close_game
close_game

IDFC First Bank cuts credit card benefits: What changes, what remains the same?

Apr 04, 2024 03:20 PM IST

IDFC First Bank will levy a surcharge of 1 per cent plus GST for aggregate of utility bill payments made with a credit card which cross ₹20,000.

IDFC First Bank reduced facilities on all credit cards except its super premium IDFC First Private Credit Card, it said in emails to cardholders. This comes after Axis Bank, ICICI Bank and Yes Bank also reduced their respective card benefits. Following the changes, which will be effective from May 1, IDFC First Bank has cut reward points on online spending, put higher spending-based criteria for airport lounge access and updated terms for utility and rent payments.

IDFC First Bank has revised the reward points system. Check complete details here
IDFC First Bank has revised the reward points system. Check complete details here

Read more: Chip shortage again? Will Nvidia be impacted? Taiwan's earthquake sparks concerns

IDFC First Bank credit card: What are the reward points changes?

The reward points on online spends up to 20,000 in a statement cycle which are currently at six times will be cut to three times. Cardholders will earn 10 times (10X) reward points on incremental spends above 20,000 per month as before. Reward points on education, wallet load and government service transactions will be revised to 3X.

Read more: Radhakishan Damani is richer by over 2,600 crore as DMart shares rally

IDFC First Bank credit card: What about surcharge?

IDFC First Bank will levy a surcharge of 1 per cent plus GST for aggregate of utility bill payments made with a credit card which cross 20,000. If utility bills are below this, it will not attract a surcharge but bills above the mark will have a fee of 1 per cent plus GST. The utility surcharge is not applicable on FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card.

IDFC First Bank credit card: What about airport lounge access?

On IDFC First Select Credit Cards, the number of free domestic airport lounge visits has been reduced from four each quarter to two while First Wealth Credit Cards will be able to access both domestic and international airport lounges twice per quarter, also down from four visits.

Read more: Entrepreneur's desi jugaad at US visa interview is now viral: ‘My grandfather did while leaving Pakistan’

IDFC First Bank credit card: What about charges for rental transactions

The bank has hiked charges for rental transactions to 249 per transaction or 1 per cent plus 18 per cent GST, whichever is higher.

rec-icon Recommended Topics
Share this article
Stay updated with the latest Business News on Petrol Price, Gold Rate, Income Tax Calculator along with Silver Rates, Diesel Prices on Hindustan Times.
See More
Stay updated with the latest Business News on Petrol Price, Gold Rate, Income Tax Calculator along with Silver Rates, Diesel Prices on Hindustan Times.
SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, February 14, 2025
Start 14 Days Free Trial Subscribe Now
Follow Us On