IDFC Credit card Devaluation Details and List April – May

General Overview of IDFC First Bank credit card DEVALUATION.

General Overview of IDFC First Bank regarding utility bill payments made with a credit card DEVALUATION.

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  Surcharge Threshold.: IDFC First Bank will levy a surcharge of 1 percent plus GST (Goods and Services Tax) only when the total amount of utility bill payments made with a credit card crosses Rs 20,000 in a statement cycle
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  Exemption: The utility surcharge is not applicable on certain credit cards: FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card.
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  Surcharge Calculation: If the aggregate utility bill transactions (including gas, electricity, and internet bills) are Rs 20,000 or less in a statement cycle, then there is no surcharge. However, if the total exceeds Rs 20,000, then a 1 percent surcharge plus 18 percent GST on the surcharge will be applicable only on the amount exceeding Rs 20,000.
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  Examples: If your utility spends in a statement cycle amount to Rs 10,000, you won’t be charged any fee as it’s below the Rs 20,000 threshold. If your utility spends in a statement cycle amount to Rs 30,000, then you’ll be charged a fee of Rs 300 (1 percent of Rs 30,000) plus GST.

List Of Devaluated IDFC Credit Card

IDFC First Bank has recently implemented a series of credit card devaluations, affecting several of their credit card offerings. Here are the key changes:

1. IDFC Club Vistara Credit Card:

• • To access premium lounge and spa facilities, cardholders now need to spend at least ₹20,000 in a calendar month.
  • Property and rent transactions (MCC 6513) will be subject to a minimum charge of ₹249 per transaction or 1% + GST, whichever is higher.

2.  First Millennia Credit Card:

• • The reward points structure has been revised:
    • Online spends up to ₹20,000: Now earn 3X reward points (previously 6X).
    • Education, wallet load, and government services transactions: These will no longer be part of the calculation for the 10X spend threshold.

 3. IDFC First Classic Credit Card:

• • Reward points for online spends up to ₹20,000 in a statement cycle have been revised to 3X (previously 6X).
  • Education, wallet load, and government services transactions will also earn 3X reward points.

4. IDFC FIRST HPCL Power Credit Card:

• • Fuel rewards have changed:
    • 21X reward points on HPCL fuel (up to 700 reward points or ₹175 in a statement cycle).
    • Fuel surcharge waiver has been removed.
  • UPI transactions across all categories (except fuel, insurance, and EMI) will earn 2X reward points with no capping.

5. IDFC HPCL First Power Plus Credit Card:

• • This co-branded fuel credit card now offers benefits on all fuel purchases made at HPCL pumps.
  • The joining fee is ₹499 + GST.

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