Credit card rule change: Utility bill payments made with YES Bank and IDFC First Bank credit cards to get costlier from May 1, 2024
Yes Bank and IDFC FIRST Bank credit card customers will have to pay a higher amount as fees for paying utility bills.
Here is a look at the changed fee structure effective from May 1, 2024.
Yes Bank
YES Bank has revised various aspects of all of its credit cards, with the exception of the 'private' credit card type. The changes only affect the fuel fee category on some of the bank's credit card types. These modifications, with the exception of 'private', are linked to the computation of the expenditure level for remission of the annual and joining fees. There is also a change in terms of the extra fee for utility transactions.
Paying gas, electricity, and other utility bills usingYES Bank credit card to get costlier from May 1, 2024
According to the YES Bank website as of March 29, 2024, «A charge of 1% will be applicable on all utility transactions in a statement cycle.»
When a Yes bank credit card is used to pay bills totaling more than Rs 15,000 in a single statement cycle, the Yes Bank will add GST and a 1% tax. But when using the Yes Bank Private Credit Card to make a payment, there won't be an additional fee.
If you use a credit card to pay more than Rs 15,000 in utility bills overall (including gas, electricity and others, Yes Bank will apply a fee of 1 percent + GST. The Yes Bank Private credit card is exempt from this utility fee. Therefore, there is no surcharge if the total of your utility bill transactions (gas, electricity and internet) within a statement cycle comes to Rs 15,000 or less. However,
