New credit card rules, changes in May 2024: These 4 banks have revised their credit card rules

A few banks and card issuers have revised their credit card related fees, charges and rules in May 2024. Credit card customers should be aware of the changes and make sure to follow the latest fee and guidelines set by the bank or credit card company. The top banks that have revised their credit card rules this month are Bank of Baroda, Yes Bank, IDBI Bank, and HDFC Bank.

Bank of Baroda- BOBCARD One co-branded

Bank of Baroda has hiked the interest rate and late payment fees on its BOBCARD One co-branded Credit Card. The hiked rates are effective June 26, 2024, as per the Most Important Terms and Conditions pages on the GetOnecard website.According to the One website, “As long as you use the BOBCARD One co-branded Credit Card within your approved credit limit, and pay the full outstanding by the due date, we wont charge you anything. However, in cases of delays in payments or part payments or using your card beyond the limit, there would be some charges levied.”

New credit card rules: Bank of Baroda hikes interest rates and late payment fees on this credit card

Swiggy HDFC Bank Credit Card

The Swiggy HDFC Bank Credit Card, one of HDFC Bank’s most well-known credit cards, now has an enhanced cashback program, according to many news reports. This occurs at a time when a lot of card issuers have been lowering the benefits and perks associated with credit cards. The latest sources state that beginning on June 21, 2024, the Swiggy HDFC Bank Credit Card will have a new cashback structure.Earned cashback will no longer show up on the Swiggy app as Swiggy Money; instead, it will show up on the credit card account as of June 21 and the statement balance will be lower for the next month as a result of the cashback, according to the Card Insider website, a one-stop destination to solve all your credit cards related queries.Swiggy HDFC Bank Credit Card revised cashback structure effective from June 21, 2024

IDFC First Bank
IDFC First Bank has said that it will impose a 1 percent + GST extra when the total amount of credit card payments for utility bills paid exceeds Rs 20,000. The FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card are not subject to the utility surcharge. Therefore, there is no surcharge if the total of your utility bill transactions (gas, electricity and internet) within a statement cycle is Rs 20,000 or less. However, if they go beyond Rs 20,000, there would be an additional 18% GST on top of the 1 percent surcharge.

Yes Bank
YES Bank has revised various aspects of all of its credit cards, with the exception of the ‘private’ credit card type. The changes only affect the fuel fee category on some of the bank’s credit card types. These modifications, with the exception of ‘private’, are linked to the computation of the expenditure level for remission of the annual and joining fees. There is also a change in terms of the extra fee for utility transactions.

Credit card rule change: Utility bill payments made with YES Bank and IDFC First Bank credit cards to get costlier from May 1, 2024