Yes Bank, IDFC First Bank’s Credit Card Rules have been revised regarding Utility Bill Payments by selected cards and the surcharges effective May 1, 2024. So, every credit card user of these banks must know the new policy on utility bill payments for water, gas, electricity, internet, etc.
The usage of credit cards has increased in recent times. People use credit cards for various transactions such as shopping, recharging, and paying bills like electricity, gas, water, internet, etc. These transactions offer various benefits, such as reward points, cashbacks, and discounts. However, credit card customers of two major banks are in for a surprise. These banks have announced surcharges on utility bill payments made through credit cards.
Utility bills include current bills, water bills, internet bills, gas bills, cable bills, telephone bills, etc. Many people pay these bills with their credit cards, but two banks, Yes Bank and IDFC First Bank, have introduced surcharges on such transactions. The new policy will come into effect from May 1st.
Yes Bank Credit Card New Rules on Utility Bill Payments
Yes Bank has introduced new charges on most of its credit cards. The changes have been made only in the fuel fee category for some cards. If the total utility bills in a single statement cycle exceed Rs. 15,000, customers must pay a 1% surcharge, including GST. However, customers will not have to pay any additional fees if they use the Yes Bank Private Credit Card for utility bills under Rs. 15,000. For bills exceeding Rs. 15,000, customers will have to pay an 18% GST plus a 1% surcharge.
IDFC First Bank Credit Card New Rules on Utility Bill Payments
IDFC First Bank has also introduced a 1% surcharge and an 18% GST on credit card payments for utility bills exceeding Rs. 20,000. However, there will be no surcharge on payments made through the First Private Credit Card, LIC Select Credit Card, and LIC Classic Credit Card.
Credit card users should be aware of these charges and take necessary precautions while making transactions. Failure to do so could result in significant losses.
