IDFC FIRST Bank Revises Credit Card Terms Effective February 20, 2025

IDFC FIRST Bank has announced updates to its credit card terms, set to take effect from February 20, 2025. These revisions impact statement dates, education fee payments, fuel charges, interest rates, lounge access, and various card-related fees. The changes will apply to most credit cards issued by the bank, with some exemptions for premium variants.

Updates on Statement Date, Payments, and Fees

From February 20, 2025, the statement date for FIRST Millennia, FIRST Wealth, and FIRST SWYP Credit Cards will be fixed on the 20th of each month. However, the payment due date remains unchanged at 15 days after the statement is generated.

Education fee payments made through third-party platforms such as CRED, PayTM, Cheq, and MobiKwik will now incur a 1% processing fee, with a minimum charge of ₹249. Cardholders can avoid this fee by paying directly through their educational institution’s website or physical POS machines.

A 1% fee will also apply to total fuel spends exceeding ₹30,000 within a statement cycle. For example, if a cardholder spends ₹40,000 on fuel in a month, a charge of ₹400 plus applicable taxes will be levied. Additionally, the fuel surcharge waiver for Ashva, Mayura, and FIRST Wealth Credit Cards is now capped at ₹300 per statement cycle.

Changes in Interest Rates, Lounge Access, and Card Fees

The 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. The overdue interest rate remains unchanged at 47.88% per annum, and interest charges will continue to be applicable only on unpaid dues. However, this revision does not apply to the FIRST SWYP Credit Card.

Complimentary railway lounge access will now require a minimum monthly spend of ₹20,000 in the previous calendar month. For instance, spending ₹20,000 or more in March 2025 will qualify the cardholder for free lounge access in April 2025.

Newly issued add-on cards will attract a joining and annual fee of ₹499 plus applicable taxes while existing add-on cards remain unaffected. This fee does not apply to Ashva, Mayura, and FIRST Private Credit Cards. Similarly, the card replacement fee has been revised to ₹199 plus taxes for standard and image-personalised credit cards but remains unchanged for premium metal and digital credit cards.

For image-personalised credit cards, a joining and annual fee of ₹499 plus taxes will apply to new requests made on or after 20 February 2025. Existing image-personalised cards issued before this date will not be subject to an annual fee.

IDFC Bank Share Performance

As of February 03, 2025, at 1:55 PM, the shares of IDFC First Bank are trading at ₹62.02 per share, reflecting a decline of 0.37% from the previous day’s closing price.

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