New credit card rules: Latest HDFC Bank, IDFC FIRST Bank credit card rules effective from September 2024

HDFC Bank has modified the loyalty program for specific credit cards. IDFC FIRST has made major changes to its credit card payment terms, such as the minimum amount due (MAD) and payment due date. The updated regulations will take effect on September 1, 2024.

A notification regarding these changes was sent to the relevant customers via email by HDFC Bank.

IDFC FIRST Bank's credit card payment terms, including the minimum amount due (MAD) and payment due date, have also been altered. As stated on the IDFC FIRST Bank website, these modifications will be in effect from September 2024.


New Rupay credit card on UPI rule: RuPay credit card reward point rules from September 1

Here is a look at HDFC Bank and IDFC FIRST Bank's credit card changes, effective September 2024.

IDFC FIRST Bank credit card changes

IDFC FIRST Bank has announced significant changes to its credit card payment terms, such as the minimum amount due (MAD) and payment due date. The IDFC FIRST Bank website states these changes will be effective September 2024.

Revision in Minimum Amount Due (MAD) Payment

The percentage of principal balance outstanding (which includes purchases, cash withdrawals, and balance transfers) that is included in the MAD computation will drop from 5% to 2% as of the September 2024 statement. The MAD computation has not changed in any other way. The change to the MAD computation gives you more financial flexibility in months when you have unforeseen or larger costs.

IDFC FIRST Bank revises credit card payment terms: Check latest minimum amount due, payment due date rules

Payment due date

Instead of the previous 18 days, the payment due date for IDFC First Bank credit cards will now be 15 days from the date the statement is generated.

Old Due Date: 18 days from statement generation
New Due Date: 15 days from statement generation

According to the IDFC First Bank website, "The payment due date on your credit card will now be 15 days from the statement generation date as per revised MITC w.e.f. September 2024 statement & will be applicable for all subsequent statements."

HDFC Bank credit card loyalty program rules

HDFC Bank has changed the credit card loyalty program on specific credit cards. The new rules are effective September 1, 2024. The bank emailed the respective customers with the update.

The following revisions to your HDFC Bank Credit Card will apply from September 1, 2024, as per the bank's email.

Reward Points earned on Utility transactions will be capped at 2000 Reward Points per calendar month.
2. Reward Points earned on Telecom & Cable transactions will be capped at 2000 Reward Points per calendar month.
3. Education payments made through third-party apps like (but not limited to) CRED, Cheq, MobiKwik, and others will NOT earn Reward Points. However, education payments made directly through college/school websites or their POS machines will earn Reward Points.
4. Wallet loading and Easy EMI transactions will not earn Reward Points.
Note: The Merchant Category Codes (MCC) are set by the network (Visa, MasterCard, Rupay, Diners), not by HDFC Bank.