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IDFC First Bank launched its debit card reward system

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IDFC First Bank launched its debit card reward system recently. Now you'll earn reward points for spending money using your IDFC First Bank debit card.
Reward portal link - https://www.firstrewards.com/

Screenshot_20230204_124537_Samsung Internet.jpg

Reward system for IDFC First Bank normal debit card-
2000 welcome reward points on IDFC First normal debit card transaction above Rs. 1000

Online transaction- earn 2 reward points for every Rs. 150 spend
Offline transaction- earn 1 reward point for every Rs. 150 spend
10X reward points (10 reward points per Rs. 150) for every Rs. 150 spent via debit card on incremental spends above Rs. 50,000 in a month.

IDFC First Bank Select debit card reward system-
4000 welcome reward points on first debit card transaction above Rs. 1000
Online transaction- earn 3 reward points for every Rs. 150 spend
Offline transaction- earn 2 reward point for every Rs. 150 spend
10X reward points (10 reward points per Rs. 100) for every Rs. 100 spent via debit card on incremental spends above Rs. 50,000 in a month.

IDFC First Bank Wealth debit card reward system-
8000 welcome reward points on first debit card transaction above Rs. 1000
Online transaction- earn 4 reward points for every Rs. 150 spend
Offline transaction- earn 3 reward point for every Rs. 150 spend
10X reward points (10 reward points per Rs. 100) for every Rs. 100 spent via debit card on incremental spends above Rs. 50,000 in a month.

IDFC First Bank Private debit card reward system-
20,000 welcome reward points on first debit card transaction above Rs. 1000
Online transaction- earn 6 reward points for every Rs. 150 spend
Offline transaction- earn 4 reward point for every Rs. 150 spend
10X reward points (10 reward points per Rs. 100) for every Rs. 100 spent via debit card on incremental spends above Rs. 50,000 in a month.

Exclusions: Payment to Mutual Funds, Insurance, Financial Institutions, Security Brokers, Dealers, Wallet Uploads, Quasi Cash, ATM Withdrawals, Credit Card Payments and Account Transfers transactions are not a part of FIRST Rewards program, Please refer to the TnC page for specific Merchant Codes that are excluded.

1 reward point = Rs. 0.25

Note: You'll earn core reward points depending on your debit card variant, along with the 10X points.

A monthly reward point accrual capping will be applicable based on user’s program membership. (w.e.f. 1st December 2023)

Type of ProgramMonthly Point Capping
General8,000
Select30,000
Wealth50,000
Private5,00,000

How to redeem- You can redeem your reward points against gift vouchers, flight booking, recharge, etc.
Just click on "Redeem" and you'll see all the available options.
Link- https://www.firstrewards.com/user/burn

These are the excluded mcc's. You won't receive any reward points for spending on these categories.

Merchant CodesMerchant Categories
6300INSURANCE SALES AND UNDERWRITING
6012FINANCIAL INSTITUTIONS - MERCHANDISE & SERVICES
6211SECURITY BROKERS/DEALERS
6051QUASI CASH
6540WALLET UPLOAD

Reward Rate:-

IDFC First Bank Normal Debit Card-
Online- 0.33%
Offline- 0.17%
10X category- 1.67%
Incremental spends above Rs. 50,000: Online- 1.67%; Offline- 1.67%

IDFC First Bank Select Debit Card-
Online- 0.50%
Offline- 0.33%
10X category- 2.5%
Incremental spends above Rs. 50,000: Online- 2.5%; Offline- 2.5%

IDFC First Bank Wealth Debit Card-
Online- 0.67%
Offline- 0.50%
10X category- 2.5%
Incremental spends above Rs. 50,000: Online- 2.5%; Offline- 2.5%

IDFC First Bank Private Debit Card-
Online- 1%
Offline- 0.67%
10X category- 2.5%
Incremental spends above Rs. 50,000: Online- 2.5%; Offline- 2.5%

Update on 14th July: IDFC First Bank relaunched its debit card reward system on 14th July, 2023.
We've made the necessary changes in the article.

