IDFC FIRST Bank Credit Card Reward System Devaluation

[TechnoFinoTechnoFino is verified member.]

Hello everyone,
IDFC FIRST Bank devalued it's credit card reward system again.
> Effective 17th May 2022, minimum spends required in a billing cycle to unlock 10X Reward Points is being revised from ₹20,000 to ₹25,000 - For Select.
For Wealth - from 20,000 to 30,000
> Your accrual of 1X = 1 Reward Point per ₹100 will change to 1X = 1 Reward Point per ₹125 (For Select), Classic/Millennia - 1 Reward Point per ₹150
Your Reward Points will continue to have a value of ₹0.25 per Reward Point.
> Effective 1st Oct 2022, Reward redemption through any redemption channel will attract a small convenience charge of ₹99 (+ applicable taxes) per redemption transaction.

For IDFC First Wealth Card -
Core Reward Rate -
Online - 1.5%
Offline - 0.75%
10X - 2.5%
10X after you spend 30K

For IDFC First Select Card -
Core Reward Rate -
Online - 1.2%
Offline - 0.6%
10X - 2%
10X after you spend 25K

For IDFC First Millennia/Classic Card -
Core Reward Rate -
Online - 1%
Offline - 0.5%
10X - 1.67%
10X after you spend 20K

Reward redemption charges 99+GST applicable for all four card variants from 1st oct, 2022.

Share your view.
Bank Page Link (Select Card) - https://www.idfcfirstbank.com/personal-banking/Important-Communication-Rewards-Select
Wealth Card - https://www.idfcfirstbank.com/personal-banking/Important-Communication-Rewards-Wealth
Classic - https://www.idfcfirstbank.com/personal-banking/Important-Communication-Rewards-Classic
Millennia - https://www.idfcfirstbank.com/personal-banking/Important-Communication-Rewards-Millennia

 

[hriday.haria]

 

[hriday.haria]

Above attached is the devaluation of IDFC Millenia

 

[abhishek12333@rediffmail.]

Devaluation is same across all Credit Cards of IDFC

 

[hriday.haria]

Devaluation is same across all Credit Cards of IDFC

No it is a bit different for all cards.
Rs. 125 for 1 point in Select vs Rs.150 in Millenia
10x at Rs25000 for select vs Rs20000 for Millenia
I believe Classic and wealth also would have some minor differences

 

[TechnoFinoTechnoFino is verified member.]

No it is a bit different for all cards.
Rs. 125 for 1 point in Select vs Rs.150 in Millenia
10x at Rs25000 for select vs Rs20000 for Millenia
I believe Classic and wealth also would have some minor differences

refresh page and check all card devaluation details

 

[hriday.haria]

refresh page and check all card devaluation details

Thanks for adding Millenia details too ... Aaj toh laga tha aap basic cards walo pe dhyan hi nahi doge 😂🤣😝

 

[nirsark]

Well, it was expected, since all cards were launched with the same rewards rate. Finally there is some differenciator. I guess IDFC First Bank is updating their Credit Cards system.

Expected Features:

1. Upgrading Credit Cards: Although lots of people got IDFC CC upgrades, since 2022 their cc upgrades have been temporarily paused. I guess they should be starting them once their CC reward scheme is segregated.
2. Linking their Banking Program with Credit Card variants (Classic, Select, Wealth, Private).

Let's see. I don't have much to comment about their rewards scheme. As long as I hold Axis Ace CC, these won't affect my day-to-day spending!

Baaki Wealth Cc users have more benefits in terms of Movies, Insurance, etc. That's there. 🙂

 

[AllSeeker]

They have basically killed off all the hype with their own hands. lmao

Now even average starter cards like amazon and flipkart seem much much better. Now my IDFC card will be seating on shelf after getting that rs 500 reward for spending 15k in 90 days. (I hope they suddenly don't deny that 🤣 )

 

[vysakh]

They have basically killed off all the hype with their own hands. lmao

Now even average starter cards like amazon and flipkart seem much much better. Now my IDFC card will be seating on shelf after getting that rs 500 reward for spending 15k in 90 days. (I hope they suddenly don't deny that 🤣 )

I had stopped once I got that 500 voucher.
Occasionally I see some discounts on swiggy.

 

[Indian]

We all expected this , due to marketing gimmick they promised many to attract new customers but our peoples are clever used as much as possible now they silently keep this Card in their wallet. Loss to them not our fellow members.

 

[Batmanbaba]

Now one card becomes a much better option.. Easy to get.... And gives 1% on top two categories per month...

 

[nirsark]

Now one card becomes a much better option.. Easy to get.... And gives 1% on top two categories per month...

Axis Ace CC supremacy 😆

 

[Bob78900]

Hahaha 😂😂 it was expected now they got a lot of cc customers😂

 

[nirsark]

I wish I had GPay on an Android device 🥲

I am also on the same page like you, using iphone 11. The same reason I didn't apply for Ace CC since launch, and only applied it in January, just before it got discontinued from Axis Channel (and only issued via GPay on Android).

But honestly, even without GPay, the 2% CB on online and offline transactions are more than sufficient. Currently one of the luckiest ones to hold Axis Addon Credit Cards (for Ace, FK, Neo), and it doubles the benefits especially during sales. 😍😍😍

 

[Bob78900]

Great that I didn't make all the efforts yet for my IDFC CC 😀

I just applied once got rejected 😔 will apply again in some time😂

 

[AllSeeker]

Great that I didn't make all the efforts yet for my IDFC CC 😀

They will give it to you anyways if you have Amazon and flipkart pay later, if they are the partners for you. Same happened with me.

 

[AllSeeker]

I am also on the same page like you, using iphone 11. The same reason I didn't apply for Ace CC since launch, and only applied it in January, just before it got discontinued from Axis Channel (and only issued via GPay on Android).

But honestly, even without GPay, the 2% CB on online and offline transactions are more than sufficient. Currently one of the luckiest ones to hold Axis Addon Credit Cards (for Ace, FK, Neo), and it doubles the benefits especially during sales. 😍😍😍

Yes, freecharge was also good but now Freecharge app started charging some fees for bill payments, so that benefit gets reduced.

Though, my experience with freecharge is also very good. Never failed a transaction.

 

[AllSeeker]

I don't have any IDFC partners.
I only have Paytm posted which I plan to close soon.

You should certainly close paytm one, I also plan to close flipkart one soon but i heard somewhere that they don't act on request to close promptly, need to mail them.

 

[Bob78900]

They will give it to you anyways if you have Amazon and flipkart pay later, if they are the partners for you. Same happened with me.

I have loan with idfc bank still they rejected my application 😔