Key Financial Changes Coming in September: Check here

Key Financial Changes Coming in September: As September approaches, several important financial updates will take effect, which could impact consumers' finances. Starting Sunday, September 1, banks will introduce significant changes that affect credit card reward points, payment deadlines, and minimum balances. Consumers need to be aware of these updates and take action before deadlines pass, especially regarding Aadhaar revisions, fixed deposit schemes, and credit card terms.

Here’s What to Expect:

Enhanced Reward Points for RuPay Credit Cards

From September 1, RuPay credit cardholders will see an improvement in their reward point system. The National Payments Corporation of India (NPCI) has announced that RuPay credit cards will now earn the same reward points for UPI transactions as other payment service providers. This change aims to address the previous disadvantage faced by RuPay cardholders in earning rewards.

HDFC Bank Limits Reward Points

HDFC Bank will implement new limits on reward points starting September 1. The bank will cap the reward points earned from utility and telecom transactions to 2,000 points per month. Additionally, no reward points will be given for school payments made through third-party apps such as CRED, CheQ, and MobiKwik. However, points will still be awarded for direct payments to educational institutions through their websites or point of sale (POS) devices. This policy will apply to all HDFC credit cards, including co-branded and premium cards like those associated with Swiggy and Tata Neu.

IDFC First Bank Changes Credit Card Payment Terms

IDFC First Bank will revise its credit card payment terms beginning with the September 2024 billing cycle.The payment due date will be shortened from 18 to 15 days from the statement generation date, giving cardholders three fewer days to settle their bills. Additionally, the minimum amount due (MAD) will be reduced from 5% to 2% of the principal amount. While this reduction may offer temporary relief, consumers are encouraged to pay more than the minimum to avoid higher interest charges in the long run.

Also read:Baazar Style Retail IPO: What You Need to Know

Other Important Updates:

• The complimentary Aadhaar document updating offer has been extended for an additional three months, now running from June 14 to September 14.

• GST taxpayers will now need to provide valid bank details within 30 days of registration.

Stay informed about these changes and take action as needed to manage your finances effectively.