IDFC First Bank has announced major changes to its credit card payment terms, such as the minimum amount due (MAD) and payment due date.
The bank has sent a message to its customers stating: “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.”
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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.
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What is MAD
The Minimum Amount Due (MAD) is the bare minimum you must pay back each month to maintain your credit card account’s good standing and prevent late fees and overdue charges.
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How is it MAD computed?
MAD is computed as the sum of EMI + Interest (Finance charges) + Fees, Other charges & taxes + amount utilised over the limit (if any) + 5% of the principal balance outstanding (comprising of Purchases, Cash & Balance Transfer).
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 revision in Minimum Amount Due will not be applicable for FIRST SWYP & Commercial Suite* of Credit Cards.
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Payment due date
Instead of the previous 18 days, the payment due date for IDFC First Bank credit cards will now be 15 days from the date the statement is generated.
- Old Due Date: 18 days from statement generation
- New Due Date: 15 days from statement generation
According to the IDFC First Bank website, “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.
Given below is an illustration of the current and revised payment due dates for the September cycle
| Statement generation date | Payment due date as per current terms | Payment due date as per revised terms |
| 1-Sep-24 | 19-Sep-24 | 16-Sep-24 |
| 12-Sep-24 | 30-Sep-24 | 27-Sep-24 |
| 17-Sep-24 | 5-Oct-24 | 2-Oct-24 |
| 19-Sep-24 | 7-Oct-24 | 4-Oct-24 |
| 22-Sep-24 | 10-Oct-24 | 7-Oct-24 |
| 24-Sep-24 | 12-Oct-24 | 9-Oct-24 |
Your payment due date can be viewed in the credit card statement as well as in the credit cards section of the IDFC FIRST Bank mobile app.
