HDFC Bank is implementing significant changes to its credit card rewards program starting August 1, including a 1% fee up to Rs 3,000 per transaction for rent payments made using credit cards through fintech apps. This move has led to regulatory concerns and prompted many fintechs to pause rent payments via credit cards. The new charges for rent payments via credit cards are being introduced on platforms like CRED and Paytm. Customers are advised to avoid third-party apps like CRED and Paytm for rent and education payments to avoid the new fees. The changes in credit card charges and rules at HDFC Bank will come into effect from August 1, 2024.
#HDFCBank credit card charges, rules to change from August 1, 2024: Know about new late payment fee, bill payment rules https://t.co/IxhywPZeDP
#MCPersonalFinance | 🚨 HDFC Bank updates credit card terms! 📉 Effective Aug 1, avoid third-party apps like CRED, PayTM for rent & education payments to dodge new fees. 💳 Stay informed ⤵️ https://t.co/K1SBNXkgsw #HDFCBank #CreditCards #Fees #Charges | @thanawala_hiral
#HDFCBank introduces new charges for rent payments via credit cards on #CRED, #Paytm platforms @anshul91_m https://t.co/JzFVl0MOQh
On June 26, country's largest private sector lender HDFC Bank in an email to its credit card customers said that rent payments made using credit cards through fintech apps will attract a 1 percent fee up to Rs 3,000 per transaction. Until now, credit card issuers were mostly… https://t.co/XJPkYQsUy6
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