card outstanding. The personal loan tenure and EMI amount should be chosen in a way that suits the borrower's cash flows and is easy on the pocket. The borrower must ensure sufficient money is maintained in the bank account from where the EMI will be auto-debited. We have explored the various options available to a credit cardholder to pay the outstanding. To summarise, if the cardholder is confident of repaying the outstanding with their own money within 1-2 months, they may carry forward the outstanding. If it is going to take a little longer to clear, carrying forward the credit card outstanding may not be a good idea. In such a scenario, the cardholder may explore low-cost balance transfer options of up to 6 months. If it is going to take even longer than 6 months, the cardholder may consider converting the outstanding into easy EMIs or take a personal loan and use it to repay the credit card outstanding. Gopal Gidwani is a freelance personal finance content writer with 15+ years of experience. He can be reached at LinkedIn.
Mint
16-06-2025
- Business
- Mint
HDFC Bank Infinia Credit Card: 6 reward points redemption options you shouldn't miss
Most banks award reward points on most credit cards, except for some cards on which they give cashback. The reward points are versatile and can be redeemed against various options. It gives the credit cardholder the flexibility to use the reward points for various purposes depending on the need at the time of redemption. The value per point differs depending on the redemption option chosen. In this article, we will understand the various redemption options that HDFC Bank provides its Infinia credit cardholders. Booking flights and hotels on SmartBuy: Infinia credit cardholders can redeem their reward points for booking flight tickets and/or booking hotel accommodation using HDFC Bank's SmartBuy platform. The reward points can be used for domestic as well as international bookings. The redemption value per point is Rs. 1. The flights and hotel bookings are powered by EaseMyTrip, Yatra, Cleartrip, and Goibibo. The cardholder can use the reward points to make bookings for self and others. The cardholder can pay up to a maximum of 70% of the transaction value with reward points. The remaining 30% transaction value must be paid with the Infinia Credit Card. A maximum of 1,50,000 reward points can be redeemed per calendar month for flights, hotel bookings, and transferring to partners on SmartBuy. Transfer reward points to partners: HDFC Bank has a tie-up with various airline and hotel transfer partners. Infinia credit cardholders can transfer their reward points to any of these transfer partners. Some of these include the following. Transfer partner Transfer ratio Reward points transfer timeline Air India Maharaja Club 2:1 Within 48 to 96 working hours Club ITC 2:1 Within 48 to 96 working hours Spicejet SpiceClub 1:1 Within 24 working hours Air Canada Aeroplan 2:1 Within 24 working hours AirAsia Rewards 1:1 Within 24 working hours Accor Live Limitless (ALL) 2:1 Within 24 working hours Avianca LifeMiles 2:1 Within 24 working hours Etihad Guest 2:1 Within 24 working hours Finnair Plus 1:1 Within 24 working hours Air France Flying Blue 1:1 Within 24 working hours IHG One Rewards 1:1 Within 24 working hours Vietnam Airlines Lotusmiles 1:1 Within 24 working hours Thai Airways Royal Orchid Plus 2:1 Within 24 working hours British Airways Executive Club 2:1 Within 24 working hours Turkish Airlines Miles&Smiles 2:1 Within 24 working hours United MileagePlus 2:1 Within 24 working hours Wyndham Rewards 1:1 Within 24 working hours As you can see above, Infinia credit cardholders can transfer their reward points to 17 transfer partners. The transfer ratio for the conversion of reward points into airmiles or hotel loyalty points differs among various partners. It ranges between 1:1 and 2:1. The timeline for the transfer of reward points to most partners is within 24 working hours. However, for some partners it may take up to 96 working hours for the transferred points to reflect in the partner account. A maximum of 1,50,000 reward points can be redeemed per calendar