Check out the latest credit card and debit card rules of ajor private sector lenders ICICI Bank, HDFC Bank and IDFC First Banks that is going to impact their finances.
New Delhi: Major private sector lenders ICICI Bank, HDFC Bank and IDFC First Banks have announced revisions to their credit card and debit card rules that the customers should know.
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IDFC First Bank Credit Card Rules 2024
The payment due date on your credit card will now be 15 days from the statement generation date as per revised MITC w.e.f. September 2024 statement & will be applicable for all subsequent statements, IDFC First Bank has said.
This is against the previous Due Date which was 18 days from statement generation.
HDFC Bank Credit Card Rules 2024
HDFC Bank has made an important announcement relating to its Credit Card, effective from 1st August 2024. HDFC Bank said that it will be making revision to the Credit card charges pertaining to Rental Transactions, Fuel Transactions, Utility Transactions, Educational Transactions, International / Cross Currency Transactions, Rewards Redemption towards Statement Credit, Finance Charges and Easy-EMI Processing Fee.
Check Complete Revisions of HDFC Bank Credit Card Terms Effective From 1st August, 2024
Rental Transactions
If you use services like (but not limited to) CRED, PayTM, Cheq, MobiKwik, Freecharge, and others to pay rent, a 1% fee will be charged on the transaction amount and capped at ₹3000 per transaction.
| Category | Merchant Category Codes (MCC) |
|---|---|
| Rent | 6513 |
Fuel Transactions
Consumer Cards:If you spend less than ₹ 15000 per transaction on fuel, no additional fee will be charged. However, if you spend more than ₹15,000 per transaction on fuel, a 1% fee will be charged on the entire amount and capped at ₹3000 per transaction.
Business Cards:If you spend less than ₹ 30000 per transaction on fuel, no additional fee will be charged. However, if you spend more than ₹30,000 per transaction on fuel, a 1% fee will be charged on the entire amount and capped at ₹3000 per transaction.
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| Category | Merchant Category Codes (MCC) |
|---|---|
| Fuel | 1361,5172,5541,5542,5983,9752 |
Utility Transactions:
Consumer Cards: If you spend less than ₹ 50,000 per transaction on Utilities, no additional fee will be charged. However, if you spend more than ₹50,000 per transaction on utilities, a 1% fee will be charged on the entire amount and capped at ₹3000 per transaction. Business Cards: If you spend less than ₹ 75,000 per transaction on Utilities, no additional fee will be charged. However, if you spend more than ₹75,000 per transaction on utilities, a 1% fee will be charged on the entire amount and capped at ₹3000 per transaction.
| Category | Merchant Category Codes (MCC) |
|---|---|
| Utility | 4900 |
Insurance transactions will not be considered as Utility transactions and hence no charge will be applicable.
Educational Transactions
If you make education payments through college/school websites or their POS machines, there will be no fees. International education payments are excluded from this charge. However, on education payments through third-party apps like (but not limited to) CRED, PayTM, Cheq, MobiKwik and others, a 1% fee will be charged and capped at ₹3000 per transaction.
| Category | Merchant Category Codes (MCC) |
|---|---|
| Education | 8211,8220,8241,8244,8249,8299 |
International / Cross Currency Transactions
If you make an International / Cross currency transaction, a 3.5% markup fee will be applicable.
*Mark up fee will remain 2% for Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), Biz Black Metal Card, Regalia Gold, BizPower, Tata Neu Infinity HDFC Bank and 2.5% mark up fee for 6E Rewards Indigo XL.
Rewards Redemption towards Statement Credit
If you redeem your rewards towards statement credit (CashBack), a ₹50 redemption fee will be charged.
Rewards Redemption charge will not be applicable for Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), BizBlack Metal,Swiggy HDFC Bank,Flipkart Wholesale.
Finance Charges
If you avail the revolving credit facility & hence choose to pay an amount less than the total amount due reflected in the monthly billing statement, finance charges of 3.75% (per month) will be applicable from the transaction date till the outstanding balance is paid in full . Applicable to all retail & cash transactions.
