Credit Card Rules: All credit cardholders, you have important information because one gigantic rule of the private bank has changed, and this will come into effect from 20 February 2025, so we will share what the Credit Card Rules are in detail through this post.
New fee on education fee payment by credit card
This is something that all who transact fees and bills through credit cards must know. If you are to pay an education fee through apps like Paytm, Cheq, CRED, MobiKwik, and the like, you will need to fork over another 1% charge on top of the amount.
It is going to charge a minimum of Rs 249 to pay through a third-party app. No extra charges would be applicable if payment is made from the official website of the school or college or a physical POS machine.
New rules regarding fuel costs
For credit card users of IDFC First Bank, IDFC has introduced some rule changes regarding expenditure on fuel. You will be charged an additional 1% fee on spending over Rs 30,000 during a single statement cycle for fuel. The bank has also limited the fuel surcharge benefit on Ashva, Mayura, and First Wealth credit cards to Rs 300 per statement cycle.
Minimal expenditure for railway lounge access
Henceforth, the bank’s credit card holders are mandated to spend Rs 20,000 in a year to avail of the railway lounge facility. Previously, this facility was accessible without any minimum spending.
Change in statement date
The statement date for some credit card users will now be fixed on the 20th day of every month. This change will impact primarily First Millenia, First Wealth, and First SWYP Credit Card holders. As for the last date for payment, it remains the same, that is, 15 days after the statement is issued.
Revision in dynamic interest rate
The bank has also changed the dynamic interest rate (APR) applicable for credit cards. The new interest rates will be between 8.50% to 46.2% per annum, whereas earlier it was between 9% to 43.8%.
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