Private Sector Banks Higher Fees Starting July 1: Examine New Credit Card Terms Now
Fresh Take on Credit Card Charges
Starting July 1, 2025, big name banks like HDFC and ICICI are shaking up credit card and associated fees. Here's what you need to know.
Hot Off the Press: Credit Card Rules - HDFC Bank Edition
Prepare yourself, mate! HDFC Bank is introducing updated charges for credit card transactions, with a particular focus on online gaming, digital wallets, and utility bills.
Digging Deeper into HDFC Bank's Limitations
If you're loading more than Rs 10,000 a month into third-party wallets using your HDFC credit card, a whopping 1% charge will apply to the entire amount, capped at Rs 4,999 per month. The same goes for utility bills. Once your monthly spending surpasses Rs 50,000, your bill gets an extra 1% whack, again with a monthly limit of Rs 4,999. But fear not, insurance payments won't be treated as utility payments, so no extra charge there.
Online Gaming, Oh My!
If your monthly online gaming bill surpasses Rs 10,000 on platforms like Dream11, Rummy Culture, Junglee Games, or MPL, HDFC Bank will add a 1% fee to your total gaming splurge, with a cap of Rs 4,999 per month - and no reward points for ya!
Revised Rates for Rent, Fuel, and Education
HDFC Bank has also tweaked the maximum charges for rent, fuel, and education transactions. The upper limit for charges in these categories will now be capped at a cool Rs 4,999 per transaction. However, the 1% fee on rent payments remains the same, while fuel transactions above Rs 15,000 will be charged 1%. As for education payments, if you pay directly through official college or school websites or their card machines, no extra charge for you!
Trending Now
ICICI Bank's Moves
As for ICICI Bank, they've made a few changes to service charges, including an increase in the fees for depositing cash, cheques, or DD (demand draft) and PO (pay order) transactions. Now, customers will fork out Rs 2 per Rs 1,000, with a minimum fee of Rs 50 and a maximum of Rs 15,000.
The bank has also hiked ATM fees. After three free ATM transactions at other bank ATMs, ICICI will now charge Rs 23 for financial transactions and Rs 8.5 for non-financial ones. For ICICI Bank's own ATMs, regular savings account holders will now pay Rs 23 for each financial transaction beyond the first five in a month, up from Rs 21 earlier. Additionally, the annual fee for ICICI Bank debit cards has increased from Rs 200 to Rs 300, while the fee for a replacement debit card has also risen from Rs 200 to Rs 300.
In a Nutshell
Looking ahead, HDFC Bank's new charges could mean added expenses, especially for online gaming, digital wallets, utility payments, rent, and potentially fuel, education, and insurance transactions. For ICICI Bank customers, keep an eye out for potential updates on credit card fee adjustments from the bank. As always, stay informed and adapt to the ever-changing financial landscape!
India's renowned banks, such as HDFC and ICICI, are reshaping the financial sector with upcoming changes in credit card fees.
HDFC Bank has imposed a 1% charge for monthly online gaming expenditure over Rs 10,000, while ICICI Bank has increased fees for depositing cash, cheques, and demand drafts.
In addition to these changes, both banks have revised fees for utility payments, digital wallets, and rent, with HDFC introducing a cap on service charges for transactions in these categories.