month for flights, hotel bookings and transferring to partners on SmartBuy. Tanishq Gift Vouchers and Apple products: While travel redemptions can give a good redemption value per reward point, not all Infinia cardholders may want to redeem points for this purpose at all times. Other options that can give good redemption value per reward point include Tanishq Gift Vouchers and Apple products. The Tanishq Gift Vouchers can be bought in various denominations ranging from Rs. 500 to Rs. 10,000. The redemption value for Tanishq Gift Vouchers is Rs. 1/reward point. The cardholder can pay a maximum of 70% of the transaction value with reward points. The balance 30% must be paid with the Infinia card. Redemption of reward points against Tanishq Gift Vouchers is capped at 50,000 reward points for every calendar quarter. Apple products like iPhone, MacBook, watch, iPad, etc., can be bought by redeeming reward points. The redemption value for Apple products is Rs. 1/reward point. The cardholder can pay a maximum of 70% of the transaction value with reward points. The balance 30% must be paid with the Infinia card. Redemption of reward points against Apple Products is capped at one product for every calendar quarter. Gift vouchers: The gift vouchers of various online and offline brands can be bought by redeeming Infinia reward points. The redemption value ranges between Rs. 0.40 to Rs. 0.50 per reward point. Merchandise: In the earlier section, we saw how Infinia credit card reward points can be redeemed against Apple products at Rs. 1/reward point. Apart from Apple products, the reward points can be redeemed against various other merchandise. The categories include electronics, fashion accessories, beauty, wellness, kitchen and home appliances, etc. The redemption value is Rs. 0.50/reward point. Conversion to cash: The reward points can be converted to cash if none of the above-discussed redemption options appeal to you. The redemption value is Rs. 0.30 per reward point. The cash amount will be credited to the credit card account in two working days. The amount will be adjusted towards the next statement balance. Redemption of reward points for cash is capped at 50,000 reward points per calendar month. As we saw in the earlier section, HDFC Bank offers multiple options for Infinia credit cardholders to redeem their reward points. Some options offer a good redemption value, while some offer a lower redemption value. Redeeming points for booking flights and hotels through SmartBuy, transfer to some airline and hotel partners, Apple merchandise, Tanishq Gift Vouchers, etc., offer a good redemption value of Rs. 1/reward point. The cardholder should ideally opt for one of these redemption options. Redeeming points for merchandise and gift vouchers offers a per reward point redemption value in the Rs. 0.40 to Rs. 0.50 range. Conversion of reward points to cash offers the lowest redemption value of Rs. 0.30/per reward point. It should be the last option to redeem reward points. The cardholder should ideally give preference for the redemption option that offers a higher redemption value per reward point. However, it all depends on the need at the time of redemption, and accordingly, the redemption option must be chosen. Gopal Gidwani is a freelance personal finance content writer with 15+ years of experience. He can be reached at LinkedIn.
India.com
04-06-2025
- Business
- India.com
HDFC Bank Credit Card Rule Change From 1 July 2025: Airport Lounge Access, Rent Payment, Wallet Loading, Reward Points And More
6 / 8 The monthly reward point cap for Infinia and Infinia Metal Edition cards has been raised to 10,000. This monthly cap will be 5,000 points for Diners Black, H.O.G. Diners Club and BizBlack Metal cards. According to the HDFC Bank MITC (Most Important Terms and Conditions), "W.e.f. December 20, 2019, reward points accrued for insurance transactions will have a maximum cap of Rs 5,000 per day for Infinia, Infinia (Metal Edition), Diners Black Metal Edition, Diners Black cards, H.O.G Diners Club & BizBlack Metal Card and Rs 2,000 per day for all other credit cards. This will be valid till June 30, 2025."
