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

 

[TheMentalist]

Is 99rs redemption charge also applicable when redeeming points at time of paying for an online purchase?

 

[TechnoFinoTechnoFino is verified member.]

Is 99rs redemption charge also applicable when redeeming points at time of paying for an online purchase?

yes, from 1st oct, 2022

 

[bismaj]

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.

I am damn lucky cz after 3 rejections I got to hold Axis Flipkart CC with initial limit of 33K, after that I got Axis Ace, then after using for 1 yr, limit enhanced to 4.35 lkh, applied for axis Airtel CC nd also got the same

 

[bismaj]

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.

Yeah.... After repeated mails they close my one, but in Paytm postpaid i don't get any option to close it neither their customer care section is helpful, I haven't upgraded to the new Postpaid after that...

 

[nirsark]

I am damn lucky cz after 3 rejections I got to hold Axis Flipkart CC with initial limit of 33K, after that I got Axis Ace, then after using for 1 yr, limit enhanced to 4.35 lkh, applied for axis Airtel CC nd also got the same

That's some precious collection.

 

[subhajyoti_ghosh]

I am damn lucky cz after 3 rejections I got to hold Axis Flipkart CC with initial limit of 33K, after that I got Axis Ace, then after using for 1 yr, limit enhanced to 4.35 lkh, applied for axis Airtel CC nd also got the same

Bro how much was your utilisation ratio ?? I had got axis ACE with limit of only 15000. Using for 8 months but no limit enhancement offer was given from bank .( My utilisation is approx 60-70%)

 

[Harry1]

This is still a good card for wallet reloads, as most other cards don't give anything, at least untill reward redemption charge kicks in October.

 

[AllSeeker]

This is still a good card for wallet reloads, as most other cards don't give anything, at least untill reward redemption charge kicks in October.

Doesn't HDFC millennia give better option? Or does it not have wallet reload rewards?

 

[Harry1]

Doesn't HDFC millennia give better option? Or does it not have wallet reload rewards?

Millenia is 1% only compared to 1.2% for idfc select (1% for idfc classic/Millenia and 1.5% for wealth) without limit (Millenia has 1k limit) and potential to increase cashback for transactions beyond 20k/25k/30k.

 

[viveksingh1005]

w

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.

what is the benefit of IDFC Wealth card on Insurance ?

 

[nirsark]

w

what is the benefit of IDFC Wealth card on Insurance ?

Here:

 

[prc1990]

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.
View attachment 645
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

Sadness is, was planning to spend something on 20th May for 10X accelerated rewards point (birthday special) and the new reward system is effective from 17th May . Although the 10X rewards on spend on birthday is still in play, but the point accumulation will be lesser post this devaluation .

 

[Batmanbaba]

I am damn lucky cz after 3 rejections I got to hold Axis Flipkart CC with initial limit of 33K, after that I got Axis Ace, then after using for 1 yr, limit enhanced to 4.35 lkh, applied for axis Airtel CC nd also got the same

In axis and sbi.. Getting first card is difficult... After that within a year... You will get. 2-3 cards easily... They sell to their existing customers easily rather than new ones....

 

[viveksingh1005]

i also got those 3 cards in similar fashion but my credit limit is very low

I am damn lucky cz after 3 rejections I got to hold Axis Flipkart CC with initial limit of 33K, after that I got Axis Ace, then after using for 1 yr, limit enhanced to 4.35 lkh, applied for axis Airtel CC nd also got the samego

 

[prc1990]

I used my IDFC CC on 20th May (Which is post 17th May) to avail the 10X reward points on birthday spend and received reward points per old valuation (1 RP/₹100). My current statement period is 23Apr - 21 May and hence, probably old valuation was offered.

 

[Harry1]

I used my IDFC CC on 20th May (Which is post 17th May) to avail the 10X reward points on birthday spend and received reward points per old valuation (1 RP/₹100). My current statement period is 23Apr - 21 May and hence, probably old valuation was offered.

Even my normal online transaction got as per old system. Probably they have not yet update the app. Will adjust during statement generation.

This month they had some bug also while crediting 10x points. Credited entire 10x (instead of remaining 4x) making it 4% reward rate for 20K+ spends.

 

[brahmin_baniya]

Idfc has removed amazon gift cards from its reward program ,which for me and a lot of user is another devaluation of idfc card.

 

[prc1990]

Idfc has removed amazon gift cards from its reward program ,which for me and a lot of user is another devaluation of idfc card.

I can still see the option in the application.

 

[Harry1]

Idfc has removed amazon gift cards from its reward program ,which for me and a lot of user is another devaluation of idfc card.

Why don't u redeem for cash? That's better than vouchers.

 

[brahmin_baniya]

Why don't u redeem for cash? That's better than vouchers.

For tax reasons ,my primary card is axis ace .Sorry guys amazon pay is still available redeemed all my points for amazon gift card.