Important Update on IDFC FIRST Bank Credit Card Terms

[Teja-]

IDFC FIRST Bank is making changes to its credit card terms starting from the August 2024 statement. The key updates include:

1. Reduction in Minimum Amount Due (MAD): The MAD is being reduced from 5% to 2% of the principal amount, offering more flexibility in managing monthly repayments.
2. Payment Due Date: The payment due date will now be 15 days from the statement generation date. Standing Instructions will be auto-executed accordingly.
3. Exclusions: The revision in MAD will not apply to the FIRST SWYP and Commercial Suite of Credit Cards. For further details, refer to the updated MITC document provided by the bank.

 

[wcgxlr8]

1. You pay 2% and they’ll charge you interest for the 98%. Master plan

 

[Bharatiya Nagrik]

IDFC FIRST Bank is making changes to its credit card terms starting from the August 2024 statement. The key updates include:

1. Reduction in Minimum Amount Due (MAD): The MAD is being reduced from 5% to 2% of the principal amount, offering more flexibility in managing monthly repayments.
2. Payment Due Date: The payment due date will now be 15 days from the statement generation date. Standing Instructions will be auto-executed accordingly.
3. Exclusions: The revision in MAD will not apply to the FIRST SWYP and Commercial Suite of Credit Cards. For further details, refer to the updated MITC document provided by the bank.

Never bother looking at MAD. Always pay in full.