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*

 

[gowmara]

Yes i have sent an email, will get it documented with their reply and will update here.

 

[bigbyte]

there were some rare circumstances where I was wrong before….

He he he ..

 

[onlineramarao]

Any one used IDFC Wealth CC and got either rewards or 1% extra charges using "Pay with Rewards" on snapay ?

 

[sjmajumder]

Forget Utility, removing Wallet makes this card useless now.
BMS too reduced to just 250 Rs.

Sapphiro gives Rs. 500

 

[sjmajumder]

Major changes. Utility is brutal.

Is insurance premium considered under utility?

 

[lightwaves]

Hello,

Is gold excluded from 10x list? any idea?

 

[P OM]

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.

Airport lounge access. The wait time to get in will deter you

 

[P OM]

Is insurance premium considered under utility?

Yes it comes under service

 

[drsel]

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*

Can all the experts confirm this?

IDFC Wealth --
Spend 20000 in all MCC, no exclusions and get in the next month
2 international lounge on Dreamfolks card (max 2/qtr)
+
2 spa OR 2 domestic lounge on Dreamfolks card (max 2/qtr)

IDFC Vistara --
Spend 20000 in all MCC, no exclusions and get in the next month
1 international lounge on Dreamfolks card (max 1/qtr)
+
2 spa OR 2 domestic lounge on Dreamfolks card (max 2/qtr)

 

[SonyTom]

Can all the experts confirm this?

IDFC Wealth --
Spend 20000 in all MCC, no exclusions and get in the next month
2 international lounge on Priority pass (max 2/qtr)
+
2 spa OR 2 domestic lounge on Dreamfolks card (max 2/qtr)

IDFC Vistara --
Spend 20000 in all MCC, no exclusions and get in the next month
1 international lounge on Priority pass (max 1/qtr)
+
2 spa OR 2 domestic lounge on Dreamfolks card (max 2/qtr)

I can clarify on one thing. No priority pass with wealth CC. Dreamfolks card we get with the wealth cc is used for foreign lounge access provided 20k spends in previous months

 

[drsel]

I can clarify on one thing. No priority pass with wealth CC. Dreamfolks card we get with the wealth cc is used for foreign lounge access provided 20k spends in previous months

Thanks for the clarification, I made the correction.

Would Mumbai international airport lounge be considered domestic or international?

 

[SonyTom]

Thanks for the clarification, I made the correction.

Would Mumbai international airport lounge be considered domestic or international?

Obviously domestic bro. You would know it better...

 

[SonyTom]

You can login to dreamfolks site and check eligibility

 

[lightwaves]

Thanks for the clarification, I made the correction.

Would Mumbai international airport lounge be considered domestic or international?

Depends on the terminal I think.

For example, in BLR T1, it’s Domestic. In T2, there’s one lounge for International and one for Domestic.

You can check details of each accessible lounge on Dreamfolks website after login.

 

[drsel]

Depends on the terminal I think.

For example, in BLR T1, it’s Domestic. In T2, there’s one lounge for International and one for Domestic.

You can check details of each accessible lounge on Dreamfolks website after login.

No I am asking about Mumbai T2 international departures lounge for flights leaving India.

This is an international lounge within India, but here if you use any priority pass which gives free international lounge access, your credit card will be charged the full amount because it is an international lounge within India.

So if you use IDFC wealth card in this Mumbai T2 international departures lounge, then I guess 1 international lounge access will get utilized, although this lounge is within India

 

[Hemang]

bhaiyo if we purchase jewellery on shop, using this card offline, what category return it would fetch 1x/3x/10x ? Has anyone tried any offline transaction using this card ? What was the category of shopping and points accrued ? Kindly help.

 

[curios_mind_huh]

bhaiyo if we purchase jewellery on shop, using this card offline, what category return it would fetch 1x/3x/10x ? Has anyone tried any offline transaction using this card ? What was the category of shopping and points accrued ? Kindly help.

You'll get normal 10X rewards after the initial 3X on offline spends. Effectively, you'll get 1.66% rewards after 20k on jewellery items

 

[HumorSimpson]

bhaiyo if we purchase jewellery on shop, using this card offline, what category return it would fetch 1x/3x/10x ? Has anyone tried any offline transaction using this card ? What was the category of shopping and points accrued ? Kindly help.

Remember that IDFC wealth redefined 1x as per 150 unlike 100 in the past.
For the first 20K you will get 3x be it online or offline , so effective CB in % = 100*3*0.25/150 = 0.5%
Later on its 10x and effective CB in % = 100*10*0.25/150 = 1.6%

 

[lightwaves]

Remember that IDFC wealth redefined 1x as per 150 unlike 100 in the past.
For the first 20K you will get 3x be it online or offline , so effective CB in % = 100*3*0.25/150 = 0.5%
Later on its 10x and effective CB in % = 100*10*0.25/150 = 1.6%

Yes, 0.5% return until 20K spends i.e., 100Rs on spends of 20K. After that the return depends on the spend. Return is 1.66% for incremental spends beyond 20K.

 

[Hemang]

You'll get normal 10X rewards after the initial 3X on offline spends. Effectively, you'll get 1.66% rewards after 20k on jewellery items

Thanks a lot mere bhai

Yes, 0.5% return until 20K spends i.e., 100Rs on spends of 20K. After that the return depends on the spend. Return is 1.66% for incremental spends beyond 20K.

Yes, 0.5% return until 20K spends i.e., 100Rs on spends of 20K. After that the return depends on the spend. Return is 1.66% for incremental spends beyond 20K.

Thanks a lot brother

Remember that IDFC wealth redefined 1x as per 150 unlike 100 in the past.
For the first 20K you will get 3x be it online or offline , so effective CB in % = 100*3*0.25/150 = 0.5%
Later on its 10x and effective CB in % = 100*10*0.25/150 = 1.6%

Bohot bohot thank u.