IDFC Bank has revised its credit card payment policy, reducing the due date for settling bills from 18 days to just 15 days. The bank has also lowered the minimum amount due for credit card holders. This change aims to streamline payment processes and improve financial management. Cardholders are now required to ensure their payments are made within this window to avoid penalty and interest charges. IDFC Bank has announced that these changes will be effective from September 1, 2024. "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," according to the IDFC First Bank website. Payment due date (PDD) "This period (payment due date) is at the discretion of the bank and may change. For example in the interest free period section, the statement period is from 25th October to 24th November with due date as 9th December. Here, the payment due date is 15 days from the statement date. Also read: Credit card users alert! THIS bank bars use of CRED, Paytm, PhonePe and other 3rd party platforms for card payments Late payment charges The bank charges late payment charges (LPC) if the minimum amount due on the card is unpaid by the payment due date. Funds need to be credited to IDFC FIRST Bank Card account on or before the payment due date, to avoid late payment charges. Late payment charges @15% are levied based on the total amount due as of the previous statement minus any payments received before the due date. The charges are subject to change at the discretion of IDFC FIRST Bank from time to time with prior notice to the cardmember and disclosed via the schedule of charges published on the Bank website. Finance charges: Finance (Interest) Charges will be charged if the Card member has previous outstanding dues or total amount due is not paid by the payment due date. Interest charges are payable at the monthly percentage rate on all transactions (including cashadvances) from the date of transaction in the event of the card member choosing not to pay his balance in full, till they are paid back. Finance charges, if payable, are debited to the card member's account till the outstanding on the card is paid in full. Interest will be charged to the card member on a daily accrual basis if they do not pay the previous bill amount in full on or before the due date. Interest will be charged from the date of transaction until the date of settlement.
