Come May 1, 2024 and 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 using YES 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, if they go beyond Rs. 15,000, there would be an additional 18% GST on top of the 1 percent surcharge.
IDFC First Bank
Meanwhile, IDFC First Bank has said that it will impose a 1 percent + GST extra when the total amount of credit card payments for utility bills paid exceeds Rs 20,000. The FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card are not subject to the utility surcharge. Therefore, there is no surcharge if the total of your utility bill transactions (gas, electricity and internet) within a statement cycle is Rs 20,000 or less. However, if they go beyond Rs 20,000, there would be an additional 18% GST on top of the 1 percent surcharge.
How to make online bill payment using QuickPay?
Follow these simple steps to make the transaction easy:
Step 1
Click on ‘QuickPay’ in the ‘Bill Pay’ tab
Step 2
Select the category of the biller (this can be electricity, gas, insurance, landline, post-paid, etc.)
Step 3
Enter your consumer ID/subscriber ID/Mobile number/landline number and other details that are required to complete the transaction
Step4
Enter the bill amount. For some billers the bill amount can be fetched by clicking “Fetch Amount” (this is applicable only for presentment billers)
Step 5
Select the bank account
Step 6
Check the terms & conditions checkbox & confirm your transaction
Step 7 Just to be sure that you are doing this transaction, we will send you an OTP for verification
And your utility bill payment is done.
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