It seems 4 transactions in 60 days! See their condition below:
"Cardholders can earn up to Rs. 4,000 cashback as a welcome bonus. Under this benefit, you get Rs. 1,000 cashback on each transaction of Rs. 1,000 or more made within 60 days of card generation. This is applicable on a maximum of 4 such transactions, where the cashback is going to be credited once you pay the joining fee".
Yes, you can avoid it by not activating it. After 10 days or so call CS team and request cancellation. They will deny in first attempt, but they will accept. But I suggest you to hold for 1 year because you will get Joining benefits.
Not really as it is there in app and everything works fine on app. Aa jaayega kabhi website pe bhi. I haven't yet got cashback for 4*1000 yet. I got link to redeem 500 voucher of welcome benefit on Select Card ( which I was forced to get at same time to get Mayura and it takes me to idfcrewards poshvine site where 4 brand vouchers are there to choose and all 4 not available!!! Some funny ways. And on their Wealth DC, I never get any rewards whatsoever. I ask for each transaction manually after 14-15days. Some were saying their IT systems are good. Only true for pre approved credit card application-another example on netbanking/ app one can quickly create ODFD but to close one has to visit branch.
I have a question. It wouldn't be correct to say that cashback for the first four transactions (1000x4 or 500x4) will offset the annual fee paid because they will only offset the actual transactions they were awarded for, right? So the only real benefit is the joining fee points no? And you actually effectively end up paying Rs.4578 for the card?
So for instance the first month transaction list for Mayura will look like:
Annual fees (+GST) (-) Rs.7078
Transactions x 4 = (-) Rs.4000
Cashback x 4 = (+) Rs.4000
Joining points = (+) Rs.2500 (10000*0.25)
So you in effect pay Rs.4578. (Imagine you can convert your joining bonus points into statement credit the first month itself.)
Please correct me if my line of thinking is wrong here.
I have a question. It wouldn't be correct to say that cashback for the first four transactions (1000x4 or 500x4) will offset the annual fee paid because they will only offset the actual transactions they were awarded for, right? So the only real benefit is the joining fee points no? And you actually effectively end up paying Rs.4578 for the card?
So for instance the first month transaction list for Mayura will look like:
Annual fees (+GST) (-) Rs.7078
Transactions x 4 = (-) Rs.4000
Cashback x 4 = (+) Rs.4000
Joining points = (+) Rs.2500 (10000*0.25)
So you in effect pay Rs.4578. (Imagine you can convert your joining bonus points into statement credit the first month itself.)
Please correct me if my line of thinking is wrong here.
I have a question. It wouldn't be correct to say that cashback for the first four transactions (1000x4 or 500x4) will offset the annual fee paid because they will only offset the actual transactions they were awarded for, right? So the only real benefit is the joining fee points no? And you actually effectively end up paying Rs.4578 for the card?
So for instance the first month transaction list for Mayura will look like:
Annual fees (+GST) (-) Rs.7078
Transactions x 4 = (-) Rs.4000
Cashback x 4 = (+) Rs.4000
Joining points = (+) Rs.2500 (10000*0.25)
So you in effect pay Rs.4578. (Imagine you can convert your joining bonus points into statement credit the first month itself.)
Please correct me if my line of thinking is wrong here.
Would you get this 4K cashback if you pay with another card. No right. 4K is essentially free money. You can subtract 200 more if you consider equivalent spend on another card, say SBI cashback.
But in net it only makes sense to offset this amount against joining fees. If you spend more than 4K, you are a fool as reward rate is poor on this card.