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Business Standard
4 days ago
- Business
- Business Standard
HDFC credit card users alert: New fees, reward caps introduced from July 1
From July 1, 2025, HDFC Bank will roll out several important changes for its credit card holders. These include new fees on select types of high-value transactions and a revision in the reward point policy across categories like online gaming, wallet loading, and insurance. If you're an HDFC credit card user, here's what you need to watch out for. Fee on online gaming, wallet loading HDFC Bank will now levy a 1 per cent fee if your monthly spending on online skill-based gaming platforms, such as Dream11, Rummy Culture, MPL, or Junglee Games, exceeds ~10,000. No reward points will be given on these transactions, and the maximum fee will be capped at ~4,999 per month. Similarly, loading money into digital wallets (like PayTM, Mobikwik, Freecharge, or Ola Money) above ~10,000 in a month using your HDFC credit card will attract a 1 per cent fee, again capped at Rs 4,999 per month. Utility bill payments to attract charges after a threshold If you pay utility bills using your HDFC credit card and your total monthly card spend crosses Rs 50,000 (for personal cards) or Rs 75,000 (for business cards), a 1 per cent fee will apply to all your utility transactions. This charge too will be capped at Rs 4,999. Importantly, insurance premium payments will not fall under this fee structure. Rent, fuel, and education payments: Cap introduced HDFC has also revised its upper limit on fees for rent, fuel, and education transactions: Rent: 1 per cent fee continues, capped at Rs 4,999. Fuel: The 1 per cent fee kicks in only if the transaction is over Rs 15,000 or Rs 30,000, depending on the card type. Education: The fee is only applicable when paid via third-party apps, not through direct school/college websites or their PoS systems. Reward point changes for insurance transactions Reward points will still be earned on insurance-related payments, but with limits: Diners Black (and Metal), Biz Black Metal: Up to Rs 5,000/month All other cards: Capped at Rs 2,000/month Cards like Marriott Bonvoy will continue with uncapped rewards on insurance spends, while some entry-level cards (Millennia, Swiggy, BIZ First, etc.) will follow their current reward rules without any change. Why this matters These changes could significantly impact heavy users of credit cards for utility payments, wallet recharges, and online gaming. Cardholders should reassess their spending behaviour and reward point expectations to avoid surprises on their next statement. If you're relying on credit cards for large transactions or to earn points, it's time to read the fine print.
Mint
06-06-2025
- Business
- Mint
HDFC Bank credit card charges changing from July 1: What you need to know
Banks review their credit card rewards program regularly and make changes to make sure it can be offered on a sustainable basis in the long run. HDFC Bank has announced changes to its credit card rewards program which are applicable from 1st July 2025. The bank has introduced some monthly usage thresholds in specified categories. For spends beyond the threshold, a specified fee will be charged. In this article, we will understand these categories, the usage threshold, and the fee applicable for usage beyond the threshold. The cardholder will not get any reward points for transactions done on online skill-based gaming platforms. Some of these platforms include (but not limited to) Dream11, Rummy Culture, Junglee Games, MPL, etc. If the cardholder spends more than Rs. 10,000 in a month on these platforms, a 1% charge will apply. The charge will be capped at Rs. 4,999 per month. If the Rs. 10,000 monthly threshold is exceeded, the charge will apply to the entire spends for the month in this category. The online skill-based gaming platforms will be identified through the Merchant Category Code (MCC): 5816. If the cardholder uses the credit card to load third-party wallets with a cumulative amount of more than Rs. 10,000 in a month, a 1% charge will apply. The charge is applicable for wallet loading on platforms like (but not limited to) Paytm, Mobikwik, Freecharge, Ola Money, etc. The 1% charge will be capped at Rs. 4,999 per month. If the Rs. 10,000 monthly threshold is exceeded, the charge will apply to the entire spends for the month in this category. The wallet loading platforms will be identified through the Merchant Category Code (MCC): 6540. If the amount spent on utility bill payments is more than Rs. 50,000 in a month, a 1% charge will apply. The utility bill payments include prepaid and postpaid mobile bills, electricity, DTH, broadband, etc. The 1% charge will be capped at Rs. 4,999 per month. If the Rs. 50,000 monthly threshold is exceeded, the charge will apply to the entire spends for the month in this category. Insurance premium payment transactions will not be considered utility transactions. Hence, the 1% charge will not be applicable to these transactions. The utility transactions will be identified through the Merchant Category Code (MCC): 4900. Earlier, HDFC Bank credit cards had a daily limit on the maximum reward points that can be earned for insurance transactions. However, from 1st July, there will be a monthly limit on the maximum reward points that can be earned for insurance transactions. For the Infinia and the Infinia Metal credit cards, the current limit of 5,000 reward points per day has been changed to 10,000 reward points per month. For Diners Black, Diners Black Metal, H.O.G Diners Club, and Biz Black Metal credit cards, the current limit of 5,000 reward points per day has been changed to 5,000 reward points per month. For all other credit cards, the current limit of 2,000 reward points per day has been changed to 2,000 reward points per month. The insurance transactions will be identified through the Merchant Category Code (MCC): 1411, 1235, 5960, 6300, and 6381. Transactions in the rent, fuel, and education categories already attract a 1% charge. From 1st July, the maximum charge per transaction has been revised to Rs. 4,999 for these categories. In the rent category, the 1% charge is applicable on all transactions. In the fuel category, the 1% charge is applicable on transactions exceeding Rs. 15,000. If the transaction amount exceeds Rs. 15,000, the charge will be applicable on the entire transaction amount. In the education category, the 1% charge is applicable only on transactions done through third-party apps. Some of these apps include (but not limited to) Cred, Nobroker, Cheq, etc. If the transaction is done on the school or college website/POS machine, there will be no charges. International education transactions will not be charged. If you are an HDFC Bank credit cardholder with reasonable spends in the categories like wallet loading, utility bill payments, fuel etc., you need not worry. As long as your spends are within the specified limits, the 1% charge will not be applicable to you. If you pay the education fee directly on the institute website or POS machine, the 1% charge will not be applicable to you. The spend-based thresholds for charging the 1% fee have been brought in to ensure there is fair usage of the credit cards. It will prevent the bad actors from abusing the credit cards. Most people with spends lower than the spend-based thresholds will not be impacted by the new 1% charge effective from 1st July. Gopal Gidwani is a freelance personal finance content writer with 15+ years of experience. He can be reached at LinkedIn.