Mint
03-06-2025
- Business
- Mint
New HDFC credit card rules: Utility payments beyond limit to face extra charges
HDFC Bank has announced a slew of changes in its credit card transactions that include new charges on wallet loading using third party apps, online skill-based gaming transactions and utility payments beyond the specified limit. The revised charges will be applicable from July 1. 'If you load third-party wallets with more than ₹ 10,000 per month on platforms like (but not limited to) PayTM, Mobikwik, Freecharge, or Ola Money using your credit card, a 1% charge will apply,' HDFC Bank said in its communication to credit card customers. 'The charge will be applicable on the entire wallet loading spend for the month and will be capped at ₹ 4999 per month,' it said. For utility transactions, a charge of 1% will apply if you spend more than ₹ 50,000 per month using your personal credit card (consumer cards). The 1% charge will apply if you spend more than ₹ 75,000 per month using business credit cards. 'The charge will be applicable on the entire utility spend for the month and will be capped at ₹ 4999 per month,' HDFC Bank said. 'Insurance transactions won't be considered as utility transactions hence no charge will be applicable,' it said. The bank has also capped reward points on insurance transactions on its popular credit cards. While the reward points on insurance transactions has been capped at 10000 per month on Infinia and Infinia Metal credit cards, it has been fixed at 5000 per month for Diners Black, Diners Black Metal and Biz Black Metal cards. For all other cards, the limit has been fixed at 2000 per month. Marriott Bonvoy cards, however, will not have capping on reward points for insurance transactions. HDFC Bank has fixed the maximum charge per transaction for rent, fuel and education categories at ₹ 4999. 'Kindly note that the existing charge of 1% will continue to be applicable on all rent transactions, only on fuel transactions more than ₹ 15000/ ₹ 30000 per transaction and only on education transactions done via third-party apps,' it said. 'If you make payments through college/school websites or their POS (Point of Sales) machines, there will be no charges,' HDFC Bank said. 'If you spend more than ₹ 10,000 per month on platforms like (but not limited to) Dream11, Rummy Culture, Junglee Games, or MPL, a 1% charge will apply,' the bank said. 'The charge will be applicable on the entire online skill-based gaming spend for the month and will be capped at ₹ 4999 per month. No reward points will be earned on online skill-based gaming transactions,' it said. Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
Time of India
02-06-2025
- Business
- Time of India
From rent payments to gaming spends: HDFC Bank revises transaction fees and reward limits from July 1, 2025
HDFC Bank , the country's largest private sector lender in terms of market capitalisation, has announced that it will implement key changes to its credit card fee structure and rewards program. The new charges, effective July 1, 2025, have been introduced for rent payments, online gaming, and wallet loading. The bank also revised limits on reward point accrual for insurance transactions. Rent payment transactions A fee of 1% will be levied on all rent payment transactions. This fee will be calculated on the total amount transacted and will be capped at Rs 4,999 per month. Also read: No airport lounge access, higher cashback on Myntra from June 20, 2025: Check Axis Bank Credit card changes by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo Online skill-based gaming In the case of online skill-based gaming, a 1% fee will also be applicable on total gaming spends exceeding Rs 10,000 in a calendar month. This charge will be applied to the full amount spent on such transactions within the month, with a maximum fee limit of Rs 4,999 per transaction. Wallet loading transactions Live Events Similarly, for wallet loading transactions, excluding PayZapp, a 1% fee will be charged on monthly spends that exceed Rs 10,000. The fee will apply to the cumulative wallet loading amount in the calendar month and will be capped at Rs 4,999 per transaction. Also read: Kotak Mahindra Bank to levy new 1% fee on high fuel spends from June 1; check if your credit card is affected What is Payzapp? PayZapp is an online payment app offered by HDFC Bank. It allows users to make various payments, including bill payments, money transfers, and online shopping, without needing a bank account or credit/debit cards. Reward point accrual for insurance transactions Reward point accrual for insurance transactions will be subject to new monthly caps. Infinia and Infinia Metal Edition cards will allow up to 10,000 points per month, while Diners Black, Diners Black Metal, H.O.G Diners Club, and BizBlack Metal Cards will be limited to 5,000 points monthly. According to the HDFC Bank MITC (Most Important Terms and Conditions), "W.e.f. December 20, 2019, reward points accrued for insurance transactions will have a maximum cap of Rs 5,000 per day for Infinia, Infinia (Metal Edition), Diners Black Metal Edition, Diners Black cards, H.O.G Diners Club & BizBlack Metal Card and Rs 2,000 per day for all other credit cards. This will be valid till June 30, 2025." Other credit cards All other HDFC Bank credit cards will have a cap of 2,000 reward points per month for insurance-related spends. NO capping on these credit cards However, there will be no capping on Marriott Bonvoy Points for insurance transactions made using the Marriott Bonvoy HDFC Bank Credit Card. No reward or cash points on these transactions It is also important to note that, effective the same date, online skill-based gaming transactions will no longer be eligible for earning Reward Points or CashPoints on any HDFC credit card. Lounge access details from June 10, 2025 With effect from June 10, 2025, HDFC Bank has updated its lounge access guidelines for Tata Neu Infinity and Tata Neu Plus credit cardholders. The new regulations state that domestic lounge admission cannot be obtained by directly using a credit card in a lounge; instead, qualified consumers will get lounge vouchers based on their quarterly spending milestones.
