After Axis Bank, ICICI Bank and Yes Bank, IDFC First Bank has become another credit card issuer that has reduced credit card benefits for its customers!
All cards of IDFC First Bank, except, IDFC First Private Credit Card, have been affected by this move. IDFC First Bank sent emails to its customers on April 1 with details of reduced card facilities. The complete details of revised IDFC First Bank Credit Card benefits and charges are also available on the bank’s website.
The changes announced by IDFC First Bank will not affect life-time free credit cards such as First Classic credit card, First Millennia credit card, First Select credit card, First Wealth credit card, and First Wow credit card. However, rewards for IDFC First Bank Select and Wealth credit cards have significantly reduced.
What’s the change for IDFC First Bank credit card holders?
IDFC First Bank has made several changes that will come into effect from May 1, 2024. Some of the important changes are following (You can check the full list of changes here)
- Reduced reward points on online spending
- Higher spending requirement for airport lounge access
- Updated terms and conditions for utility payments through credit card.
- Updated terms and conditions for rent payment through credit card.
- 3X reduction in reward points on online spends up to Rs 20,000 in a statement cycle from May 1. Currently, the bank is offering 6x reward points.
- However, IDFC First Bank credit cardholders will continue to earn 10X reward points on incremental spending above Rs 20,000 per month.
- On education, wallet load and government service transactions the IDFC First Bank has reduced reward points from 10X to 3X.
Also Read: Many Axis Bank Credit Card users are seeing Fraud Transactions. Here’s what they can do
New Surcharge on Utility Bills
IDFC First Bank also announced a surcharge of 1% plus GST if the aggregate of utility payments with credit card is above Rs 20,000.
For example, if you pay utility bills of Rs 25,000 in a statement cycle, you will have to pay a fee of Rs 250 (1% of Rs 25,000) plus GST!.
Utility bills include payments for gas connection, electricity, internet etc.
Exceptions: However, the utility surcharge will not be applicable to credit cards variants such as – FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card.
Also Read: Credit Cards can work for you if you use them correctly. 5 tips to use wisely
Lounge Access
IDFC First Bank has now reduced lounge access from four per quarter to two for IDFC First Select Cards.
On IDFC First Wealth Credit Card – lounge access will be available two per quarter.
To become eligible for lounge access, the credit card holder will have to spend at least Rs 20,000 in a calendar month. This applies to Club Vistara IDFC First credit card holders as well.
Rent Payment
Rs 249 per transaction or 1% plus GST per transaction, whichever is higher.
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Disclaimer: The above content is for informational purposes only. Please consult your bank or credit card issuer for full details of benefits on your credit card.
