IDFC First Bank has announced major changes to its credit card payment terms, such as the minimum amount due (MAD) and payment due date. These changes are effective September 2024, as per the IDFC FIRST Bank website.

Revision in Minimum Amount Due (MAD) Payment

The percentage of principal balance outstanding (which includes purchases, cash withdrawals, and balance transfers) that is included in the MAD computation will drop from 5% to 2% as of the September 2024 statement. The MAD computation has not changed in any other way. The change to the MAD computation gives you more financial flexibility in months when you have unforeseen or larger costs.

As per the IDFC FIRST terms and conditions, W.e.f. statements generated on or after 1st September, MAD is computed as the sum of EMI + Interest (Finance charges) + Fees, Other charges & taxes + amount utilised over the limit (if any) + 2% of the Principal balance outstanding (comprising of Purchases, Cash & Balance Transfer).

The payment due date on your credit card will now be 15 days from the statement generation date as per revised MITC w.e.f. September 2024 statement & will be applicable for all subsequent statements.

The Standing Instruction (if applicable) will be automatically executed. Kindly make sure you have enough money saved up for your payback, the bank said