Starting September 1, HDFC Bank will introduce a cap on reward points for utility transactions, limiting customers to earning a maximum of 2,000 points per month on these purchases. This adjustment is intended to manage the accumulation of rewards in specific spending categories.
Additionally, from September 1, a 2,000-point monthly cap will apply to telecom and cable transactions, categorized under specific Merchant Category Codes (MCCs). This cap is designed to ensure fair usage of credit cards across various spending types. Furthermore, HDFC Bank will discontinue offering reward points for education payments made through third-party apps, effective September 1. To earn points, customers must make eligible payments directly through educational institutions’ websites or POS machines.
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From September 2024, IDFC FIRST Bank will implement changes to its credit card payment terms, reducing the minimum amount due and shortening the payment due date from 18 to 15 days. These adjustments are aimed at promoting better financial discipline among cardholders.
Starting September 1, 2024, RuPay credit card users making payments via UPI (Unified Payments Interface) and other platforms will receive the same reward points as users of credit cards from other payment service providers. The National Payments Corporation of India (NPCI) has directed banks to ensure equal rewards and benefits for RuPay credit cardholders.