Hi TFCians,
After Yes Bank and IDFC Bank, it's time to announce AU Bank's devaluations now. The following changes will apply to all AU Bank credit cards from 1st May 2024.
Fee on Rent Transactions:
• A processing fee of a maximum of 1% or Rs.99 + GST (whichever is higher) will be applicable on all rental
transactions.
• Processing fee for rent transactions of any calendar month will be charged before the 15th of the next calendar month. E.g.: Charges for rent transactions done in April will be charged before 15th May.
(All transactions on MCC 6513 are considered rental transactions and the above-mentioned conditions are applied to those transactions.)
Fee on Education Transactions:
• International Education transactions will not be charged.
• Education transactions done directly through college/school websites or POS machines at their premises will not be charged.
• Education transactions done through third-party applications like, not limited to, CRED, PhonePe, Paytm, MobiKwik, Freecharge etc. will be charged.
• A processing fee of a maximum of 1% or Rs.99 + GST (whichever is higher) will be applicable on all such transactions.
• Processing fee for these transactions of any calendar month will be charged before the 15th of the next calendar month. E.g.: Charges for such transactions done in April will be charged before 15th May.
(Transaction on MCC 8211, 8220, 8241, 8244, 8249, and 8299 is considered education transactions and the above-mentioned conditions are applied to those transactions.)
Looks like a good way to curb the rotation of credit by AU Bank especially on the Education category which was being misused a lot after the introduction of extra charges on Rental and Wallet by major banks. I would call this devaluation much better than what Axis had done to their cards which was totally mindless.
Thanks
After Yes Bank and IDFC Bank, it's time to announce AU Bank's devaluations now. The following changes will apply to all AU Bank credit cards from 1st May 2024.
Fee on Rent Transactions:
• A processing fee of a maximum of 1% or Rs.99 + GST (whichever is higher) will be applicable on all rental
transactions.
• Processing fee for rent transactions of any calendar month will be charged before the 15th of the next calendar month. E.g.: Charges for rent transactions done in April will be charged before 15th May.
(All transactions on MCC 6513 are considered rental transactions and the above-mentioned conditions are applied to those transactions.)
Fee on Education Transactions:
• International Education transactions will not be charged.
• Education transactions done directly through college/school websites or POS machines at their premises will not be charged.
• Education transactions done through third-party applications like, not limited to, CRED, PhonePe, Paytm, MobiKwik, Freecharge etc. will be charged.
• A processing fee of a maximum of 1% or Rs.99 + GST (whichever is higher) will be applicable on all such transactions.
• Processing fee for these transactions of any calendar month will be charged before the 15th of the next calendar month. E.g.: Charges for such transactions done in April will be charged before 15th May.
(Transaction on MCC 8211, 8220, 8241, 8244, 8249, and 8299 is considered education transactions and the above-mentioned conditions are applied to those transactions.)
Looks like a good way to curb the rotation of credit by AU Bank especially on the Education category which was being misused a lot after the introduction of extra charges on Rental and Wallet by major banks. I would call this devaluation much better than what Axis had done to their cards which was totally mindless.
Thanks
