Credit Card : If you’re a customer of HDFC or ICICI credit cards, then this update is crucial for you. Both of these major banks have announced some significant changes to their credit card policies, which will affect your spending and benefits from July 1. These updates will have a direct impact on your pocket, so it’s essential to understand the changes to manage your expenses accordingly.
Changes in HDFC Credit Card Policies
HDFC Bank has decided to revise some of the rules for its credit card users. One major change is that if you are spending more than ₹10,000 in a month on online gaming platforms like Dream11, RUMMY, or JUNGLEE, you will now be charged an additional 1%. This means that gaming-related transactions on your HDFC credit card will no longer earn reward points, making it slightly less attractive for frequent gamers.
Additionally, if you use your HDFC card to pay utility bills (electricity, water, gas, etc.) and the total amount exceeds ₹50,000 in a month, you will be subjected to a 1% charge on that amount. This will increase your total expenditure on routine bills, which might be an inconvenience for some users who frequently pay their utility bills using their credit cards.
Changes in ICICI Credit Card Policies
ICICI Bank has also made changes to its credit card offerings. One major modification is that customers will only get free access to the domestic airport lounge for a limited period of three months. After this period, the free lounge access will be restricted, and you may have to pay additional charges or meet specific conditions to continue enjoying this benefit.
Another change ICICI has made involves including rent, education fees, government fees, EMIs, and school fees under the ₹75,000 limit. This means that these categories will no longer count toward the ₹75,000 limit for credit card transactions. If you’ve been relying on this benefit, you’ll need to replan how you use your credit card for these payments.
Additionally, ICICI has introduced charges on certain transactions that were previously free. These include cash deposits, cheque deposits, demand drafts, and pay orders. This is a significant shift, as many customers used their credit cards for these transactions without any additional fees.
Why Should You Be Concerned?
The changes in both HDFC and ICICI credit card policies primarily affect customers who frequently use their cards for gaming, utility bill payments, and transactions involving fees or financial documents like demand drafts. The imposition of additional charges can add up, making it necessary to adjust your spending habits and expectations from these credit cards.
It’s a good idea to monitor your credit card usage more closely from now on. These changes might also affect those who use their cards for regular utility bill payments and might make customers reconsider using their credit cards for certain transactions in the future.
So, if you’re a credit card holder of HDFC or ICICI, it’s important to stay informed about these changes. Managing your credit card usage wisely can help you avoid unexpected charges and continue to benefit from the rewards and conveniences offered by these cards.
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