IDFC First Bank has announced changes to the terms and features of its credit cards, which will take effect on February 20, 2025. The changes include revisions to the Annual Percentage Rate (APR), fuel fee and surcharge waiver, statement and payment due date, education fee payments, railway lounge access, add-on card fee, card replacement fee, and more.
The APR range will be revised to 8.5% p.a. to 46.2% p.a., with an overdue interest rate of 47.88% p.a. (not applicable for FIRST SWYP Credit Card). The statement date for FIRST Millennia, FIRST Wealth, and FIRST SWYP Credit Cards will be the 20th of each month, with the payment due date remaining 15 days later.
The bank has also introduced a 1% fee (minimum Rs 249) for education fee payments made through third-party platforms like CRED, PayTM, Cheq, MobiKwik, and others. However, payments made directly at the school or college’s Point of Sale (POS) machines or via their official website will not be subject to this fee.
Fuel expenditures beyond Rs 30,000 per statement cycle will be subject to a 1% fee, and the maximum amount that the Ashva, Mayura, and FIRST Wealth Credit Cards can waive the fuel surcharge is Rs 300.
Additionally, railway lounge access will now require a minimum monthly spend of Rs 20,000 to qualify for free access. The add-on card fee has been increased to Rs 499 + taxes, except for Ashva, Mayura, and FIRST Private Credit Cards. The card replacement fee has also been increased to Rs 199 + taxes, except for Metal & Digital Credit Cards.
It’s worth noting that these changes do not apply to the FIRST Private Credit Card, and GST at 18% will be applicable on fees, interest, and charges. Merchant Category Codes (MCCs) will also determine applicable charges and rewards.