From September 1, 2024, some changes are going to apply to credit card users of different banks. These changes will affect the way reward points are earned and redeemed, payment deadlines, and the minimum amount due.

Know- what changes will happen?

• Increased reward points for RuPay credit cards
• From September 1, RuPay credit card users will see improvements in their reward points system.
• The National Payments Corporation of India (NPCI) has mandated that RuPay credit cards will now get reward points at par with other payment service providers for UPI transactions.
• The NPCI circular highlights that reward points are important in driving credit card usage and states that RuPay credit cards were earlier deprived in this aspect.

HDFC Bank Reward Points Cap

• HDFC Bank is introducing a new cap on rewards points from September 1.
• The bank will limit the points earned on utility and telecom transactions to 2,000 points per calendar month.
• Apart from this, reward points will no longer be available on education payments made through third-party apps like CRED, Cheq, and MobiKwik.
• However, educational institutions will get points for payments made directly through their website or POS machines.
• This policy applies to all HDFC credit cards, including co-branded and premium cards like Swiggy and TataNew.

IDFC First Bank Payment Adjustment

• IDFC First Bank is changing its credit card payment terms from the September 2024 statement cycle.
• The payment due date will be reduced from 18 days to 15 days from the date of statement generation.
• This means that cardholders will have 3 days less to make their payments.
• Additionally, the Minimum Amount Payable (MAD) will be reduced from 5% to 2% of the principal amount.