IDFC FIRST Bank has announced major updates to its credit card terms, impacting statement dates, education fee payments, fuel charges, interest rates, lounge access, and more. Here’s what you need to know!
Statement Date & Payment Due Date Changes
- Cardholders of FIRST Millennia, FIRST Wealth, and FIRST SWYP Credit Cards will now have their statements generated on the 20th of every month.
- Payment due date remains unchanged – still 15 days after the statement date.
Education Fee Payments to Attract Processing Fees
- Payments made via CRED, PayTM, Cheq, or MobiKwik will now incur a 1% fee (min ₹249).
- Avoid charges by paying directly through your educational institution’s website or POS machines.
New Fuel Charges & Surcharge Waiver Changes
- New 1% fee on total fuel spends exceeding ₹30,000 per statement cycle.
- Example: If you spend ₹40,000 on fuel, ₹400 + taxes will be charged.
- Fuel surcharge waiver for Ashva, Mayura, and FIRST Wealth Credit Cards is now capped at ₹300 per statement cycle.
Revised Interest Rates (APR)
- New APR range: 8.5% - 46.2% per annum (Previously 9% - 43.8%)
- Overdue interest rate remains at 47.88% per annum.
- No changes for FIRST SWYP Credit Card.
Railway Lounge Access Now Linked to Spending
- Minimum monthly spend of ₹20,000 required to get complimentary lounge access for the next month.
Add-On Cards to Attract Fees
- New add-on cards (issued after Feb 20, 2025) will have a joining & annual fee of ₹499 + taxes.
- Exemptions: Ashva, Mayura, and FIRST Private Credit Cards.
- Existing add-on cards remain free.
Card Replacement Fee Increased
Lost or damaged cards will now have a replacement fee of ₹199 + taxes.
No fee for:
- Premium metal cards (Ashva, Mayura, FIRST Private)
- Digital credit cards (FIRST Digital, FIRST EA₹N)
Image Personalisation Now Chargeable
- Want a custom image on your card? Starting Feb 20, 2025:
- New requests – ₹499 joining & annual fee + taxes.
- Existing image-personalised cards remain free.
Additional Details & Exemptions
- FIRST Private Credit Card remains unaffected by these changes.
- All charges will be subject to 18% GST or as per government regulations.
- Merchant Category Codes (MCCs) will continue to determine applicable fees.