Suspense crime, Digital Desk : HDFC Bank, one of India’s largest private banks, has issued an important alert for its credit card customers. Starting July 1, 2024, the bank will implement a new fee that will directly impact how millions of users make everyday payments.
The bank is introducing a 1% convenience fee on certain types of transactions made with its credit cards. This new charge will be applied to payments that, until now, were typically free of any extra cost.
Which Transactions Are Affected?
According to the bank’s notification, the 1% fee will be levied on transactions in the following categories:
- Wallet Loads: Adding money to digital wallets like Paytm, PhonePe, and others.
- Utility Bill Payments: Paying for electricity, gas, internet, and other household utilities.
- Online Gaming: Making payments on online gaming applications.
- Other Services: This also includes transactions for business and government services.
How Will This Impact You?
This new policy means that for every ₹1,000 you spend on these services using your HDFC Bank credit card, an additional fee of ₹10 will be added to your monthly statement. For a larger transaction, like loading ₹10,000 into a digital wallet, you would incur a ₹100 fee.
This change is significant because it targets high-frequency, daily-use categories. Many customers rely on their credit cards for the convenience of paying utility bills or topping up wallets for small-scale digital payments.
What Should Customers Do?
If you are an HDFC Bank credit card holder, it is crucial to be aware of this change to avoid unexpected charges on your next bill.
Review Your Payments: Check any recurring payments set up on your card for utilities.
Consider Alternatives: For these specific categories, you might consider using other payment methods like UPI directly from your bank account, net banking, or a credit card from a different bank that does not levy such a fee.
This move by HDFC Bank reflects a broader industry trend where banks are re-evaluating the costs associated with processing certain types of digital transactions. Be sure to check your credit card statement carefully after July 1 to see how these new rules affect you.
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