A lot of people in the country use credit cards. They’re super handy for emergencies and can help build your credit history. Plus, banks throw in perks like lounge access at airports and railways, rewards, and special deals for their customers. Recently, IDFC First Bank made some changes to their credit card rules.
These new rules will kick in on February 20. If you have a credit card with this bank, it’s important to be aware of what’s changing. They’ve updated the fees for things like paying education fees, fuel charges, lounge access, statement dates, and more.
For education fees, if you pay using a credit card or third-party apps like Paytm, Cheq, CRED, or Mobikwik, there’s now a one percent extra charge. The minimum extra fee is set at Rs 249. However, if the payment is made through the school or college’s website or a physical POS machine, you won’t incur any extra charges.
When it comes to fuel expenses, IDFC First Bank has also made some tweaks. If you spend over Rs 30,000 on fuel in a statement cycle, you’ll face an additional one percent charge. They’ve also capped the fuel charge for Ashva, Mayura, and First Wealth credit cards at Rs 300 per statement cycle.
Credit card users should be aware of these updates
Now, to access the railway lounge, cardholders need to spend Rs 20,000. Additionally, the bank has adjusted the statement date; for some users, it will now be on the 20th of each month. This change applies to First Millenia, First Wealth, and First SWYP credit card holders. The payment deadline remains the same, staying 15 days after the statement is issued.
Also, the dynamic interest rates have been updated. The new annual percentage rates (APRs) will fall between 8.50% and 46.2%, compared to the previous range of 9% to 43.8%.