IndusInd Bank Credit Cards – 1% Fees on Utility and Wallet Load

From the generation of the October credit card statement, all IndusInd Bank Credit Cards shall be charged 1% for exceeding the limit for utility bill payments and wallet load. Spending more than ₹25,000 for utility bill payments and wallet loading transactions above ₹20,000 in a statement cycle shall attract an extra 1% + GST charge. Keep in mind that these changes will be implemented starting from the October statement. The statement generated in October 2024 will include the expenses incurred in September 2024.

Charges on Utility Bill Payments

Those who exceed the cap of ₹25,000 for utility bill payments shall be charged a fee of 1% + GST on the cumulative utility spends. This move will not affect the vast majority of credit cardholders as people usually pay utility bills that are less than the threshold amount of ₹25,000. Reversal transactions will not be considered when calculating the capping of utility spends and charges.

Utility Bill Payments	Charges
Above ₹25,000	1% + GST

Charges on Wallet Loading

On wallet-loading transactions above ₹20,000 in a statement cycle, IndusInd Bank Credit Cardholders shall be charged a fee of 1% + GST on the cumulative spends. Reversal transactions will not be considered when calculating the capping of utility spends and charges.

Wallet Loading	Charges
Above ₹20,000	1% + GST

Bottom Line

This move by IndusInd Bank does not come as a surprise, as IDFC, Yes, and HDFC Banks have also done this. Banks started this move to curb commercial transactions from personal credit cards. Now, individuals with IndusInd Bank Credit Cards conducting wallet load transactions of ₹20,000 and above and utility bill payments of ₹25,000 and above will incur a 1% additional fee. The complete notification by IndusInd Bank can be viewed online.