New HDFC Credit Card Rules: Utility payments outside the limit to face extra cost | Mint

HDFC Bank has announced a number of changes in its credit card transactions that include new costs on loading wallets using third-party apps, online skill-based game transactions and utilities outside the specified limit. The revised costs apply from 1 July. “If you load third-party wallets with more than £ 10,000 a month on platforms such as (but not limited to) Paytm, Mobikwik, FreeCharge or OLA money using your credit card, a 1% cost will apply,” HDFC Bank said in its communication to credit card customers. “The cost will apply to the full wallet loading for the month and will be limited to £ 4999 per month,” it states. For utility transactions, a 1% levy will apply if you spend more than £ 50,000 per month using your personal credit card (consumer cards). The 1% levy will apply if you spend more than £ 75,000 a month using business credit cards. “The costs apply to the entire utility spending for the month and will be limited to £ 4999 a month,” HDFC Bank said. “Insurance transactions will not be considered utility transactions, and so there will be no levy applicable,” it states. The bank also limited rewards points on insurance transactions on its popular credit cards. While the reward points on insurance transactions are limited to 10000 per month on Infinia and Infinia metal credit cards, it is set at 5000 per month for Diners Black, Diners Black Metal and Biz Black Metal Cards. For all other cards, the limit was set at 2000 per month. However, Marriott Bonvoy cards will not have rewards for insurance transactions. Transaction costs on daily expenses HDFC Bank set the maximum cost per transaction for rent, fuel and education categories at £ 4999. “Note that the existing cost of 1% will apply to all rental transactions, only on fuel transactions more than £ 15000/ £ 30000 per transaction and only on education transactions done via third-party apps,” he said. “If you make payments via university/school websites or their mail (Point of Sales) machines, there will be no costs,” HDFC Bank said. “If you spend more than £ 10,000 a month on platforms such as (but not limited to) Dream11, Rummy Culture, Junglee Games or MPL, a 1% cost will apply,” the bank said. “The cost applies to the full online skill-based game spending for the month and will be limited to £ 4999 per month. No reward points will be earned on online skill-based game transactions,” he said. Allirajan M is a journalist with more than two decades of experience. He works with various leading media organizations in the country and has been writing mutual funds for almost 16 years.