New Credit Card Rules Starting september 1: Key Changes You Need to Know

With september just around the corner, several important changes are set to impact credit card users from september 1. These updates will affect how reward points are earned and redeemed, as well as adjustments in payment deadlines and minimum balances. Here’s a summary of the upcoming changes and what you need to know:

1. Enhanced Reward Points for RuPay Credit Cards

Starting september 1, RuPay credit card users will benefit from an improved reward point system. The National Payments Corporation of india (NPCI) has mandated that RuPay credit cards will now earn reward points for UPI transactions equivalent to those offered by other payment service providers. Previously, RuPay credit cards had less favorable reward point structures compared to other credit cards.

2. Reward Point Caps at hdfc Bank

HDFC bank is introducing new caps on reward points starting september 1. The bank will limit the reward points earned from utility and telecom transactions to a maximum of 2,000 points per calendar month. Additionally, reward points will no longer be awarded for school payments made through third-party apps like CRED, CheQ, and MobiKwik. However, direct payments made to educational institutions through their websites or point-of-sale (POS) devices will continue to earn reward points. This new policy applies to all hdfc credit cards, including co-branded and premium cards such as those associated with swiggy and Tata Neu.

3. Adjustments by IDFC First Bank

IDFC First bank will reduce the minimum amount due (MAD) on credit card bills from 5% to 2% of the outstanding balance starting september 1. While this reduction may provide temporary relief, it is advisable for consumers to pay more than the minimum due to avoid higher interest costs in the future.

Additional Financial Changes in September

Apart from the credit card updates, other significant financial changes are also taking effect:

Aadhaar Updates: The free Aadhaar document updating offer has been extended until september 14.
GST Filing: GST taxpayers will now be required to provide valid bank details within 30 days of registration.
Bank Fixed Deposit Schemes: Changes to fixed deposit schemes at various banks are also expected, though specific details were not provided in the update.
These changes are designed to enhance the financial services and transaction experiences for customers, but it’s important to review and adjust your financial practices accordingly to stay compliant and benefit from the new rules.
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Balasahana Suresh

01/09/2024 04:47 PM