HDFC Bank has decided to impose a 1% fee on rent payments made through its credit cards and has set limits on fuel and utility transactions. These changes will be effective from August 1.
Currently, the use of credit cards has increased, offering cashback deals. HDFC Bank, a leading private bank in credit card issuance in India, announced changes to its credit card benefits, cashback offers, and payment methods.
The bank informed its credit card users via email about the decision to charge a fee for rent payments made through credit cards, effective from August 1.
HDFC Bank stated that a 1% fee will be charged on rent payments made through platforms such as CRED, Paytm, Cheq, MobiKwik, Freecharge, and other platforms using its credit cards.
The maximum fee for rent payments will be Rs. 3,000, and this rule is implemented immediately.
Following the example of ICICI Bank, which stopped rent payments and e-wallet loading transactions using credit cards, except for the Amazon Pay ICICI card, from February 1, the State Bank of India (SBI) also stopped awarding reward points for rent payments made using its AURUM, SBI Card Elite, and SimplyCLICK cards.
Apart from rent payments, HDFC Bank has also set limits on fuel consumption and utility payments. Consumer credit cards will incur a 1% fee if fuel bills exceed Rs. 15,000, and business cards have a limit of Rs. 30,000. Exceeding this limit will incur a fee of Rs. 3,000.
HDFC Bank has set a maximum limit of Rs. 50,000 for utility transactions using consumer credit cards and Rs. 75,000 for business cards. Exceeding these limits will incur a 1% fee, up to a maximum of Rs. 3,000.
FAQs with answers:
1-What fee does HDFC Bank charge for rent payments made through credit cards?
Ans-HDFC Bank charges a 1% fee on rent payments made through its credit cards.
2-When will the new fee and transaction limits for HDFC Bank credit cards come into effect?
Ans-The new fee and transaction limits will be effective from August 1.
3-What is the maximum fee for rent payments using HDFC Bank credit cards?
Ans-The maximum fee for rent payments is Rs. 3,000.
4-What are the new limits for fuel transactions using HDFC Bank consumer credit cards?
Ans-Fuel transactions exceeding Rs. 15,000 with consumer credit cards will incur a 1% fee.
5-What is the utility transaction limit for HDFC Bank business credit cards?
Ans-The utility transaction limit for business credit cards is Rs. 75,000.
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