HDFC Bank has issued a significant statement regarding their Credit Card, which will be effective August 1, 2024. HDFC Bank announced that it will be revising credit card charges for Rental Transactions, Fuel Transactions, Utility Transactions, Educational Transactions, International / Cross Currency Transactions, Rewards Redemption towards Statement Credit, Finance Charges, and Easy-EMI Processing Fee.
Rental Transactions
Rent payments made using services like as CRED, PayTM, Cheq, MobiKwik, Freecharge, and others will incur a 1% fee, capped at ₹3000 per transaction.
Category: Rent, Merchant Category Codes (MCC)-6513
Fuel Transactions
Consumer Cards: If you spend less than ₹ 15000 each transaction on petrol, no extra cost will be levied. If you spend more than ₹15,000 each transaction on gasoline, you will be charged a 1% fee, limited at ₹3000.
Business Cards: If you spend less than ₹ 30000 each transaction on petrol, there will be no extra price. If you spend more than ₹30,000 each transaction on gasoline, you will be charged a 1% fee, limited at ₹3000.
Category: Fuel, Merchant Category Codes (MCC): 1361,5172,5541,5542,5983,9752
Utility Transaction
Consumer Cards: If you spend less than ₹50,000 each transaction on Utilities, no extra cost will be imposed. If you spend more than ₹50,000 each transaction on utilities, you will be charged a 1% fee, limited at ₹3000. Business Cards: If you spend less than ₹ 75,000 each transaction on Utilities, there will be no extra cost. If you spend more than ₹75,000 each transaction on utilities, a 1% fee will be imposed, up to a maximum of ₹3000.
Category: Utility, Merchant Category Codes (MCC): 4900.
Insurance transactions will not be classified as Utility transactions, hence no charge will apply.
Educational Transactions
There are no costs if you pay for your education using the college or school's website or POS devices. This price excludes international education payments. Education payments made using third-party applications such as CRED, PayTM, Cheq, MobiKwik, and others will incur a 1% fee, with a maximum of ₹3000 per transaction.
Category: Education, Merchant Category Codes (MCC): 8211,8220,8241,8244,8249,8299
International/Cross Currency Transactions
If you make an international or cross-currency transaction, a 3.5% markup charge will be applied.
*The markup charge will continue at 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% for 6E Rewards Indigo XL.
Rewards Redemption for Statement Credit
If you redeem your points for statement credit (CashBack), a ₹50 redemption fee will apply.
Rewards Redemption charges will not apply to Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), BizBlack Metal, Swiggy HDFC Bank, or Flipkart Wholesale.
Finance Charges
If you use the revolving credit facility and opt to pay less than the entire amount due as shown on the monthly billing statement, financing charges of 3.75% (per month) will apply from the transaction date until the outstanding debt is paid in full. Applies to all retail and cash transactions.
* The finance fee will continue at 1.99% (per month) for Infinia, Infinia (Metal Edition), Diners Black, Diners Black (Metal Edition), and BizBlack Metal.
Late payment
The late payment cost structure has been updated, as follows:
Outstanding Amount Slab and Revised Charges
Outstanding Amount: Less than or equal to ₹100
Revised Charge: Nil
Outstanding Amount: ₹101 - ₹500
Revised Charge: ₹100
Outstanding Amount: ₹501 - ₹1,000
Revised Charge: ₹500
Outstanding Amount: ₹1,001 - ₹5,000
Revised Charge: ₹600
Outstanding Amount: ₹5,001 - ₹10,000
Revised Charge: ₹750
Outstanding Amount: ₹10,001 - ₹25,000
Revised Charge: ₹900
Outstanding Amount: ₹25,001 - ₹50,000
Revised Charge: ₹1,100
Outstanding Amount: Greater than ₹50,000
Revised Charge: ₹1,300
Easy-EMI Processing Fee
Using the Easy-EMI option at any online or offline retailer will incur an EMI processing cost of up to ₹299. Government laws require that all fees be subject to GST. The network defines the Merchant Category codes (Visa, MasterCard, Rupay, and Diners). HDFC Bank has not defined the merchant category.
