Change in IDFC First Credit card reward structure effective May 17 2022
https://www.idfcfirstbank.com/personal-banking/Important-Communication-Rewards-Select
A devaluation, essentially.
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/...
Update:
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
credits: @rohan8397
Deal Wiki
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Last updated by: deb4O5
Poll results:
For less than 20k spend in a billing cycle, millennia & classic now have 1% reward rate for online txns & 0.5% for offline txns. For select it is now 1.2% for online & 0.6% for offline txns for total spends below 20k in a billing cycle.
10x means 2.5% ? Can somebody help to know?
1 pt = 25p so 10x is 10 pts = 2.5rs
Rent Payments made online should be brought under strict regulations as I see many CC or Banks (For eg; Axis Bank, IndusInd, and now IDFC FIRST) changing benefits provided by them due to misuse.
best way to use /redeem idfc cc points ?
Buy amazon gv from their rewards portal using points.
When 10x points will be credited?
So now if I want to redeem 10-15rs of my reward points in my next transaction , I have to pay 99 as redemption charges? 
+1
from 6 reward point per 100 to 6 reward point per 125
Other slab also changed from per 125 to per 100
For 10x rewards slab changed from 20k to 25k
https://www.idfcfirstbank.com/personal-banking/...
😄
Repost
Will they provide “Pay with reward points” option after Oct 1 2022, or that also include 99 redemption charges.?
99 charge on all redemptions.
VU, nice move by IDFC bank 👍🏼👍🏼
Topic already posted
Better cards after this devaluation now is -SC Smart Card (for Online), Axis Flipkart (for Offline).Spend waiver for SC Smart is 1.2L which is quite easy to achieve for 2% cashback. Even SC Smart gives cashback for Wallet load too.
Rs. 99 redemption charges are a bummer. Otherwise I’m largely unaffected by this. I don’t hit 20k+ with wealth card every month.
On a separate note, I got a call from RM this evening for approval to upgrade my account to Wealth program which gives Amazon Prime, Timesprime, Sony Liv and few other subscriptions for one year. No additional balance commitments as well.
So, my experience with this bank still stands very positive. It has been one of the most rewarding bank for me. I have had amazon vouchers of more than 4-5k from them over the last one year and they continue to give more.
Wealth program comes with amazon prime, that’s news for me. Is it mentioned somewhere in website/any link/screenshot you got in email? Also isn’t this kind of reverse, getting wealth program after getting wealth card. I thought wealth card was only issued to those maintaining at least 15-20 lakh+ in their bank acc for 1 year+ which already makes them eligible for wealth program.
Btw I got 8-9k worth of amazon GVs from dbs digibank “maintain balance & spend” campaign offers in last 1 year.
For a 1L spend/month , for IDFC Select, we will get around 2.3% ,after this change,including redemption charges. For 50K/month, we will get around 1.68%
For 25K, it’s just 0.07%.
Less the redemption,more the charges..99 redemption fee,makes this worse..
Thinking of switching/adding to SC Smart Credit card,where min. spend criteria per year is 1.2L for 2% Online transactions (wallet transactions also included).
Is is applicable immediately from 17th or next billing cycle?
For example, if billing cycle is from 25th to 24th, so the changes will be applicable from 25th May onwards right?
Can anybody confirm
I have also added IDFC First Bank to my portfolio recently when it negated the lower-low pattern.
Really not like the Reward Redemption Fee..After all we earn the reward by spending..Now charging Redemption Fee on top of that ,is really baseless..
So what’s the effective reward rate of online transactions on IDFC Millennia after this change? 1%? That makes Axis Flipkart better yet again.