Devaluation Federal Bank reward point redemption change

[lpshreyas]

Just received this email from Federal Bank

Looks like they are following in HDFC's footsteps!

 

[MudraMantra]

Throughout 2024, the banking landscape has been challenging for customers, with frequent occurrences of credit card devaluations, service charge hikes, and increased debit card fees every fortnight.
This continuous stream of changes from financial institutions has created frustration and uncertainty among consumers, impacting their trust and confidence in the banking sector.

 

[helloworld]

1 RP = 0.25p = 0.25%

70% = 0.175%

Wow! Honestly could someone point me to those persons who are spending and redeeming points on this bank cards (any card), would like to know their point of view 🙂

 

[Zacobite]

1 RP = 0.25p = 0.25%

70% = 0.175%

Wow! Honestly could someone point me to those persons who are spending and redeeming points on this bank cards (any card), would like to know their point of view 🙂

hdfc smartbuy is quite reasonable..finally points are anyway a bonus at 0 cost.. for your normal spend

 

[helloworld]

hdfc smartbuy is quite reasonable..finally points are anyway a bonus at 0 cost.. for your normal spend

If a person earning 5rs. and they're asking for 70% at a time means reasonable and some logic in that. But if a person earning max. 0.75p. and asking for only 70% redemption is baseless and no reason found for this tht too with redemption fee. Just want to see who misused this 0.75% to put this restriction 🙂

 

[Zacobite]

If a person earning 5rs. and they're asking for 70% at a time means reasonable and some logic in that. But if a person earning max. 0.75p. and asking for only 70% redemption is baseless and no reason found for this tht too with redemption fee. Just want to see who misused this 0.75% to put this restriction 🙂

lol.. i agree.. fedbank of all.. crappy bank..

 

[BhaiyaJi]

If a person earning 5rs. and they're asking for 70% at a time means reasonable and some logic in that. But if a person earning max. 0.75p. and asking for only 70% redemption is baseless and no reason found for this tht too with redemption fee. Just want to see who misused this 0.75% to put this restriction 🙂

First think to be checked is who is using federal for purchases other than some discount offers with this poor reward rate.