With effect from September 2024, IDFC First Bank has announced modifications to its credit card terms. The minimum amount due (MAD) and the payment deadline are two of these modifications.
Amounts Due Below the Minimum Amount (MAD)
A noteworthy modification is the decrease in the computation of the Minimum Amount Due (MAD). Five percent of the total principle amount—which includes all purchases, cash withdrawals, and balance transfers—is used to calculate MAD. This proportion will drop to 2% as of September 2024.
The minimal amount of money (MAD) a cardholder needs to pay each month to keep their credit card account open and free of late penalties. Other elements including interest costs, taxes, and equivalent monthly installments (EMIs) would still be factored into the revised computation.
Credit cards issued by FIRST SWYP and Commercial Suite will not be affected by the change to the Minimum Amount Due.
Updated date of payment due
Additionally, the credit card statement payment deadline will be adjusted by IDFC First Bank. The period from the date of statement creation, which was previously eighteen days, will now just be fifteen days. Due to this modification, cardholders will need to pay closer attention to when they make their payments in order to avoid incurring late penalties.
For example, the payment deadline will move from September 19 to September 16 if a statement is created on September 1. For example, the payment deadline will move from September 19 to September 16 if a statement is created on September 1. In order to comply with the new conditions, cardholders should carefully check their monthly statements and schedule their payments.
The credit card part of the IDFC FIRST Bank mobile app or your credit card statement both show the date of your payment
