Hidden Fee on IDFC First Wealth Credit Card (not Redemption Fee!)

[Finchamp!]

Hello Fam!

Recently, while talking to an IDFC First representative I was informed that w.e.f. 1st March, 2023, IDFC First has begun charging a fee of 1% + GST on all payments made towards Rental and Property Management Transactions. In said light, kindly confirm if -

(1) If this is true?

(2) If yes, what all does "Property Management Transactions" include? Does it include house maintenance also?

(3) Many apartments/ societies issue their own "Tax Invoice cum Bill of Supply" i.e. one single bill for maintenance & supply of electricity + water. What does payment against such invoices qualify as when paid through society's own app or third party apps like PAYTM, using IDFC CC. I am confused between - (1) Online Spend, (2) Utility Bill, or, (3) Property Management Txns.

(4) Is there any CC that I should switch too, or, additionally avail to maximise rewards on Txns as explained in Point no. 3.


Also on an unrelated note, can the 5K expense for availing lounge and spa services under IDFC First CC, be counted in respect of payment made towards utility and insurance premium?

Looking forward to a constructive discussion!

 

[credit_debit]

As per IDFC website

Mostly it's for rent payment. PMS is something where third-party agencies are involved in your property maintenance like CBRE and payment of their charges. Societies generally handle this from their funds, and individuals don't pay these parties directly.

 

[Finchamp!]

So what do you think would the txn type stated in Q3?

 

[Deleted member 11974]

if it is fecthed directly by bbps it would come under utility so i dont think it would charge 1%

 

[credit_debit]

So what do you think would the txn type stated in Q3?

For Q3, it would be direct money transfer to society account / check / payment via mygate or other such apps. For Mygate / other apps, as mentioned by xywowowvw it comes under utility and will not have any extra charges.

 

[Finchamp!]

Great. Thank you!