Reward rate of IDFC FIRST CCs

[anonymuos]

So today I sat down and calculated IDFC FIRST credit cards reward rate (RR) on ONLINE spends: (Millennia/Classic/Select/Wealth):

Like their debit card rewards program introduced much later, the reward structure on CCs also is such that the more you spend, the reward rate increases

Millennia/Classic: 6X RPs on online up to ₹20K, 10X but only above ₹20K, 1RP per ₹150 spent
Select: 6X RPs on online up to ₹25K, 10X but only above ₹25K, 1RP per ₹125 spent
Wealth: 6X RPs on online up to ₹30K, 10X but only above ₹30K, 1RP per ₹100 spent

1 reward point = ₹0.25

So:
Millennia/Classic: On spending ₹20K, you get 800 points (6X). Between ₹20K to ₹25K, you get 200 points (1000 total up to ₹25K), Reward Rate is 1% upto ₹20K
Select: On spending ₹25K, you get 1200 points (6X). Reward rate is 1.2% up to ₹25K
Wealth: On spending ₹30K, you get 1800 points (6X). Reward rate is 1.5% up to ₹30K

10X Reward Points example 1 for a big amount e.g. suppose you buy a ₹80000 laptop:
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
On Classic: you will get 4000 points above ₹20K + 800 points = 4800 points = ₹1200 (total 1.5% RR) if spending ₹80,000
On Select: you will get 4400 points above ₹25K + 1200 points = 5600 points = ₹1400 (1.75% RR) if spending ₹80,000
On Wealth: you will get 5000 points above ₹30K + 1800 points = 6800 points = ₹1700 (2.1% RR) if spending ₹80,000


10X Reward Points example 2 for a big amount e.g. some international air tickets for 2, including return (if spending ₹168,700, just for example):
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
On Classic: you will get 9913 points above ₹20K + 800 points = 10713 points = ₹2678 (total 1.58% RR) if spending ₹168,700
On Select: you will get 11496 points above ₹25K + 1200 points = 12696 points = ₹3174 (1.88% RR Correction: 2% RR) if spending ₹168,700
On Wealth: you will get 13870 points above ₹30K + 1800 points = 15670 points = ₹3917.5 (2.32% RR) if spending ₹168,700

And of course there's ₹99+GST=₹118 reward redemption fee every time you redeem the points

 

[Krishna Kumar]

Best way is to 'Pay with points' during online transactions OTP page. Redeemed around 1.5L points last month. 99+GST was charged as redemption fee.

 

[lightwaves]

Yes. As of now IDFC Wealth CC considers govt txns as online txns.

Great! Any idea by when the additional reward points get credited? Currently I got regular 6x RP only.

 

[HumorSimpson]

Great! Any idea by when the additional reward points get credited? Currently I got regular 6x RP only.

At the time of statement generation. You can see 10x in the statement pdf.

 

[lightwaves]

At the time of statement generation. You can see 10x in the statement pdf.

Perfect! Thank you!!

 

[Hisoka]

Does IDFC not have Amazon gift card as a reward redemption option? (Has Amazon shopping voucher but not AGV). I had some points and wanted to redeem
Any suggestions as to which is a decent reward redemption option here?

 

[shutapdiya]

Does IDFC not have Amazon gift card as a reward redemption option? (Has Amazon shopping voucher but not AGV). I had some points and wanted to redeem
Any suggestions as to which is a decent reward redemption option here?

View attachment 51128

Why not redeem them against any payment on otp page?

 

[Hisoka]

Why not redeem them against any payment on otp page?

We can do that?

I don't use this card much, I just received an offer that I'll get 10k reward points on 10k spends. So I used it
Anyway, redeeming on payment page seems like a good option

 

[shutapdiya]

We can do that?

I don't use this card much, I just received an offer that I'll get 10k reward points on 10k spends. So I used it
Anyway, redeeming on payment page seems like a good option

Yes we can

Value of RP is 0.25 Rs wherever you redeem (be it against txn amount or voucher)

So better to redeem against txn amount

Also note there are 99+ gst charges for any redemption

 

[HumorSimpson]

Yes we can

Value of RP is 0.25 Rs wherever you redeem (be it against txn amount or voucher)

So better to redeem against txn amount

Also note there are 99+ gst charges for any redemption

OMG after 3 months you are active again.

 

[shutapdiya]

OMG after 3 months you are active again.

Yes Sir, I am back

 

[lightwaves]

So today I sat down and calculated IDFC FIRST credit cards reward rate (RR) on ONLINE spends: (Millennia/Classic/Select/Wealth):

Like their debit card rewards program introduced much later, the reward structure on CCs also is such that the more you spend, the reward rate increases

Millennia/Classic: 6X RPs on online up to ₹20K, 10X but only above ₹20K, 1RP per ₹150 spent
Select: 6X RPs on online up to ₹25K, 10X but only above ₹25K, 1RP per ₹125 spent
Wealth: 6X RPs on online up to ₹30K, 10X but only above ₹30K, 1RP per ₹100 spent

1 reward point = ₹0.25

So:
Millennia/Classic: On spending ₹20K, you get 800 points (6X). Between ₹20K to ₹25K, you get 200 points (1000 total up to ₹25K), Reward Rate is 1% upto ₹20K
Select: On spending ₹25K, you get 1200 points (6X). Reward rate is 1.2% up to ₹25K
Wealth: On spending ₹30K, you get 1800 points (6X). Reward rate is 1.5% up to ₹30K

10X Reward Points example 1 for a big amount e.g. suppose you buy a ₹80000 laptop:
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
On Classic: you will get 4000 points above ₹20K + 800 points = 4800 points = ₹1200 (total 1.5% RR) if spending ₹80,000
On Select: you will get 4400 points above ₹25K + 1200 points = 5600 points = ₹1400 (1.75% RR) if spending ₹80,000
On Wealth: you will get 5000 points above ₹30K + 1800 points = 6800 points = ₹1700 (2.1% RR) if spending ₹80,000


10X Reward Points example 2 for a big amount e.g. some international air tickets for 2, including return (if spending ₹168,700, just for example):
‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾‾
On Classic: you will get 9913 points above ₹20K + 800 points = 10713 points = ₹2678 (total 1.58% RR) if spending ₹168,700
On Select: you will get 11496 points above ₹25K + 1200 points = 12696 points = ₹3174 (1.88% RR) if spending ₹168,700
On Wealth: you will get 13870 points above ₹30K + 1800 points = 15670 points = ₹3917.5 (2.32% RR) if spending ₹168,700

And of course there's ₹99+GST=₹118 reward redemption fee every time you redeem the points

can someone please make a table like this after the devaluation? Or if something already exists, please drop the link.

 

[anonymuos]

can someone please make a table like this after the devaluation? Or if something already exists, please drop the link.

Everything that was 6X is now 3X so half reward rate regardless of online or offline spends so 0.5%, 0.6% and 0.75% RR of Classic/Select/Wealth. 10X remains unchanged. And my calculation was incorrect for 10X on Select. It's 2%, not 1.88% in above example