IDFC First Bank is set to implement changes to its credit card terms, conditions, features, and charges, effective from February 20, 2025. The bank, formed in 2018 through the merger of IDFC Bank and Capital First, aims to provide universal banking services, including retail, MSME, and wealth management, to over 40 million customers. The bank is committed to ethical, customer-friendly, and socially responsible practices, with strong ESG goals.
The key changes introduced by the bank include amendments to the Annual Percentage Rate (ARP), fee reliefs, changes in payment terms and conditions, and additional charges. Some important updates to note are:
* All personalized cards will be charged an annual fee of ₹499+ taxes.
* GST (18%) will apply to all fees, charges, and interest rates.
* Merchant Category Codes (MCCs) will determine applicable charges and rewards.
* Cardholders are advised to regularly review amendments, improvements, and updates to ensure optimal benefits from their credit card usage.
It is also crucial for cardholders to keep their contact details, email IDs, and address updated with the bank to ensure seamless communication and access to important information. By being aware of these changes, cardholders can make informed decisions and maximize their credit card benefits.