IDFC Bank has made some new changes to its credit card payments and fee structure, which will be implemented starting from the August 2024 statement. These changes mainly revolve around the Minimum Amount Due (MAD) and Payment Due Date. The MAD has been reduced from 5% to 2%, and the Payment Due Date has been changed from 18 to 15 days. All of these changes are expected to generate more financial gain for the bank. IDFC First Bank credit cardholders should take note of these new changes to avoid incurring any additional charges in the upcoming months.

Revised Payment Due Date

The Payment Due Date on IDFC First Bank Credit Cards shall now be 15 days from the statement generation date rather than the previous 18 days. This shall be implemented from the August statment cycle.

Also read | BUDGET 2024 MAY INTRODUCE 20% TCS ON OVERSEAS CREDIT CARD SPENDING ABOVE ₹7 LAKH

Revision in Minimum Amount Due (MAD) Payment

The Minimum Amount Due (MAD) is the minimum amount that you must repay on your credit card bill every month to avoid late payment fees or overdue charges. MAD is typically a percentage of the total amount due for the specific billing cycle. With the recent changes, the MAD is being reduced from 5% to 2% of the principal amount payable from August 2024.

For more updates, click here.