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

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.

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.