If you use an IDFC FIRST Bank credit card, major changes are coming that will impact statement dates, education fee payments, fuel charges, and interest rates.
🔄 Key Changes in Credit Card Rules
✅ 1. Statement Date & Due Date Changes
- New statement date: 20th of every month (for FIRST Millennia, FIRST Wealth, and FIRST SWYP cards).
- Due date remains unchanged: 15 days after the statement date.
✅ 2. Processing Fee on Education Fee Payments
- 1% charge (min. ₹249) on education payments made via CRED, PayTM, Cheq, or MobiKwik.
- No charge if payment is made directly through the institution’s website or POS machine.
✅ 3. New Fuel Charge & Surcharge Waiver Updates
- 1% charge on total fuel expenses exceeding ₹30,000 in a statement cycle.
- Example: If you spend ₹40,000 on fuel in a month, you’ll pay an extra ₹400 + taxes.
- Fuel surcharge waiver capped at ₹300 per statement cycle for Ashva, Mayura, and FIRST Wealth credit cards.
✅ 4. Revised Interest Rates (APR)
- New dynamic APR range: 8.5% – 46.2% per annum (previously 9% – 43.8%).
🚨 Action Required:
🔹 Check your statement date to plan payments accordingly.
🔹 Avoid additional charges by paying education fees directly to institutions.
🔹 Monitor fuel spending if you regularly exceed ₹30,000 per month.
🔹 Review interest rates if you carry an outstanding balance.
📢 Be prepared for these changes from Feb 20, 2025! Share this with fellow cardholders! 💳🔥
