Change in IDFC First Credit card reward structure effective May 17 2022

do we get points for transactions below 100 right now? 

Select

https://www.idfcfirstbank.com/personal-banking/...

Classic
https://www.idfcfirstbank.com/personal-banking/...


Millenia
https://www.idfcfirstbank.com/personal-banking/...

Wealth
https://www.idfcfirstbank.com/personal-banking/...

Effective 17th May 2022, for subsequent billing cycles, minimum spends required in a billing cycle to unlock 10X Reward Points is being revised from ₹20,000 to ₹25,000. Your accrual of 1X = 1 Reward Point per ₹100 will change to 1X = 1 Reward Point per ₹125. Your Reward Points will continue to have a value of ₹0.25 per Reward Point.

Effective 1st Oct 2022, Reward redemption through any redemption channel will attract a small convenience charge of ₹99 (+ applicable taxes) per redemption transaction. Since you are an existing customer, you have adequate time to redeem your accumulated Reward Points without any redemption charges for redemptions done before 1st Oct 2022.


Reward points summary is as below:
Classic and Millennia
1x per 150
No change in 20k milestone

Select
1x per 125
20k changed to 25k

Wealth
1x per 100
20k changed to 30k

About to post Will stop using. Will the redemption be charged even for statement credit?

Time to dump this card to dustbin

Tjs15 wrote:

do we get points for transactions below 100 right now? 

Good question. Need to check after May 17

For Millienia, I got communication of min amount as 20k only for 10x rewards not 25k.. rest all remains same https://www.idfcfirstbank.com/personal-banking/...

For millenia it is 1x per 150

So finally they are segregating the cards

Sneaky after advertising same for all

undertaker007 wrote:

About to post Will stop using. Will the redemption be charged even for statement credit?

It is mentioned for any redemption channel. Toh ho gaya kalyan ab to

@bohemian Things are changing fasttt.. after selling the cards!

undertaker007 wrote:

About to post Will stop using. Will the redemption be charged even for statement credit?

I guess we don’t have option for statement credit in IDFC

pjain2712 wrote:

I guess we don’t have option for statement credit in IDFC

What I meant is redeeming points while making a online purchase

Classic and Millennia
1x per 150
No change in 20k milestone

Select
1x per 125
20k changed to 25k

Wealth
20k changed to 30k

deb4O5 wrote:

@bohemian Things are changing fasttt.. after selling the cards!

it has to 😭

undertaker007 wrote:

What I meant is redeeming points while making a online purchase

Oh..okay then also fee would be levied I guess

bohemian wrote:

it has to 😭

Then follows the massive dump!

https://www.idfcfirstbank.com/personal-banking/...

For First Classic card:

Effective 17^th May 2022 for subsequent billing cycles, your accrual of 1X = 1 Reward Point per ₹100 will change to 1X = 1 Reward Point per ₹150.

Effective 1st Oct 2022, Reward redemption through any redemption channel will attract a small convenience charge of ₹99 (+ applicable taxes) per redemption transaction. Since you are an existing customer, you have adequate time to redeem your accumulated Reward Points without any redemption charges for redemptions done before 1st Oct 2022.

https://www.idfcfirstbank.com/personal-banking/...

For First Select card:

Effective 17th May 2022, your accrual of 1X = 1 Reward Point per ₹100 will change to 1X = 1 Reward Point per ₹125.

Effective 1st Oct 2022, Reward redemption through any redemption channel will attract a small convenience charge of ₹99 (+ applicable taxes) per redemption transaction. Since you are an existing customer, you have adequate time to redeem your accumulated Reward Points without any redemption charges for redemptions done before 1st Oct 2022.

@caks2006407 

@Manitian 

@TEMPER

@raman12 @flawlessking @Random123 @pranavcool @decideaim @ontherocks @tyroceur

3rd repost

deb4O5 wrote:

Then follows the massive dump!

for sure 😔

avgn wrote:

Classic and Millennia
1x per 150
No change in 20k milestone

Select
1x per 125
20k changed to 25k

Wealth
20k changed to 30k

Added in the post.

bohemian wrote:

for sure 😔

Expected outcome because of massive misuse of idfc cards for money rotation/commercial purpose.

rohan8397 wrote:

Added in the post.

https://www.idfcfirstbank.com/personal-banking/...
https://www.idfcfirstbank.com/personal-banking/...
https://www.idfcfirstbank.com/personal-banking/...
https://www.idfcfirstbank.com/personal-banking/...

add this too bro

guest_999 wrote:

Expected outcome because of massive misuse of idfc cards for money rotation/commercial purpose.

right but its been time now they acquired enough and been in business for 1.5 years. like they phase out BMS offer on DC but still it will live for some time. 

Subscriptions mein ab FK Axis zindabad.

Toh bachho which one is more rewarding according to new rewards structure 😃 Explain 

Time to cut my card and throw it in the dustbin , @xxxyyyzzz tumne faltu mai savings account khol liya

bohemian wrote:

right but its been time now they acquired enough and been in business for 1.5 years. like they phase out BMS offer on DC but still it will live for some time. 

1.5 years is too short, it basically means IDFC bank has thrown in the towel. They realized quite early(& correctly) that in India there is not much point in spending too heavily on credit card business unless you are a major bank/player with lots of cash to burn as any good reward offering card will get misused so heavily that there will be little to no profit in long term compared to other business ventures. HDFC/Axis/ICICI basically subsidize their credit card business using profits from their core banking activities & the reason why it is very unlikely they will ever separate their credit card business to launch in share market because then it will become clear from their financial reports how much money they are burning(sbi card ipo price was called hugely overpriced exactly because of their financial results where they were burning large amt of money to sustain their illogical rewards program on simplyclick which as expected led to devaluation of simplyclick rewards).

Tanmayyy wrote:

Time to cut my card and throw it in the dustbin , @xxxyyyzzz tumne faltu mai savings account khol liya

Mere idfc bank ke shares ka kya hoga ab

Stop using.
No use of this card any further

rohan8397 wrote:

Mere idfc bank ke shares ka kya hoga ab

Share may even rise, check my above post.