Several banks have updated their credit card fees, charges, and rules in May 2024. If you have a credit card with one of these banks, it’s important to know what’s changing. The banks making these updates are Bank of Baroda, Yes Bank, IDBI Bank, and HDFC Bank.
Bank of Baroda – BOBCARD One Co-branded
Bank of Baroda is increasing the interest rates and late payment fees on its BOBCARD One co-branded Credit Card. These changes will take effect on June 26, 2024. According to their website, if you use your credit card within the approved limit and pay off the balance by the due date, you won’t incur any charges. But if you pay late, only partially, or exceed your credit limit, extra charges will apply.
Swiggy HDFC Bank Credit Card
HDFC Bank’s Swiggy Credit Card is getting an improved cashback program starting June 21, 2024. Previously, cashback appeared as Swiggy Money in the Swiggy app, but from June 21, it will be credited directly to your credit card account, reducing your next month’s statement balance.
IDFC First Bank
IDFC First Bank will start charging an extra 1% fee plus GST for utility bill payments made with their credit cards if the total exceeds Rs 20,000 in a billing cycle. This applies to payments for services like gas, electricity, and internet. However, this fee does not apply to the FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card. If your utility bill payments are Rs 20,000 or less in a cycle, there will be no surcharge.
Yes Bank
Yes Bank is making several changes to its credit cards, except for the ‘private’ type. These changes mainly affect the calculation of spending levels needed to waive annual and joining fees, particularly for fuel purchases. Additionally, the extra fee for utility bill payments will be updated.
Summary
Starting May 1, 2024, utility bill payments made with YES Bank and IDFC First Bank credit cards will become more expensive due to new surcharges. Make sure to review these changes and understand how they may impact your credit card usage and expenses.
