Credit Card Rule Changed: This Bank has announced changes in credit card rules. These changes include statement dates, education fee payments, fuel charges, interest rates etc.
Credit Card Rule Changed: If you use the credit card of the country’s leading private bank IDFC FIRST Bank, then this news is of use to you. Actually, some changes have been made in the terms of the credit card by IDFC First Bank. The new rules will come into effect from February 20, 2025. These changes include statement dates, education fee payments, fuel charges, interest rates, lounge access and fees associated with different cards.
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Changes in statement date and due date
For FIRST Millennia, FIRST Wealth and FIRST SWYP credit cardholders, their statement date will now be on the 20th of every month. However, no change has been made in the payment due date and it will remain 15 days after the statement date.
Processing fee on education fee payment
Education fee payments made through third-party platforms such as CRED, PayTM, Cheq and MobiKwik will now attract a 1 per cent charge, with a minimum charge of Rs 249. However, customers can avoid this charge if they pay directly through their educational institution’s website or their physical POS machines.
New fuel charge and revised surcharge waiver
Now a 1 per cent charge will be levied on total fuel expenditure of more than Rs 30,000 in a statement cycle. For example, if a cardholder spends Rs 40,000 on fuel in a month, then Rs 400 (1 per cent) plus applicable taxes will be levied on it. Apart from this, the fuel surcharge waiver for Ashva, Mayura and FIRST Wealth credit cards has now been limited to Rs 300 per statement cycle.
Revised Interest Rates (APR)
The bank has updated its dynamic interest rate (APR) range, which will now start from 8.5 per cent per annum to 46.2 per cent per annum, as against 9 per cent to 43.8 per cent per annum earlier.
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