Top 4 banks update credit card rules in May 2024 🤑

Understanding the Latest Changes in Credit Card Rules: A Detailed Overview

As a cryptocurrency enthusiast, it’s essential to stay updated on the latest changes in the financial world. In recent times, several banks and card issuers have made revisions to their credit card-related fees, charges, and rules. By being aware of these changes, you can ensure that you are following the most up-to-date guidelines set by your bank or credit card company. Let’s explore some of the top revisions made by leading banks in May 2024:

Bank of Baroda Updates

Bank of Baroda has increased the interest rate and late payment fees on its BOBCARD One co-branded Credit Card.
The revised rates came into effect on June 26, 2024, as per the Most Important Terms and Conditions on the GetOnecard website.
Customers need to use the card within the approved credit limit and pay the full outstanding amount by the due date to avoid additional charges.

Swiggy HDFC Bank Credit Card Enhancements

The Swiggy HDFC Bank Credit Card now offers an enhanced cashback program to customers.
Starting June 21, 2024, the credit card features a new cashback structure, ensuring that earned cashback reflects in the credit card account.
Customers will see a reduced statement balance in the following month due to the cashback benefits.

IDFC First Bank Modifications

IDFC First Bank has introduced a 1% + GST surcharge for credit card payments exceeding Rs 20,000 on utility bills.
The utility surcharge applies to certain credit card types, while others are exempt from this additional fee.
For utility bill transactions totaling Rs 20,000 or less within a statement cycle, there is no surcharge.

Updates from Yes Bank

Yes Bank has made revisions to various aspects of its credit cards, except for the ‘private’ card type.
The changes primarily impact the fuel fee category on specific credit card types and the computation of expenditure levels for annual and joining fee waivers.
There is also a modification in terms of the additional fee for utility transactions.

Hot Take: Embrace the Changes and Stay Informed

As a crypto investor, adapting to changes in the financial landscape is crucial for staying ahead of the curve. By understanding the recent updates in credit card rules from leading banks, you can make informed decisions about your financial transactions and maximize the benefits offered by your credit cards. Stay informed, stay proactive, and make the most of the evolving financial ecosystem.