HDFC Bank has announced evision in the Reward Points Program & Fee structure on Credit Cards w.e.f 1st January 2023.
| 1. | On the HDFC Bank SmartBuy portal, the redemption of Reward Points for flights & hotel bookings will be capped at 75,000 Reward Points per calendar month. |
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| 2. | Redemption of Reward Points against statement balance (CashBack redemption) will be capped at 50,000 Reward Points per calendar month w.e.f 1st February 2023. |
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| 3. | Rent payments and government transactions will NOT earn Reward Points. |
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| 4. | Reward Points earned on grocery transactions will be capped at 2000 Reward Points per calendar month. |
| Revision in the Fee structure w.e.f 1st January 2023: |
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| 1. | For rent payments made through third-party merchants, a fee of 1% of the total transaction amount will be levied from the second rental transaction of the calendar month. | | | 2. | If you conduct a transaction (in-store or online) in Indian currency at an international location or with a merchant located in India but registered overseas, a dynamic & static conversion markup fee of 1% will be charged. |
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In a nutshell you will not get any reward points on rent payment and you will additionally pay 1% transaction fees if you make multiple rental payment transactions. There is more and more caps on rewards and there might be future reward point de-valuation as well.
What is you opinion on this change?
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