Update on 12th September, 2024:
IDFC First Bank called me yesterday evening to explain the situation, and I understand their perspective. However, I still don’t agree with them and believe IDFC First Bank needs to resolve the issue.
Rahul explained that they activate the card based on the "customer's intention to use the card." If a customer opens the IDFC First Bank credit card section and clicks on the newly approved card, they activate it and report it to CIBIL.
However, this process doesn’t align with the guidelines, and Rahul assured me that feedback from myself and others who raised this issue will be discussed with top-level management, and they will work on improving the process. Today, I received an email from IDFC First Bank informing me that they have reversed the joining fee.
Rahul was very humble and even offered me some reward points for highlighting the issue, but I believe solving the problem would be more valuable than receiving free points. I respectfully declined his offer and simply requested that he share my feedback with the management team.
I often highlight issues with banks, but only a few have the courage to acknowledge their mistakes, take customer feedback seriously, and act on it. A few months ago, I thanked IDFC First Bank for this, and I would like to thank them again for listening to their customers. Hopefully, they will resolve the issue soon.