IDFC First Bank has announced updates to its credit card terms, which will come into effect on February 20, 2025.
These changes will impact statement dates, education fee payments, fuel charges, interest rates, lounge access, and other card-related fees.
Changes in Statement and Payment Due Dates
For FIRST Millennia, FIRST Wealth, and FIRST SWYP credit cardholders, the statement generation date will now be the 20th of every month.
However, the payment due date remains the same—15 days after the statement is issued.
Processing Fee on Education Fee Payments
A 1% processing fee (minimum ₹249) will be charged on education fee payments made through third-party platforms like CRED, PayTM, Cheq, and MobiKwik.
To avoid this charge, customers can pay directly via their educational institution’s website or physical POS machines.
New Fuel Charges and Updated Surcharge Waiver
A 1% fee will now apply if total fuel expenses exceed ₹30,000 in a billing cycle.
Additionally, for Ashwa, Mayura, and First Wealth credit cards, the fuel surcharge waiver is now capped at ₹300 per statement cycle.
Updated Interest Rates (APR)
IDFC First Bank has revised its dynamic interest rate (APR) range, which will now start from 8.5% per annum and go up to 46.2% per annum, compared to the previous range of 9% to 43.8% per annum.
However, the overdue interest rate remains unchanged at 47.88% per annum. Interest will only be charged on unpaid dues. These changes do not apply to the First SWYP Credit Card.
Railway Lounge Access Based on Spending
Cardholders will continue to enjoy complimentary railway lounge access, but it will now be linked to spending.
If a cardholder spends ₹20,000 or more in March 2025, they will qualify for free lounge access in April 2025.
Charges Introduced for Add-On Credit Cards
Starting February 20, 2025, newly issued add-on credit cards will come with a joining and annual fee of ₹499 plus applicable taxes.
However, this fee will not apply to add-on cards issued before this date.
Additionally, Ashwa, Mayura, and First Private Credit Cards will remain exempt from this charge.
Increase in Credit Card Replacement Fee
The replacement fee for lost or damaged credit cards will be revised to ₹199 plus ₹199 in additional charges.
This applies to both standard and image-personalised credit cards. However, premium metal credit cards like Ashwa, Mayura, and First Private, along with digital credit cards such as First Digital and First e₹N, will not see any changes in their replacement fees.
Image-Personalised Cards to Attract Fees on New Applications
IDFC First Bank allows customers to personalise their credit cards with custom images.
For new image-personalised credit cards issued on or after February 20, 2025, a joining and annual fee of ₹499 plus taxes will apply.
However, customers who received image-personalised cards before this date will not have to pay an annual fee.
Additional Details and Discounts
The updated terms will not affect the First Private Credit Card. All fees, charges, and interest rates will be subject to an 18% GST or as per government regulations.
The bank will continue using Merchant Category Codes (MCC) assigned by payment networks like Visa, Mastercard, and NPCI to categorize transactions and apply applicable charges.
