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IDFC First Bank Launched its Debit Card Reward System

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The first post in this thread is a WikiPost, and can be edited by anyone with the appropriate permissions.
So the current reward rate comes at 2.33% for idfc wealth account
1333.34 points for first 50k
Rest points which can be earned in a month is 48667 for which spends required is 486667
Total spends for earning 50k points is 536667
50k points is 12,500 worth of AGV
 
How the 2.33 for Wealth DC is calculated. AFAIK isn't it should be like this :


Till the milestone of 50K Online
4X points for FIRST Wealth for every Rs. 150 spent via debit card all online purchases

Once you cross 50K
10X reward points for every Rs. 150 spent via debit card on incremental monthly spends above Rs. 50,000 in a month

1 reward point is 0.25INR


Till the milestone of 50K
4*(50000/150)*0.25*(100/50000) = 0.67

For spends above 50K
10*(50000/150)*0.25*(100/50000) = 1.67


Is it extra bonus of 10x making effectively 14x for spends above 50K (i.e., 0.67+1.66 = 2.34) ?
 
How the 2.33 for Wealth DC is calculated. AFAIK isn't it should be like this :


Till the milestone of 50K Online
4X points for FIRST Wealth for every Rs. 150 spent via debit card all online purchases

Once you cross 50K
10X reward points for every Rs. 150 spent via debit card on incremental monthly spends above Rs. 50,000 in a month

1 reward point is 0.25INR


Till the milestone of 50K
4*(50000/150)*0.25*(100/50000) = 0.67

For spends above 50K
10*(50000/150)*0.25*(100/50000) = 1.67


Is it extra bonus of 10x making effectively 14x for spends above 50K (i.e., 0.67+1.66 = 2.34) ?
For wealth, it is 10x for every Rs. 100 spent, not Rs. 150.
 
For wealth, it is 10x for every Rs. 100 spent, not Rs. 150.
For wealth DC, this is the case

IDFC First Bank Wealth debit card reward system-
Online transaction- earn 4 reward points for every Rs. 150 spend
10X reward points (10 reward points per Rs. 150) for every Rs. 150 spent via debit card on incremental spends above Rs. 50,000 in a month.
 
For wealth DC, this is the case

IDFC First Bank Wealth debit card reward system-
Online transaction- earn 4 reward points for every Rs. 150 spend
10X reward points (10 reward points per Rs. 150) for every Rs. 150 spent via debit card on incremental spends above Rs. 50,000 in a month.
I got future first.. even with 3l funding I can't get family banking ..
I m happy with zero balance account

But sad when i come across these 💔
 
For wealth DC, this is the case

IDFC First Bank Wealth debit card reward system-
Online transaction- earn 4 reward points for every Rs. 150 spend
10X reward points (10 reward points per Rs. 150) for every Rs. 150 spent via debit card on incremental spends above Rs. 50,000 in a month.
See below terms
 

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For 100rs spent base reward is 0.66 point
Under 10x it's 6.66 points .

I own classic 10k account card

Max points per month 8000rp =2000

If you redeem amazon GC of 1000×2 times
Then you will charged with 117rs per 1000 voucher .

1.6 L spending need to make for 8000points

Overall after cutting redeemtion charges

Net returns is 1.1%

Still its highest in debit card category.
 
For 100rs spent base reward is 0.66 point
Under 10x it's 6.66 points .

I own classic 10k account card

Max points per month 8000rp =2000

If you redeem amazon GC of 1000×2 times
Then you will charged with 117rs per 1000 voucher .

1.6 L spending need to make for 8000points

Overall after cutting redeemtion charges

Net returns is 1.1%

Still its highest in debit card category.
i think reward redemption fee is per transaction . so if you buy 2 amazon pay gift voucher then fee will be 99 plus gst only.
Last month i buy 3 voucher of Rs. 1000 and i charged only 99 plus GST ONLY
 
How the 2.33 for Wealth DC is calculated. AFAIK isn't it should be like this :


Till the milestone of 50K Online
4X points for FIRST Wealth for every Rs. 150 spent via debit card all online purchases

Once you cross 50K
10X reward points for every Rs. 150 spent via debit card on incremental monthly spends above Rs. 50,000 in a month

1 reward point is 0.25INR


Till the milestone of 50K
4*(50000/150)*0.25*(100/50000) = 0.67

For spends above 50K
10*(50000/150)*0.25*(100/50000) = 1.67


Is it extra bonus of 10x making effectively 14x for spends above 50K (i.e., 0.67+1.66 = 2.34) ?
10x is for every 100 not 150
 
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The first post in this thread is a WikiPost, and can be edited by anyone with the appropriate permissions.
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