IDFC FIRST Bank credit card updates: New interest rates and features starting February 20, 2025

IDFC First Bank has decided to revise the terms, conditions, features and charges for its credit cards, report ET . These changes will come into effect from February 20, 2025.

Brief history of the IDFC First Bank

IDFC FIRST Bank, was formulated in December 2018 through the merger of IDFC Bank and Capital First. According to the bank's website it is built of seven core ideas. These include a vision of creating an ethical, customer-friendly, and socially responsible world-class bank.

Further, as a universal bank, it aims to offer a wide range of services like retail, MSME, and Wealth Management. The bank has financed over 40 million customers while upholding strong ESG goals.

What are the key changes introduced by the bank?

Key changes include amendments to the Annual Percentage Rate (ARP), fee reliefs i.e., waivers, changes in payment terms and conditions along with additional charges.

Key updates are discussed below briefly

• APR revision: The new Annual Percentage Rate (APR) range will be 8.5% to 46.2% annually. The overdue interest rate will be 47.88%. Do note, this is not applicable on the FIRST SWYP cards.
• Fuel Fee waiver or deferral: The surcharge on each cycle is waived up to ₹300 for Ashva, Mayura and FIRST wealth cards. Further, fuel expenses exceeding ₹30,000 per cycle attract a 1% fee.
• Education related fee payments: It is also important to note that fee payments made through platforms like Paytm, Mobikwik and CRED etc., will be imposed with a 1% fee (a minimum ₹249). Whereas, payments made directly at schools or colleges are exempted from this charge.
• Lounge Access for card holders: Any credit card user now needs to spend a minimum of ₹20,000 monthly to avail the railway lounge option.
• Statement, due dates and late payments: Statements for FIRST Wealth, Millennia and FIRST SWYP cards will now be generated on 20th of each month. Once generated the payment clearance for the same can be done within the next 15 days to avoid late payment charges.
• Replacement of cards, add-on fees: Any add on cards issued after February 20, 2025 will now be given at a cost of ₹499 + taxes annually. On the other hand replacement fees will also increase to ₹199+ taxes. It is important for aspirational users to carefully read the offer documents, charges at the time of going for the card, as they are bound to change from time to time depending on the bank policy.

Additional updates to keep in mind:

• All personalized cards will have an annual charge of ₹499+ taxes.
• These changes are not for FIRST Private Credit Cards.
• GST at 18% applies over and above all fees, charges and interest rates.

It is also important to note that Merchant Category Codes (MCCs) will determine applicable charges and rewards. This hence will ensure that charges applicable are bound to change, hence cardholders in their own interest are advised to review amendments, improvements and any updates by the bank regularly. So that they can ensure optimal benefits from their credit card usage.

Updating correct contact details, email-ids, address etc., with the bank authorities is also a very important point to be always kept in mind by the card users. This will ensure that any information or update from the card issuing bank reaches them i.e., the end user in a seamless way.