Do you also have credit cards of these two banks? Paying bills will become expensive from tomorrow, extra charges will be levied Credit Card Rule Change: If you pay your electricity bill using Yes Bank Credit Card and it is Rs 15,000, then after May 1 you will have to pay an additional charge of one percent or Rs 15 on it.
If you are a customer of private sector Yes Bank and IDFC First Bank and use the credit cards of these banks for everything from shopping to bill payment, then this news. This is very important for you, because your pocket money is going to increase and it is going to start tomorrow from 1st May 2024. Actually, these banks have imposed extra charge on making utility bill payment, which is going to be implemented from tomorrow. Let us know how much your expenses are going to increase
It is a shock for the customers of Yes Bank and IDFC First Bank, from May 1, the customers of these banks will have to pay more amount to pay the utility bill. According to the report, this decision has been taken by the banks due to the misuse of personal cards by the customers and lower MDR. Merchant Discount Rate or MDR is the fee that payment gateways charge companies for each credit card transaction.
However, MDR Charge varies for different transactions and in case of utility bill payments, it is less than other categories. It clearly means that despite the increasing use of credit cards, the bank earns less than MDR through Utility Bill Payments. Now by increasing it by one percent, banks are going to increase their earnings and its burden is going to increase on credit card users.
Yes Bank and IDFC First Bank had recently announced in this regard that an additional charge of 1 percent will be levied on utility bill payments from credit card users. According to this, if you pay your electricity bill using Yes Bank Credit Card and it is Rs 15,000, then after May 1, you will have to pay an additional charge of one percent or Rs 15 on it. will have to
It is not that credit card users of Yes Bank or IDFC First Bank will have to pay additional charges on every bill payment, for this the banks have set a limit. According to the report, if Yes Bank customers make bill payment of less than Rs 15,000 through their card, then no extra charge will be levied on it and if payment is made more than this, then additional charge at the rate of 1 percent will be levied. . In this case, IDFC First Bank has fixed its limit at Rs 20,000. Apart from this, both the banks will also impose 18 percent GST.