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Business Standard
03-06-2025
- Business
- Business Standard
Swiping your HDFC card for rent or wallets? New charges kick in soon
HDFC Bank has announced significant changes to its credit card terms, effective July 1, 2025. The revised rules bring new charges on certain transactions and tighter caps on reward points, a move that will impact regular users of rent payment apps, digital wallets, online gaming, and utilities. Here's a simple breakdown of the key updates: 1. Charges on online skill-based gaming Users spending on apps like Dream11, MPL, RummyCulture, or Junglee Games will now face extra costs. · A 1 per cent charge will be levied if monthly spending on such platforms exceeds Rs 10,000. · This fee will apply to the entire amount and will be capped at Rs 4,999 per month. · No reward points will be given for these transactions. 2. Wallet loading to attract charges Adding money to third-party wallets such as Paytm, Freecharge, Ola Money, or Mobikwik using an HDFC credit card will come at a cost. · A 1 per cent fee will apply on monthly loads exceeding Rs 10,000. · The charge applies to the full amount, capped at Rs 4,999/month. 3. Utility bills over Rs 50,000 to be charged High utility bill payers will also feel the heat. · If you spend more than Rs 50,000 per month on utilities, you'll incur a 1 per cent fee on the entire utility spend. · Capped at Rs 4,999/month. · Insurance payments are excluded from this category. 4. Rent, fuel, and education charges cap revised While the 1 per cent charge on rent, high-value fuel, and education transactions remains, HDFC has now placed a maximum limit of Rs 4,999 per transaction on these charges. · Applies to all rent payments · For fuel, only if a single transaction is over Rs 15,000 · For education, only if paid via third-party apps, direct school/college payments are exempt. 5. Reward points for insurance now capped HDFC credit cardholders will continue to earn reward points on insurance premiums, but only up to 2,000 points per month. All above charges will attract GST as per government rules. What should cardholders do? · Review monthly spending habits across rent, gaming, wallets, and utilities. · Avoid using credit cards for large payments in these categories if possible. · Use direct portals for education and insurance to avoid extra costs.
Hans India
01-06-2025
- Business
- Hans India
Private banks to hike charges on credit card, banking services from July 1
Starting July 1, major private sector banks like HDFC Bank and ICICI Bank will increase charges on various credit card and banking services. Both banks have informed their customers about the changes through official notifications. HDFC Bank has announced new charges for credit card users, especially for transactions involving online gaming, digital wallets, and utility payments. If a customer spends more than Rs 10,000 in a month on online skill-based gaming platforms such as Dream11, Rummy Culture, Junglee Games, or MPL, a 1 per cent fee will be charged on the total monthly spend in this category. The charge will be capped at Rs 4,999 per month. Additionally, no reward points will be given on such gaming transactions. Similarly, if a customer loads more than Rs 10,000 in a month into third-party wallets like PayTM, Mobikwik, Freecharge, or Ola Money using their HDFC credit card, a 1 per cent charge will apply to the entire amount. This fee will also be capped at Rs 4,999 per month. For utility payments, if the total spending goes beyond Rs 50,000 in a month, a 1 per cent charge will be added, again with a monthly cap of Rs 4,999. However, HDFC Bank has clarified that insurance payments will not be treated as utility payments, so no extra charge will be applied in such cases. The bank has also revised maximum charges for rent, fuel, and education transactions. The upper limit for charges in these categories will now be Rs 4,999 per transaction. The 1 per cent fee on rent payments will remain unchanged. Fuel transactions above Rs 15,000 will be charged 1 per cent, while education payments made directly through official college or school websites or their card machines will not be charged. ICICI Bank has also made changes in several service charges. The fee for depositing cash, cheques, or for DD (demand draft) and PO (pay order) transactions has been changed. Now, customers will be charged Rs 2 per Rs 1,000, with a minimum fee of Rs 50 and a maximum of Rs 15,000. Earlier, the bank charged Rs 50 for amounts up to Rs 10,000 and Rs 5 per Rs 1,000 beyond that. ATM usage fees have also gone up. After three free ATM transactions at other bank ATMs, ICICI will now charge Rs 23 for financial transactions and Rs 8.5 for non-financial ones. Previously, the financial transaction fee was Rs 21. For ICICI Bank's own ATMs, regular savings account holders will now pay Rs 23 for each financial transaction beyond the first five in a month, up from Rs 21 earlier. Additionally, the annual fee for ICICI Bank debit cards has increased from Rs 200 to Rs 300. The fee for a replacement debit card has also gone up from Rs 200 to Rs 300.
