RBI had come up with number of policy changes earlier this year for overseas debit and credit card transactions to curb spate of online banking transaction frauds.
Some of the major changes included mandatory enablement of EMV chip & pin, setting a , threshold limit for international spending and PA-DSS/PCI DSS compliance. Most of these changes were to come into effect by June 2013. After few months of delay, it seems that finally banks have started implementing the said changes by RBI.
Yesterday, I got following email from HDFC in my inbox:
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Dear Xxxx Xxxxxx,
As per RBI mandate, your HDFC Bank Credit Card will now have a limit for all International transactions done on International merchant outlets, international ATMs and International shopping websites.
The reduced limit on your card for International usage is Rs 50000.
Please note this limit set on your card, is a per day limit, applicable on all International transactions. The above limit is separate for you and your add-on cardholder, if any.
This limit will be set on your Credit Card between November 08, 2013 to November 30, 2013 and you will get a confirmation via SMS once the limit is effective on your Credit Card.
Further, if you need to change this limit set on your card, you can do so by logging into NetBanking (this option will be available only from December 01, 2013) or by alternatively calling our phone banking numbers.
Card Payment Products & Merchant Acquiring Services
Personally, I have made number of international transactions till date on my HDFC credit card and never faced a problem of any limit. But going forward that will change. Rs. 50,000 limit means that you will not be to spend more than USD 800 in a single day. While smaller transactions will not have problem, it will create a big headache if you are planning to buy anything which is over the spending limit.
Is Rs. 50,000 limit is fixed or Can it be Increased?
It seems that the limit can be increased and it is decided on the users risk profile – In the mail sent by HDFC, the have mentioned that users can change this limit on their card by logging on to their netbanking facility. While it is currently not available, it will be active from December 1st.
What I wanted to know was – Have any other readers got mails like these from their banks (other than HDFC?). And if so, what is the limit?
Do let us know in comments.
Nothing from American Express or IndusInd till now.
Thanks for letting us know… Looks like only HDFC has sent email out to their customers as of now… But I bet you should get something from your bank shortly as well… It will come only if you have a credit card from that bank