Along with launching exciting new year offers and deals, various card issuers also update their terms & conditions before the new financial year. Recently, Axis Bank announced some changes to its credit cards fees & charges and other terms & conditions. Now, IDFC First bank has also joined the line by updating some fees & charges on their credit cards. All these changes will be applicable to IDFC First Bank Credit Cards w.e.f March 3, 2023. For detailed information about the recent revision by IDFC First bank, keep reading:
Changes in IDFC First Credit Card Fees and Charges
IDFC First bank has updated its cash withdrawal charges and also introduced a convenience fee on rent payments via credit cards. Moreover, a fuel surcharge waiver will also be provided to all the cardhlders from March 3, 2023. The changes are listed below in detail:
- Cash Withdrawal Fee: the cash withdrawal charges/cash advance fee on IDFC First Bank Credit cards would be only Rs. 199+GST from the above-mentioned date. Previously, this fee was Rs. 250 on all cash advance transactions, but it has been reduced to Rs. 199 now.
- Fuel Surcharge Waiver: A 1% fuel surcharge waiver would be applicable on all fuel transactions made via IDFC First Credit Cards on or after March 3, 2023. This waiver will be provided on all transactions between Rs. 200 and Rs. 5,000.
- Convenience Fee on Rent Payments: A 1% convenience fee would be applicable on all rental transactions made via IDFC First bank Credit cards. However, there are no restrictions on reward points earning on rent payments as of now, and hence, card members can continue to avail of the reward benefits.
Out of the three recent changes announced by IDFC First bank, the reduction in the cash advance fee and the fuel surcharge waiver seems to be beneficial for cardholders. Now, you can withdraw cash for a lower fee, which allows you to save a bit on such transactions. Similarly, the 1% fuel surcharge will no more be applicable as the cardmembers are getting a fuel surcharge waiver on all such purchases. Though the convenience fee on rent payments may disappoint you a bit, you can still get the maximum benefit out of your card by making rental transactions via platforms providing exciting deals & offers. If you have any further questions in your mind, feel free to ask us in the comment section below!