* Finance charge will remain 1.99% (per month) for Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition) ,BizBlack Metal.
Read More: RBI Likely To Keep Interest Rate Unchanged At 6.5 Per Cent, Say Experts
Late Payment
Late payment fee structure has been revised as follows:
| Outstanding Amount Slab | Revised Charges |
|---|---|
| < = ₹ 100 | Nil |
| ₹ 101 – 500 | ₹ 100 |
| ₹ 501 – 1000 | ₹ 500 |
| ₹ 1001 – 5000 | ₹ 600 |
| ₹ 5001 – 10000 | ₹ 750 |
| ₹ 10001 – 25000 | ₹ 900 |
| ₹ 25001 – 50000 | ₹ 1,100 |
| > ₹ 50000 | ₹ 1,300 |
Easy-EMI Processing Fee
If you avail the Easy-EMI option at any online / offline store, EMI processing fee of up to ₹299 will be charged. All fees are subject to GST as per government regulations. The Merchant Category codes are defined by the network (Visa, Master Card, Rupay, Diners). HDFC Bank does not define the merchant category.
ICICI Bank Debit Card Rules 2024
ICICI Bank has said that, starting October 01, 2024, customers can enjoy two complimentary airport lounge access by spending Rs 10,000 in the preceding calendar quarter.
“Spends made in the preceding calendar quarter will unlock access for the subsequent calendar quarter. To be eligible for complimentary lounge access in Oct- Nov- Dec, 2024 quarter, you need to spend a minimum of Rs 10,000 in the Jul-Aug-Sept, 2024 quarter and similarly for following quarters. This updated criteria to avail complimentary domestic airport lounge access will be applicable for below cards:
ICICI Bank Debit Card Airport Lounge Access: Check out the illustration below to understand the Spend period along with the Lounge eligibility period
| Sr. No. | Spend period | Lounge eligibility period |
|---|---|---|
| 1 | Customer spends Rs 10,000 Jun 26, 2024 to Sep 25, 2024 | Complimentary lounge access(es) between Oct 1, 2024 to Dec 31, 2024 |
| 2 | Customer spends Rs 10,000 Sep 26, 2024 to Dec 25, 2024 | Complimentary lounge access(es) between Jan 1 2025, to March 31, 2025 |
ICICI Bank has said that this updated criteria to avail complimentary domestic airport lounge access will be applicable for below cards:
| ICICI Bank Coral Paywave Debit Card | ICICI Bank Expressions Business MasterCard Debit card |
|---|---|
| ICICI Bank Rupay Coral debit Card | ICICI Bank Expressions MasterCard Debit card |
| ICICI Bank Coral Business MasterCard | ICICI Bank Expressions Paywave Debit Card |
| ICICI Bank Coral Business Debit Card | ICICI Bank Expressions Business Debit card |
| ICICI Bank Coral MasterCard | ICICI Bank Paywave Expressions Debit card |
| ICICI Bank Coral Paywave Business Debit card | ICICI Bank Expressions Coral Business MasterCard Debit card |
| ICICI Bank Coral Chip Debit Card | ICICI Bank Expressions Coral MasterCard Debit card |
| ICICI Bank Rubyx Debit Card | ICICI Bank Expressions Business Coral Debit Card |
| ICICI Bank Rupay Rubyx Debit Card | ICICI Bank Expressions Coral Debit card |
| ICICI Bank Rubyx MasterCard Debit Card |
ICICI bank has said that for debit cards quarterly spends limit of Rs 10,000, e-commerce, POS transactions will be considered. ATM transactions and cash withdrawals will not be considered.
“Eligible cardholders need to present their valid, unexpired cards, and a valid air ticket or boarding pass for travel on the same or next day at the entrance of the participating Lounges to gain entry. An authorisation amount of Rs.2 shall be charged on each eligible card presented at the entrance to the Participating Lounge. It’s important to note that the free access is generally limited to the cardholder, any accompanying guest(s) may incur charge(s). This program is provided by a third party and governed by such third party terms and conditions,” ICIC bank mentioned in its website.
