As September approaches, several key financial changes are set to take effect, potentially impacting consumers’ finances. Starting Sunday, September 1, significant adjustments will be introduced by various banks, affecting credit card reward points, payment deadlines, and minimum balances. It is crucial for consumers to be aware of these updates and take necessary action before deadlines pass, especially regarding revisions to Aadhaar, fixed deposit schemes, and changes in credit card terms.
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Here’s a breakdown of the upcoming changes:
RuPay Credit cards to earn more reward points
Starting September 1, RuPay credit cardholders will benefit from an enhanced reward point system. The National Payments Corporation of India (NPCI) has mandated that RuPay credit cards will now earn the same reward points for UPI transactions as other payment service providers. The NPCI highlighted that this change addresses the previous disadvantage RuPay cardholders faced in earning rewards.
HDFC Bank introduces reward point caps
HDFC Bank will introduce new caps on reward points beginning September 1. The bank will limit the reward points earned from utility and telecom transactions to 2,000 points per month. Additionally, reward points will no longer be awarded for school payments made through third-party apps such as CRED, CheQ, and MobiKwik. However, direct payments to educational institutions through their websites or point of sale (POS) devices will continue to earn points. This policy applies to all HDFC credit cards, including co-branded and premium cards like Swiggy and Tata Neu.
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IDFC First Bank adjusts payment terms
IDFC First Bank will implement changes to its credit card payment terms starting with the September 2024 statement cycle. The payment due date will be shortened from 18 to 15 days from the statement generation date, giving cardholders three fewer days to pay their bills. Additionally, the minimum amount due (MAD) will be reduced from 5% to 2% of the principal amount. While this reduction may offer temporary relief, consumers are advised to pay more than the minimum to avoid higher interest charges over time.
In addition to these credit card changes, other important updates are on the horizon. The free Aadhaar document updating offer has been extended by three months, from June 14 to September 14. Furthermore, GST taxpayers will be required to provide valid bank details within 30 days of registration.
