IDFC FIRST Bank: If you are also a credit card user of the country’s private bank IDFC First Bank, then this news is important for you. IDFC Bank has made some changes in the rules of credit card. The new rules will come into effect from 20 February 2025. These changes include statement date, education fee payment, fuel charge, interest rate, lounge access and fees of different cards.
In such a situation, if you are a customer of this bank, then it is important for you to know these new rules.
Change in statement date
For FIRST Millennia, FIRST Wealth and FIRST SWYP credit card users, the statement date will now be generated on the 20th of every month. However, there is no change in the last date for payment and it will remain 15 days after the statement date is issued as before.
Education fee payment
If you pay education fees through third-party apps like CRED, PayTM, Cheq or MobiKwik, then now you will have to pay an additional 1% charge for it, with a minimum amount of Rs 249. However, if you pay directly through the school or college website or their physical POS machine, then this charge will not be levied.
New fuel charge
Now, if you spend more than Rs 30,000 on fuel in a statement cycle, an additional 1% charge will be levied. That is, if a customer fills fuel worth Rs 40,000, he will have to pay Rs 400 and tax separately. Along with this, the fuel surcharge discount available on Mayura, Ashva and FIRST Wealth credit cards has now been limited to Rs 300 per statement cycle.
Changes in APR
IDFC First Bank has also changed the dynamic interest rate (APR). Now the bank’s dynamic interest rate (APR) will be from 8.5% to 46.2% per annum. Earlier this rate was between 9% to 43.8% per annum.
Apart from this, now credit card holders will have to spend at least Rs 20,000 every month to avail the facility of railway lounge. This facility will not be available if you spend less than this amount.
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