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Money Control
| 14dWhy are banks charging 1% fee on utility payments using credit cards?
Yes Bank and IDFC First Bank will charge an additional 1% fee on utility payments made using their credit cards starting from May 1, 2024. Customers will have a free usage limit of Rs 15,000 for Yes Bank and Rs 20,000 for IDFC First Bank. This move by the banks is due to the low margin in the utility category and the use of personal credit cards for high-value business utility bills. Banks are finding it challenging to provide high rewards on business transactions and are implementing these fees to compensate.
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