All the major credit card issuers in India keep launching and withdrawing offers on rent payments via credit cards. Recently, IndusInd bank reduced the reward rate on rent payments, and the Axis Bank withdrew the cashback on rent payments on the Ace Credit Card. Following this, the IDFC First Bank has also reduced the reward rate on rent payments and the RBL Bank has announced a few changes on the same. To understand the changes in rent payments on IDFC First & RBL Credit Cards, keep reading the article:
IDFC First Bank Credit Cards
IDFC First Bank offers 10x Reward Points on all your spends, including rent payments, once you achieve the spend threshold of Rs. 20,000 in a month. However, you will no more earn 10x points on rent payments using your IDFC First Credit Cards, but you will be earning 3x points instead. Moreover, the rent payments will also not be eligible for the 10x threshold calculations, i.e, the rent payments will not be considered while calculating your total spends for 10x Rewards during a month. These changes will be applicable to all the IDFC First bank Credit Cards from April 17, 2022.
Other than this, IDFC First Bank has also announced a few changes in its fees and charges, which are as follows:
– The over-limit fee on the IDFC First Credit Cards will be 2.5% of the over-limit amount subject to a minimum of Rs. 500 from April 5, 2022. Currently, IDFC First Bank doesn’t charge any over-limit fee on its credit cards.
– The late payments charges on the IDFC Credit Cards will be 15% of the outstanding amount subject to a minimum of Rs. 100 & a maximum of Rs. 1,000, which earlier was 15% of the outstanding amount subject to a minimum of Rs. 100 & a maximum of Rs. 1,200.
Check more details here.
RBL Bank Credit Cards
With the RBL Bank Credit Cards, you can now make only one rent payment transaction worth Rs. 5,000 or more per month. Moreover, only up to 50% of your total credit limit can be used for rent payments and not more than that. These changes have come into effect from February 8, 2022, for all the RBL Credit Cards.
Must Check: Latest Offers on Rent Payments via Credit Cards.
The IDFC First Bank has devalued the reward rate on rent payments, which can be a bit disappointing for the cardholders who use their IDFC Credit Cards for paying rent. But, you will still be earning 3x points, which is not really bad. On the other hand, the RBL Bank has put some restrictions on rent payments as you can use not more than 50% of your credit limit for paying rent. This can be really disadvantageous for some cardholders whose credit limit is lower than the rent they pay.