IDFC Credit Card Minimum Amount Due and Payment Due Date changes effective 17 August 2024
I got the below message from IDFC and looks like they are shortening the due date by 3 days 😌
The payment due date on your credit card will now be 15 days from the statement generation date as per revised MITC starting from August statement cycle & applicable for all subsequent statements.
Dear Cardmember, effective 17 August 2024, some terms of your FIRST Wealth Credit Card will be revised. This includes modifications to the Minimum Amount Due and Payment Due Date for your credit card statement. For more details, please visit: https://idfcfs.in/...se IDFC FIRST Bank
https://www.idfcfirstbank.com/content/dam/idfcf...
- Sort By
This is a good step for educated responsible cc customers & is pushed by RBI
A interesting move by one of the lesser cc base bank shows the RBI directives are at play along with bank ROCE & cost of capital
This is going to be implemented by all banks sooner or later
Now by reduction in MAD the bank Can charge interest on higher amount (3% of outstanding) on Revolvers
By reducing 3 days from INTEREST FREE period bank aims to reduce COST of capital
as i said only good for bank not for end customers xD
hmm already IDFC stripped too much by degrading their offers by devaluation on all their cards
already good credit card users might have stopped using IDFC but now even more will stop using it and use alternative credit cards with better offers and 50 days credit period from other banks
hope they would continue to keep the user specific APR rates, mine is currently at 9% pa
ah damn this is getting worst lol