Devaluation IDFC Wealth Devaluation

[Shash]

Kindly note, some of the features and terms of your FIRST Wealth Credit Card will undergo changes with effect from 1st May 2024: Important update regarding your lifetime free FIRST Wealth Credit Card A lifetime free Credit Card loaded with benefits! Grab offers and discounts on your favourite brands every day of the week! EMIfy transactions and balances at low interest rates Enjoy Reward Points that are as good as cash, redeemable anywhere online Easily repay other bank’s outstanding dues and convert them to EMIs Always You First, IDFC FIRST Bank 1800 10 888 Click here to view updated MITC 1. Reward Points • Unlock 10X Reward Points fasterin a statement cycle on both online & offline spends above Rs. 20,000 • Reward points on online spends up to Rs. 20,000 in a statement cycle will be revised to 3X • Reward points on Education, Wallet load and Government services^ transactions will be revised to 3X. These transactions will no longer be part of 10X threshold calculation • 3X = 3 Reward Points per Rs. 150 spent 2. Buy one Get one movie offer • Will be revised up to Rs. 250 off twice per month 3. Complimentary visits to Airport Spas and Lounge • Total number of visits will continue to be 4 per quarter • Domestic airport lounges & spas visits will be capped to 2 per quarter • International airport lounges visits will be capped to 2 per quarter • Spend minimum Rs. 20,000 in a calendar month to activate lounge & spa benefits for next calendar month 4. Rent and Property Management Fee^ • 1% of transaction value will remain the same • It will be subject to a minimum of Rs. 249 per transaction 5. Fair usage on Utility Spends^ • 1X Reward Points on Utility spends will remain the same • 1% of transaction value will be levied as Utility fee on commercial usage • Commercial usage is defined as aggregate Utility spends > Rs.20,000 in a billing cycle o Illustration 1: Utility spends of Rs. 10,000 in a statement cycle will not attract a fee as it is below the threshold o Illustration 2: Utility spends of Rs. 30,000 in a statement cycle will attract a fee of Rs. 300 (1% fee) + taxes*

 

[Zacobite]

They said 3x per 100, is it only for that 3x category or the other too ? Then this is worse than the older select card.
Still, itsn't clear if the 10x goes like 1x per 100 or 1x per 150.

1 per 150..wealth is dead

 

[Harry1]

Another card with heavy devaluations😭.

 

[flyhighpaper34]

1 x for 150 is very bad..
3x for wallet is a big hit.
Better offers for spends if you don't cross 20k..
0.5% for any spends is bottom low

 

[Harry1]

oh wait they devalued select aswell
Paytm BOGO now Rs.125 twice per month
ewww

These days convinience fee is almost 25-30% of ticket price. And Paytm charges extra 9rs for "code processing fee".

For 250x2, we end up paying 350-400, which is actually just 20-30% discount.

 

[Yugi]

Wait, so now that I have wealth and want to use that for lounge access (let's say domestic of 2 per quarter)

I need to spend 20,000 a month ago visiting the lounge for those 2 visits per quarter?

Yes, it is little bit more complicated they follow calendar month. So, spend on any day is previous month to get lounge access for the following month on any day.

 

[Zacobite]

Yes, it is little bit more complicated they follow calendar month. So, spend on any day is previous month to get lounge access for the following month on any day.

if u spend 20 then use lounge and spa.. then return is grt 🙂🤫

 

[Alex292929]

who all are closing wealth?

 

[R@ndomiz€r]

This card is effectively dead and buried. It gives HDFC Moneyback kind of returns now. I got it a month back and now it's rendered totally useless. The worst hit of all is wallet loads not accounting for 20k milestone.

 

[HumorSimpson]

who all are closing wealth?

None, given that it is LTF.

 

[HumorSimpson]

This card is effectively dead and buried. It gives HDFC Moneyback kind of returns now. I got it a month back and now it's rendered totally useless. The worst hit of all is wallet loads not accounting for 20k milestone.

Exactly. The notorious HDFC rewards 0.3 (Moneyback etc) to 1.6(Infinia if taken AGV route)% in terms of cashback for more than a decade now. So, it seems 1.6% is the highest one can reward without going bankrupt and IDFC settled to this now.

 

[Rdspam]

So now idfc wealth and select have the same base reward structure right? Only difference is in the perks

 

[VISHESH_BANSAL]

Now they Should Remove atleast RPs Redemption Charges🥲

 

[HumorSimpson]

So now idfc wealth and select have the same base reward structure right? Only difference is in the perks

Seems so.

BTW your username reminds me of rasam and appadam.

 

[Rdspam]

Seems so.

BTW your username reminds me rasam and appadam.

🤣 🤣🤣 🤣

 

[Sohmel]

Damn, not gonna spend 20k a month on this card just so I can use lounge benefits the next month 😀

Glad to know Amex Plat Travel just introduced complimentary lounge benefits

 

[sadhunath]

Glad to know Amex Plat Travel just introduced complimentary lounge benefits

Amex Plat always had lounge benefits. What are you talking about?

 

[sadhunath]

Also, definitely not going to spend 20k for lounge.. the previous 1k was itself a hard sell, whcih I was willing to meet.. but 20k is "uh.. no".

 

[Deleted member 9785]

Also, definitely not going to spend 20k for lounge.. the previous 1k was itself a hard sell, whcih I was willing to meet.. but 20k is "uh.. no".

1k was hard 🙂

 

[MangoRush]

Also, definitely not going to spend 20k for lounge.. the previous 1k was itself a hard sell, whcih I was willing to meet.. but 20k is "uh.. no".

spending 1k is hard and you want free lounge benefits ?

 

[bigbyte]

spending 1k is hard and you want free lounge benefits ?

Wo sab chhodo but how it was 1k for him? It was 5k for me.