Latest news with #AllirajanM
Mint
2 days ago
- Business
- Mint
New HDFC credit card rules: Utility payments beyond limit to face extra charges
HDFC Bank has announced a slew of changes in its credit card transactions that include new charges on wallet loading using third party apps, online skill-based gaming transactions and utility payments beyond the specified limit. The revised charges will be applicable from July 1. 'If you load third-party wallets with more than ₹ 10,000 per month on platforms like (but not limited to) PayTM, Mobikwik, Freecharge, or Ola Money using your credit card, a 1% charge will apply,' HDFC Bank said in its communication to credit card customers. 'The charge will be applicable on the entire wallet loading spend for the month and will be capped at ₹ 4999 per month,' it said. For utility transactions, a charge of 1% will apply if you spend more than ₹ 50,000 per month using your personal credit card (consumer cards). The 1% charge will apply if you spend more than ₹ 75,000 per month using business credit cards. 'The charge will be applicable on the entire utility spend for the month and will be capped at ₹ 4999 per month,' HDFC Bank said. 'Insurance transactions won't be considered as utility transactions hence no charge will be applicable,' it said. The bank has also capped reward points on insurance transactions on its popular credit cards. While the reward points on insurance transactions has been capped at 10000 per month on Infinia and Infinia Metal credit cards, it has been fixed at 5000 per month for Diners Black, Diners Black Metal and Biz Black Metal cards. For all other cards, the limit has been fixed at 2000 per month. Marriott Bonvoy cards, however, will not have capping on reward points for insurance transactions. HDFC Bank has fixed the maximum charge per transaction for rent, fuel and education categories at ₹ 4999. 'Kindly note that the existing charge of 1% will continue to be applicable on all rent transactions, only on fuel transactions more than ₹ 15000/ ₹ 30000 per transaction and only on education transactions done via third-party apps,' it said. 'If you make payments through college/school websites or their POS (Point of Sales) machines, there will be no charges,' HDFC Bank said. 'If you spend more than ₹ 10,000 per month on platforms like (but not limited to) Dream11, Rummy Culture, Junglee Games, or MPL, a 1% charge will apply,' the bank said. 'The charge will be applicable on the entire online skill-based gaming spend for the month and will be capped at ₹ 4999 per month. No reward points will be earned on online skill-based gaming transactions,' it said. Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
Mint
3 days ago
- Business
- Mint
BOBCARD update: 1000 reward points now required for redemption starting July 1
BOBCARD, the wholly-owned subsidiary of Bank of Baroda that offers a range of credit cards, has announced a slew of changes for its customers from July 1. While BOBCARD users can now earn core reward points for utility bill payments, they must accumulate a minimum of 1000 reward points for redemptions. 'Starting 1st July 2025, your utility bill payments (MCC 4900) like electricity, gas, water, etc., will now earn you core reward points,' BOBCARD said in its communication to customers. 'Effective 1st July 2025, reward point redemption against statement balance will require a minimum of 1000 points across all credit card variants,' it said. The auto redemption of reward points on SNAPDEAL BOBCARD has been discontinued from July 1. 'Going forward, cardholders must initiate manual redemption via the BOBCARD Portal or Mobile App. These changes will also be reflected on the respective product pages at BOBCARD said. BOBCARD has also revised the finance charges for most of its credit cards. 'The finance charge for all BOBCARD variants will be revised to 3.75% per month (45% annualized) - except for BOBCARD ETERNA, BOBCARD ETERNA FD, and BOBCARD TIARA,' it said. Card Name Core Reward Rate Swavlamban 4 RP per ₹ 100 Select 1 RP per ₹ 100 Premire 2 RP per ₹ 100 Easy 1 RP per ₹ 100 Eterna 3 RP per ₹ 100 Tiara 3 RP per ₹ 100 Corporate 1 RP per ₹ 100 Empower Business Card 1 RP per ₹ 100 Prime 2 RP per ₹ 100 ICAI Exclusive 1 RP per ₹ 100 ICSI Diamond 1 RP per ₹ 100 ICMAI One 1 RP per ₹ 100 IRCTC 2 RP per ₹ 100 HPCL ENERGIE 2 RP per ₹ 150 Snapdeal 4 RP per ₹ 100 Varunah 1 RP per ₹ 100 Varunah Plus 2 RP per ₹ 100 Varunah Premium 3 RP per ₹ 100 Rakshamah 2 RP per ₹ 100 The Sentinel 2 RP per ₹ 100 Yoddha 2 RP per ₹ 100 Vikram 1 RP per ₹ 100 Renaissance 1 RP per ₹ 100 Pragati 1 RP per ₹ 100 Credit cards have been increasingly reducing benefits. In some cases, they have withdrawn them totally in a bid to curb wrong usage. Several leading card issuers had capped reward points for popular spending categories. They have stipulated a higher spending threshold for availing certain services such as airport lounge access. Rent payments, government-related spending and education payments have been excluded from spend thresholds by many card issuing banks. Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
Mint
23-05-2025
- Business
- Mint
Future Generali unveils ‘Health Unlimited' with lifetime unlimited coverage. Details here
With health inflation continuing to rise, insurers are regularly coming up with new plans that offer some succour for customers. Future Generali India has launched 'Health Unlimited', which offers the customer a once in a lifetime benefit of unlimited coverage that will pay for the full cost of any one claim, irrespective of the sum insured, among other benefits. The plan also offers 'Unlimited Restoration of the Sum Insured' starting from the second claim. 'Health Unlimited' comes with an inflation guard that provides annual enhancement of the sum insured to cover rising medical expenses, a premium payback wherein a discount in renewal premium that is equivalent to the first-year base premium is provided in the fifth year if there is no claim in the preceding four years and unlimited refills through which the base sum insured gets refilled unlimited times from the second claim. 'Rising cost of medical treatment is a cause of concern for a vast majority of people in India, despite having a health cover. Our comprehensive health insurance offering, 'Health Unlimited', will ensure that our customers do not run out of cover even during the times of higher bills, irrespective of their sum insured getting exhausted,' said Anup Rau, Managing Director and CEO, Future Generali India Insurance Company. More than eight out of every ten insured feel unsure about the efficacy of their health cover amid soaring medical costs, according to a survey by Future Generali India Insurance. This survey, which was recently conducted on 800 insured individuals who are more than 25 years old, revealed rising concerns about the adequacy of current health insurance coverage. Three out of four insured individuals in India worry about the sufficiency of their health insurance, the survey found. When faced with a claim, two out of every three individuals feel insecure and inadequately covered as they encounter unexpected bills, it revealed. 'Nine out of ten health insurance policyholders feel that recharge of sum insured is a key benefit,' the survey said. India had one of the highest medical inflation rates among Asian countries in 2021. India's medical inflation was around 14% surpassing China (12%), Indonesia (10%), Vietnam (10%) and Philippines (9%), Future Generali said. Future Generali's new plan also offers other benefits like wellness discounts, cumulative bonus for every claim free year, additional sum insured for accidental hospitalisation, no sub-limits for services like cataract surgery and LASIK procedure, road ambulance and complementary health check-ups. 'Health Unlimited' covers in-patient hospitalisation, day-care treatments, AYUSH treatments, referring to the coverage for traditional Indian systems of medicine, including Ayurveda, Yoga, Unani, Siddha, and Homeopathy, pre- and post-hospitalisation expenses, organ donor costs, and modern treatment methods. Allirajan M is a journalist with over two decades of experience. He has worked with several leading media organisations in the country and has been writing on mutual funds for nearly 16 years.
