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New Delhi<\/strong>: HDFC Bank has announced alterations to its credit card rewards program, set to take effect on 1st September 2024.<\/p>\n A cap will be introduced on reward points earned from utility transactions, with a maximum of 2,000 points per calendar month. These transactions will be identified using Merchant Category Code (MCC) 4900, starting from 1st September 2024.<\/p>\n Previously, HDFC Bank implemented a change in the utility transactions category. As of 1st August 2024, the bank began imposing a 1% fee on utility payments exceeding Rs. 50,000 per transaction for consumer credit cardholders.<\/p>\n The same 1% fee applies to business cards for amounts over Rs. 75,000 per transaction, with a maximum fee of Rs. 3,000. This is to deter the use of consumer credit cards for high-value commercial or business utility payments.<\/p>\n Individual customers typically won\u2019t be affected by the 1% fee since their utility bills seldom surpass Rs. 50,000. The bank has clarified that insurance payments will not incur this fee as they are not classified as utility transactions.<\/p>\n Additionally, a 2,000-point monthly cap will be placed on rewards from telecom and cable services, tracked through MCCs 4812, 4814, and 4899, effective from 1st September 2024.<\/p>\n Reward points will not be awarded for education-related payments made via third-party apps such as CRED, Cheq, MobiKwik, etc. However, direct payments to educational institutions via their websites or POS machines will accrue points.<\/p>\n<\/div>\n [ad_2] [ad_1] New Delhi: HDFC Bank has announced alterations to its credit card rewards program, set to take effect on 1st September 2024. A cap will be introduced on reward points earned from utility transactions, with a maximum of 2,000 points per calendar month. These transactions will be identified using Merchant Category Code (MCC) 4900, starting […]<\/p>\n","protected":false},"author":1,"featured_media":38810,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-38809","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"jetpack_featured_media_url":"https:\/\/thenftimes.com\/wp-content\/uploads\/2024\/08\/HDFC-Bank.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/38809","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/comments?post=38809"}],"version-history":[{"count":1,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/38809\/revisions"}],"predecessor-version":[{"id":38811,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/posts\/38809\/revisions\/38811"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media\/38810"}],"wp:attachment":[{"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/media?parent=38809"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/categories?post=38809"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenftimes.com\/index.php\/wp-json\/wp\/v2\/tags?post=38809"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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