Update on 22 Dec, 2023: IDFC First Bank updated its debit card reward system on 1st Dec, 2023.
We've made the necessary changes in the article.
 
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I have this 10k MAB type IDFC account since jan'2024, and just like on 22nd i did sbiunipay trxn for which i just checked i got reward points.

I have a standard dc, nothing special.

I can't redeem points coz i guess it takes 14 days. I did about 70k amount of trxn(split in parts) for credit cards and got about 3.8k points.

is my account safe? i didn't even knew i can get points.

I have lakhs in balance and 10+lakhs in fd

Since Jan I have done all kinds of upi/imps trxns inwards and outwards both, mostly used only my mobile phone, hardly net banking.

i even paid for a property purchase and did quite big trxn around in feb(2nd month of acc opening). My acc never got a problem.
 
I have this 10k MAB type IDFC account since jan'2024, and just like on 22nd i did sbiunipay trxn for which i just checked i got reward points.

I have a standard dc, nothing special.

I can't redeem points coz i guess it takes 14 days. I did about 70k amount of trxn(split in parts) for credit cards and got about 3.8k points.

is my account safe? i didn't even knew i can get points.

I have lakhs in balance and 10+lakhs in fd

Since Jan I have done all kinds of upi/imps trxns inwards and outwards both, mostly used only my mobile phone, hardly net banking.

i even paid for a property purchase and did quite big trxn around in feb(2nd month of acc opening). My acc never got a problem.
My only suggestion...never consider IDFC to be your primary bank. Open account in other reputed banks for such large transactions. Also keep in mind you are only insured upto 5 lakhs per account as per DICGC. Maintain only 10k or 25k in IDFC.

They will unfreeze your account if your transactions are genuine, but can take a month, so you won't be able to use your own money when you really need it. If you are fine with this, you can keep your money at IDFC, otherwise there's no other problem.
 
My only suggestion...never consider IDFC to be your primary bank. Open account in other reputed banks for such large transactions. Also keep in mind you are only insured upto 5 lakhs per account as per DICGC. Maintain only 10k or 25k in IDFC.

They will unfreeze your account if your transactions are genuine, but can take a month, so you won't be able to use your own money when you really need it. If you are fine with this, you can keep your money at IDFC, otherwise there's no other problem.
I do have ICICI as primary account. Have done tons of trxns there, quite big one's too and even foreign remittance many a times, never faced an issue. I did face issue with HDFC current account once with remittance but they never froze the account, their RDA team just asked for details for the trxns but with my other acc's like IDFC/Paytm(closed now)/Niyo equitas I have never tried. Kotak is also decent acc to me.

I think as IDFC is new, they want to play it cool with RBI hence they are not giving a shit abt customers and want to stay in compliance so that they don't become next paytm/yesbank as customers is something any bank can get by giving offers BUT if their whole business tanks coz of irregularities with trxns/books/kyc, then they go down under. As a business owner myself I can see why IDFC is doing what they are doing.

ICICI/HDFC/SBI can play dirty coz they are too big nationally so they know if shit goes down, Govt will come save it anyways, but with small banks like IDFC they know no one will save them and even if Govt does save them if anything happens, govt will make sure their current top leadership changes according to how they want hence current leadership is staying in compliance and making sure they do more than what even RBI wants.

Again as a business owner I agree with IDFC policies but as a dimer/customer/lootera , fck IDFC lol, I want to rip them to death to loot reward points.
 
I have 1 year old IDFC bank ac.I got 8000 reward points this for paying cc bills with idfc dc.My total reward points are 8007, but when I am going to redeem points it is showing only 7 points.Can anyone help?
 
It will get redeemed after 14 days from day of transction Read t/c 😄
ahha.. I thought the reward points will be added to the account within 14days.I did transactions almost 11-12days ago.
Only used idfc dc for cc bill payment this month because 3× hdfc platinum dc limit was over.
 
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