Are you a credit card user? If yes, there’s important news for you. Leading banks like HDFC and ICICI have announced higher charges on several credit card services. Here’s a simple breakdown to help you understand what’s changing and how it might affect your wallet.
What’s Changing?
Many banks are increasing fees for popular credit card transactions. Here’s what you need to watch out for:
- Online Gaming Payments:
- If you spend more than ₹10,000 per month on online gaming, you’ll be charged an extra 1%.
- The maximum fee for gaming transactions is capped at ₹4,999 per month.
- No reward points will be given for these transactions.
- If you spend more than ₹10,000 per month on online gaming, you’ll be charged an extra 1%.
- Digital Wallet and Utility Payments:
- Additional fees will apply when loading digital wallets or paying certain utility bills with your credit card.
- Additional fees will apply when loading digital wallets or paying certain utility bills with your credit card.
- Rent, Fuel, and Education Payments:
- The maximum charge for these payments is now ₹4,999.
- The 1% fee for rent payments remains unchanged.
- No extra charges for direct education payments made through official websites or card machines.
- The maximum charge for these payments is now ₹4,999.
- ATM Transactions:
- After three free ATM withdrawals, you’ll be charged ₹23 per transaction.
- Non-financial ATM transactions (like checking your balance) will cost ₹8.5 each after the free limit.
- After three free ATM withdrawals, you’ll be charged ₹23 per transaction.
- Debit Card Annual Fee:
- ICICI Bank has increased the annual fee for debit cards from ₹200 to ₹300.
- ICICI Bank has increased the annual fee for debit cards from ₹200 to ₹300.
What’s Not Changing?
- Insurance Payments:
- These are not considered utility payments, so no extra charges will apply.
- These are not considered utility payments, so no extra charges will apply.
How to Save on These Fees
- Try to keep your online gaming and digital wallet spending below the new fee thresholds.
- Use direct payment methods for education and insurance whenever possible.
- Plan your ATM withdrawals to avoid extra charges.
- Review your credit card statements regularly to spot any new fees.
These changes mean it’s more important than ever to keep track of your credit card usage. By understanding the new charges, you can make smarter choices and avoid unnecessary fees. Stay informed and manage your finances wisely!
