Yes Bank and IDFC First Bank charging 1% fee on utility payments using credit cards

[MrJJ]

After rent payments, banks are imposing extra charges on utility payments made via credit cards. In a recent development, Yes Bank and IDFC First Bank announced that they will charge an additional 1 percent fee on all utility payments made using their credit cards starting from May 1, 2024. Customers will have a free usage limit of Rs 15,000 for Yes Bank and Rs 20,000 for IDFC First Bank. This means that if a Yes Bank credit card holder pays a utility bill of less than Rs 15,000 in a statement cycle, they will not be charged any extra fees.

However, if a customer pays more than Rs 15,000 in utility bills in a statement, they will be charged an extra 1 percent fee plus 18 percent GST on it. The same rules apply to IDFC First Bank credit cards, but the free usage limit is Rs 20,000 instead of Rs 15,000.

Full News Article 👉 https://www.moneycontrol.com/news/b...ity-payments-using-credit-cards-12708278.html

 

[RajeshV]

All this would be fine if they told you in the OTP page what kind of payment it was. Wish RBI would do something about this.

Do you think Insurance payments can also be considered as utility?

 

[Saiv]

Excellent move all other banks must implement this. With this all business transactions on personal cards will subside

 

[MrJJ]

Do you think Insurance payments can also be considered as utility?

It depends on the platform. AFAIK SBI Unipay is tagging all the bill payments as Utility.

 

[Harry1]

It depends on the platform. AFAIK SBI Unipay is tagging all the bill payments as Utility.

Does it include redgiraffe rental as well?

 

[shashankrt]

Excellent move all other banks must implement this

Agree. time to crack on business spenders abusing personal cards causing issues for genuine salaried spenders like us.