10x reward rate on IDFC Wealth CC applicability

[WhoU]

How is 10x applied after 30k?

Is is based on transaction or is it based on value.

For example, if I make my first transaction of 50k for the month, will that be split into two where I get 6x (online txn) for 30k and 10x for 20k? Or I will get 6x for 50k and any txn henceforth will get 10x?

 

[kowsikbabu]

I already got 6X.. wating for statement generation on 17th to get that extra 4% for the spends above 30K

Yeah, I'm in the same boat, made a 1.35L transaction and was worried that I only got 1.5% rewards...

 

[SSV]

Yeah, I'm in the same boat, made a 1.35L transaction and was worried that I only got 1.5% rewards...

Statement generated, received 10x rewards for spends over 30k .. all good

 

[kowsikbabu]

Statement generated, received 10x rewards for spends over 30k .. all good

Yep, same here, 😁

 

[credit geek]

Hi,
Does anyone have experience on if 10x is applicable on educational fee payment on idfc wealth Cc?

 

[Deepak_Shetty]

Is IDFC really charging reward redemption fee of 99 Rs+ GST? SBI is stating the same but in reality they won't charge reward redemption fee. HDFC is also not charging fee for statement credit.
If IDFC charges reward redemption fee then claiming reward points on OTP page is better idea.

 

[Vasuki]

How is 10x applied after 30k?

Is is based on transaction or is it based on value.

For example, if I make my first transaction of 50k for the month, will that be split into two where I get 6x (online txn) for 30k and 10x for 20k? Or I will get 6x for 50k and any txn henceforth will get 10x?

You will get 6x for total 50k
Then extra / accelerate reward for rest 20k extra

 

[Vasuki]

Is IDFC really charging reward redemption fee of 99 Rs+ GST? SBI is stating the same but in reality they won't charge reward redemption fee. HDFC is also not charging fee for statement credit.
If IDFC charges reward redemption fee then claiming reward points on OTP page is better idea.

Idfc is asking for dc too

 

[Deepak_Shetty]

Idfc is asking for dc too

So Reward redemption on OTP page is best option

 

[Vasuki]

So Reward redemption on OPT page is best option

O P T ?

 

[Pankhuri]

If IDFC charges reward redemption fee then claiming reward points on OTP page is better idea.

they charge 99 on that too.

 

[Deepak_Shetty]

O P T ?

Sorry it's OTP.

 

[Deepak_Shetty]

they charge 99 on that too.

Yes. But it's best among other options.

 

[Pankhuri]

Yes. But it's best among other options.

Not really. If it is big purchase, then you are losing out on the points, if it is small purchase, then that 99 is not a small fee.

Best would be to keep accumulating them and convert them to statement credit after a big purchase. That way you can offset the 99 from the points generated for the purchase.

You need 400 468 points to offset the 99 117 cost. That means you need to make an online purchase of about 6.6K 7.8K online and 12k 15.6K offline. If you have already spent over 30K in the statement month, then 4k 4.6K transaction would satisfy too.

 

[SSV]

Actually I don’t mind 99 charges as the rewards never expire and I think IDFC not like axis to change rewards value abruptly..

Note: I am new to IDFC

 

[Deepak_Shetty]

Not really. If it is big purchase, then you are losing out on the points, if it is small purchase, then that 99 is not a small fee.

Best would be to keep accumulating them and convert them to statement credit after a big purchase. That way you can offset the 99 from the points generated for the purchase.

You need 400 points to offset the 99 cost. That means you need to make an online purchase of about 6.6K online and 12k offline. If you have already spent over 30K in the statement month, then 4k transaction would satisfy too.

Yes. I didn't check for statement credit option earlier. It's good.
For claiming reward points on OTP page, reward rate will be same 4:1. It's better if we have big number of reward points.

 

[Deepak_Shetty]

Actually I don’t mind 99 charges as the rewards never expire and I think IDFC not like axis to change rewards value abruptly..

Note: I am new to IDFC

I am also accumulating points, didn't claim even single time. Just wanted to check whether reward points redemption fee is applicable for all type of redemptions or not.

 

[Vasuki]

Not really. If it is big purchase, then you are losing out on the points, if it is small purchase, then that 99 is not a small fee.

Best would be to keep accumulating them and convert them to statement credit after a big purchase. That way you can offset the 99 from the points generated for the purchase.

You need 400 points to offset the 99 cost. That means you need to make an online purchase of about 6.6K online and 12k offline. If you have already spent over 30K in the statement month, then 4k transaction would satisfy too.

117 . Not 99

 

[Deepak_Shetty]

Yes, including GST

117 . Not 99

 

[SSV]

117 . Not 99

Its actually Rs 116.82 .. 😉

 

[Pankhuri]

For claiming reward points on OTP page, reward rate will be same 4:1. It's better if we have big number of reward points.

Yeah, but you would be losing out on points for that big purchase, assume that you have already spent 30k in the month. Now if you purchase something of 1L value, and you have 4L points, you can theoretically buy with points and only pay 117 for a 1L purchase, just 0.117%. But if you opt to purchase from card balance, you would get 10k points. Assuming that you convert them to amazon pay voucher, it would be of 2500. So on a 1L purchase, you would end up paying 234 but with an amazon pay balance of 2.5k too.