HDFC Bank Implements 1% Fee up to Rs 3,000 for Rent Payments via Credit Cards on CRED, Paytm Platforms

Jun 27, 2024, 03:50 AM

HDFC Bank is implementing significant changes to its credit card rewards program starting August 1, including a 1% fee up to Rs 3,000 per transaction for rent payments made using credit cards through fintech apps. This move has led to regulatory concerns and prompted many fintechs to pause rent payments via credit cards. The new charges for rent payments via credit cards are being introduced on platforms like CRED and Paytm. Customers are advised to avoid third-party apps like CRED and Paytm for rent and education payments to avoid the new fees. The changes in credit card charges and rules at HDFC Bank will come into effect from August 1, 2024.