Using IDFC Wealth CC doesn’t makes sense now

[cc_dc_explorer]

I was upgraded to IDFC Wealth CC recently and was going through features and benefits. It hit me hard when I compiled it as it now appears after devaluation it doesn’t makes sense for us to use IDFC variants of Credit Cards including Wealth.

I majorly wanted this card for SPA access but it seems these all now requires a minimum spend of 20k/month to be eligible for next quarter use 🙁 . If we see it only has a reward rate of 0.5 Rupees per 100 spent on card NOW. It certainly doesn’t deserve for those who are maintaining high balance in Wealth Savings Account for this card. If you got LTF without IDFC wealth account then you can keep it. But still doing transactions on this card doesn’t make sense to me.

Guys let me know if there are good SPA access cards without fee or minimum fee.

I am listing updated benefits below.


BENEFITS

• No Annual/Joining Fees
• 2 Domestic Airport Lounge Access / Quarter ⇒ 8 visit (20k spends MONTHLY)
• 2 International Airport Lounge Access / Quarter ⇒ 8 visit (20k spends MONTHLY)
• 2 Spa / Quarter ⇒ 8 visits (20k spends MONTHLY)
• 2 Golf rounds /month ⇒ 24 visits (20k spends MONTHLY)
• 4 complimentary Railway lounge / Quarter ⇒ 16 visits
• 3x rewards points till 20k
• B1G1 Paytm movie offer upto 250

⇒ 1X = 1 Reward Point per ₹150 spent | 1 Reward point = ₹0.25
⇒ 3x = 3 RP/₹150 spent = .75 ₹
⇒ RP/100 ⇒ 0.5 ₹


After 20k
⇒ 10x = 10 RP/ 150 spent = 2.5 ₹
⇒ RP/100 ⇒ 1.6 ₹


Categories not included in the 10X Reward Points threshold: Rental & Property Management, Utility, Insurance, Government Services, Education and Wallet Load.
Reward Points program not applicable on fuel, EMI transactions, & cash withdrawals.
Reward redemption will attract a small convenience charge of ₹99 (+ applicable taxes) per redemption.

 

[helloworld]

Bumping up here. Can we hold 2 IDFC First LTF cards at the same time?
Specifically Wealth CC and LIC Select CC?

You can first get Wealth CC (which is useless currently, but still wants it). Then apply LIC and get instant card.

IDFC allows multiple cards.

You can get Ashva, Mayura (same useless like wealth), Power/+ etc. all of them if you want. You can also apply UPI cards with 236 annual fee for all of them.

Each has their own account in CIBIL.

 

[AlgoTrader]

What is the benefit on Gold purchase using IDFC First Wealth CC? (Is it online, or offline jewellers like Bhima or Kalyan?)


They told one person can hold only one LTF card. We can get a second IDFC First card, but that will be paid card. (Need to pay the JF/AF).
Also it is not possible to convert or upgrade existing Wealth card to LIC Select.
There is no cooling off period to apply for the next card. But it has to go through approval after VKYC.

For big value offline gold purchase (above 40k), effective return is 1.6% and most cards exclude gold/jewellery purchases from rewards

 

[helloworld]

I still find value in this card , for example:

2. Apart from my world safari, I use this for my forex spends @ 1.77% forex markup
3. I recently needed cash abroad, and since my international debit wasn't working , used this card to withdraw. Only paid 199+gst as the fee+ forex markup, no interest. This is super handy and very few cards offer 0 interest cash withdrawal.

I'm going to hold the card for these reasons. Spa and lounge is a bummer but I have other cards to cover for it

Thread 'Beat Forex Fees: Best Credit Cards that offset mark-up fee with Rewards'

Oct 4, 2024

IMO, when it comes to credit cards, >0% rewards is always better than 0%, especially when dealing with mark-up fees (foreign transaction fee)!

I wanted to share some tips for those of you who frequently travel or make purchases from international websites. You might already know that many credit cards charge a foreign transaction fee (usually 4.13%) whenever you buy something in a different currency. Unfortunately, these fees can eat into any rewards or cashback you’re hoping to earn.

There are credit cards that still provide positive rewards...

• helloworld
• Replies: 87
• Forum: Credit Card - General

• 

: )

 

[helloworld]

And this is still a good card for gold purchase offline if you don't have infinia or dcb

I think TataNue Infinity provides cumulative 1.5% for gold. Whereas wealth its 1.08% for 40k spends, and little by little for higher purchases.

Moreover, if you can utilize well for milestone cards (which has no restrictions), then you can definitely get >1%

Thread 'Maximize Your Rewards: Credit Cards with Quarterly and Annual Milestones'

Aug 28, 2022

When there is no credit card offer and I want to purchase something, I usually use card with high reward rate. But by doing this I often missed the opportunity to get more reward rate with Quarterly/Annual milestone benefits with other cards.

It's like I use card with 3.3% reward rate compared to 1.2% because I get instant high reward rate but if I waited and when crossed certain spends on that low 1.2%, it can give me 6.2%.

