IDFC First Bank has introduced changes to its credit card terms, effective from February 20, 2025.
These updates will impact statement dates, education fee payments, fuel charges, interest rates, lounge access, and other card-related fees.
Statement Date and Payment Due Date Changes
Cardholders of FIRST Millennia, FIRST Wealth, and FIRST SWYP credit cards will notice a change in their statement date, which will now be generated on the 20th of each month.
However, the payment due date will remain the same, 15 days after the statement date.
Education Fee Payment Processing Fee
Payments for education fees made through third-party platforms like CRED, PayTM, Cheq, and MobiKwik will now incur a 1% fee, with a minimum charge of ₹249.
However, customers can avoid this fee by paying directly through the educational institution’s website or its physical POS machines.
Fuel Charges and Revised Surcharge Waiver
A 1% fee will now apply on total fuel spends exceeding ₹30,000 in a statement cycle.
Additionally, the fuel surcharge waiver for Ashwa, Mayura, and First Wealth credit cards will now be capped at ₹300 per statement cycle.
Revised Interest Rates (APR)
The bank has revised its dynamic interest rate (APR) range, which will now start at 8.5% per annum and go up to 46.2% per annum, compared to the previous range of 9% to 43.8% per annum.
The overdue interest rate remains unchanged at 47.88% per annum. Interest charges will continue to apply only on unpaid dues. This change does not apply to the First SWYP Credit Card.
Railway Lounge Access Linked to Spending
Cardholders will continue to receive complimentary railway lounge access. If a cardholder spends ₹20,000 or more in March 2025, they will be eligible for free lounge access in April 2025.
New Add-on Card Fee
Starting February 20, 2025, all newly issued add-on cards will have a joining and annual fee of ₹499 plus applicable taxes.
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 fee.
Card Replacement Fee Increased
The fee for replacing a lost or damaged credit card will be revised to ₹199 plus ₹199 for all standard and image-personalized credit cards.
However, the replacement fee will remain unchanged for premium metal cards like Ashwa, Mayura, and First Private Credit Cards, as well as digital credit cards like First Digital and First e₹N.
Image Personalisation Fee for New Cards
IDFC First Bank allows customers to personalize their credit cards with custom images.
Starting February 20, 2025, new image-personalized cards will have a joining and annual fee of ₹499 plus taxes.
However, existing image-personalized cards issued before this date will not have an annual fee.
Additional Details and Discounts
The revised terms do not apply to the First Private Credit Card. All fees, charges, and interest rates will be subject to GST at 18% or as per Government regulations.
The Bank will continue using Merchant Category Codes (MCC) from payment networks like Visa, MasterCard, and NPCI to classify transactions and apply relevant charges.