In this post, I try to gather or know about certain cards which provides better reward rate with Quarterly/Annual milestone benefits.

Note: Ignored monthly...

• helloworld
• Replies: 62
• Forum: Credit Card - General

• 

 

[the_collector]

Thread 'Beat Forex Fees: Best Credit Cards that offset mark-up fee with Rewards'

Oct 4, 2024

IMO, when it comes to credit cards, >0% rewards is always better than 0%, especially when dealing with mark-up fees (foreign transaction fee)!

I wanted to share some tips for those of you who frequently travel or make purchases from international websites. You might already know that many credit cards charge a foreign transaction fee (usually 4.13%) whenever you buy something in a different currency. Unfortunately, these fees can eat into any rewards or cashback you’re hoping to earn.

There are credit cards that still provide positive rewards...

• helloworld
• Replies: 87
• Forum: Credit Card - General

• 

: )

Unfortunately I don't have any of the cards in that list except for amex plat travel. ( Hdfc hates me 🙁

I've already hit the 4L milestone on that card so I'll get negative returns if I use that.

So in my case this was the next best bet after world safari.

And the international interest free withdrawal from ATM is really really good.

 

[helloworld]

And the international interest free withdrawal from ATM is really really good.

Its 2.36%, check if that really benefits after this fee.

 

[the_collector]

Its 2.36%, check if that really benefits after this fee.

2.36%?

Can you share a link for this?

Afaik, idfc wealth provides interest free cash withdrawal from atms.

The only charge is 199+gst and the forex markup of 1.77%

 

[helloworld]

2.36%?

Can you share a link for this?

Afaik, idfc wealth provides interest free cash withdrawal from atms.

The only charge is 199+gst and the forex markup of 1.77%

236Rs. for every 10k withdrawal both India and abroad (2.36%).

----------------------
As mentioned, cumulatively its never 1.6% in Wealth CC.

Forex Markup = 1.77%

IDFC wealth only provides

- 0.5% upto 20k
- 1.67% above 20k

In short, if you spend 40k in a month net return: 1.08% (this value you have to consider, not 1.67%).
------------------------

So, on international transactions your net return (for 40k spends in a month): -0.69% (for 80k spends in a month): -0.4%
It will never be profit for you, for any spends. If possible, get card from above shared list.
Regarding fee withdrawls,

The maximum cash withdrawal limit per transaction is Rs 10,000

 

[the_collector]

236Rs. for every 10k withdrawal both India and abroad (2.36%).

----------------------
As mentioned, cumulatively its never 1.6% in Wealth CC.

Forex Markup = 1.77%

IDFC wealth only provides

- 0.5% upto 20k
- 1.67% above 20k

In short, if you spend 40k in a month net return: 1.08% (this value you have to consider, not 1.67%).
------------------------

So, on international transactions your net return (for 40k spends in a month): -0.69% (for 80k spends in a month): -0.4%
It will never be profit for you, for any spends. If possible, get card from above shared list.
Regarding fee withdrawls,

The maximum cash withdrawal limit per transaction is Rs 10,000

Thanks for the detailed explanation, I knew I was losing out on direct forex transactions as the returns are poor on this card.

I'll try to get my hands on one of the cards from the list soon.

My point was more around withdrawal from atms. Most credit cards charge high interest fee from the date of withdrawal whereas you get 48 days interest free period here. Which i think is Excellent in emergency situations.

I was able to withdraw 3000 hkd( 32k inr) and 2000 ( 22k inr) hkd in 2 transactions on my recent trip. I was only charged with the forex markup + 236.

Again this was an emergency since my international debit didn't work and probably would not use it often, but it's a good backup.

 

[BVCBVC is verified member.]

You can first get Wealth CC (which is useless currently, but still wants it). Then apply LIC and get instant card.

IDFC allows multiple cards.

You can get Ashva, Mayura (same useless like wealth), Power/+ etc. all of them if you want. You can also apply UPI cards with 236 annual fee for all of them.

Each has their own account in CIBIL.

I heard that digital UPI card associated with any of the IDFC cards (Wealth, Select, Mayura, Ashva or whatever) will not be reported as separate account in CIBIL.

 

[helloworld]

I heard that digital UPI card associated with any of the IDFC cards (Wealth, Select, Mayura, Ashva or whatever) will not be reported as separate account in CIBIL.

Yes. I meant for regular + co-brand cards (excluding UPI linked cards).

Thread 'Impact of Holding Multiple Credit Cards from One Bank on Your CIBIL Report'

Sep 23, 2022

Bank​	Number of Accounts in CIBIL​
Standard Chartered	1 account for all cards
ICICI	4 accounts: 1 for Amazon, 1 for Gemstone Cards, 1 for Cobranded, 1 for Emeralde
AXIS	Each card has 1 account*
SBI	Each card has 1 account
AMEX	Each card has 1 account
BOB (Bank of Baroda)	Each card has 1 account
HDFC	Each card has 1 account
RBL	Each card has 1 account

...

• helloworld
• Replies: 56
• Forum: Credit Card - General

•