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

deb4O5 wrote:

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

What’s the point of keeping savings account as well when the bank is already showing its true colours

guest_999 wrote:

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

Thanks for tagging bro
I am expecting similar things from Axis as well

deb4O5 wrote:

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

Even offered 100% upto 500cb for add-on cards (1st Tx) from Jan this year. Now all these revisions make sense (On-boarding target achieved?) 😄

Dear Customer, effective May 17,2022 , Reward Program of your IDFC FIRST Bank Credit Card will be revised. Read More https://www.idfcfirstbank.com/personal-banking/...;

4th repost

@admin

@admin repost

F

Tjs15 wrote:

do we get points for transactions below 100 right now? 

I don’t think we will get, just like many other cards

guest_999 wrote:

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

at least 10x limit Change is there for wealth from 20k to 30k rest all same and fees for rewards redemption is there

prem4998 wrote:

@admin repost

Which one’s the first post? I did search at the time, but nothing was there.

Only benefit of IDFC CC now – it’s LTF

idfc wealth is still ok to use for offers and all now thinking to make more addons and loot that 2000 points and redeem all points till oct 2022. 

wealth is ok card for offers it has

Tjs15 wrote:

do we get points for transactions below 100 right now? 

NOP. But any transaction above 100 gives points in multiple of 16.67 and is rounded. So, a transaction of 109 gives 7 points instead of 6 points.

I only use idfc for 2+2 movie offer on Paytm

Now is we spend 1000 then how much reward point?

If

Soon they will restrict reward points for wallet load transaction.Wait for it.My suggestion is axis flikart and icici Amazon pay is better as of now.

starbearer wrote:

Which one’s the first post? I did search at the time, but nothing was there.

He is first to post with description and admin merged other duplicate to this post

Important information regarding IDFC credit card reward points

Please Visit
https://ddime.i...4t

raman12 wrote:

What’s the point of keeping savings account as well when the bank is already showing its true colours

S/B banking had already lost its value months back.. with sudden decrease of interest rates.

All can be understood except that 99 redemption fees. Only stopping RP for wallet loading would have made some good damage control.

I don’t see any rosy picture with them at all. Think they have either achieved their target or ran out of funding!

#ShortLivedBank

raman12 wrote:

What’s the point of keeping savings account as well when the bank is already showing its true colours

IDFC didn’t bother to discontinue 0% forex on Niyo Debit cards (Ex). Ideally they should’ve once the partnership with Niyo ended but that didn’t happen (One reason for me to keep using savings account + their feature rich app that doesn’t require sending an SMS )
The Ultimate goal for any new CC company is to get customers and maintain transaction volume (the reason why even wallet loading gives reward points?) but somewhere i feel IDFC failed to better market their products/offers. On the other hand, OneCard/FPL technologies played dirty tricks (Thankfully didn’t spam) to make people get their useless metal card. Remained idle for at least 12-18 months but now they got new funding, the offers are back and the users are happy (the brand also started promoting the card/swipe to pay feature via IPL ads too)

guest_999 wrote:

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

 Could you please explain? What money rotation or commercial purpose and why only IDFC?

starbearer wrote:

Which one’s the first post? I did search at the time, but nothing was there.

Yes, this was posted first. But.. the poll and details posted by @rohan8397 looks much informative. 

Shall merge with this later on! No issues..

Can I upgrade millennia to select?

Only bms offers it is..

This is bound to happen, maybe they got enough customers now.

Its good.. They rejected my application…. Savings account also closed now…. 

Lobogris wrote:

 Could you please explain? What money rotation or commercial purpose and why only IDFC?

Rent Payment was heavily misused on idfc cards for its 2.5% reward points over 20k incremental amount(49k monthly rent giving 1.5% on 20k which is 300 & 2.5% on rest 29k which is 725 so total around 1025 & after paying around 1% commission on rent payment sites which is 490 that’s still around 500 rupees profit) not to mention you also earn savings acc interest on that 49k for a month.

coolboyzhavingfun780 wrote:

Can I upgrade millennia to select?

No! Currently IDFC bank is not giving any card upgrade/limit enhancement offer.

guest_999 wrote:

Rent Payment was heavily misused on idfc cards for its 2.5% reward points over 20k incremental amount(49k monthly rent giving 1.5% on 20k which is 300 & 2.5% on rest 29k which is 725 so total around 1025 & after paying around 1% commission on rent payment sites which is 490 that’s still around 500 rupees profit) not to mention you also earn savings acc interest on that 49k for a month.

Then in that case they exclude rent payments from RP like insurance. Why they downgrade totally?

vasanth_ece wrote:

Then in that case they exclude rent payments from RP like insurance. Why they downgrade totally?

They already have all the data about no of txns per category and total txn value also. So I’m pretty sure they did all their maths and cost benefit analysis with all possibilities and decided to reduce overall card value itself.

The thing is, they know people will cry for sometime but will not cancel their credit cards because of the beggar mentality we all have. Hardly few hundred will cancel which won’t bother them because chances are they were also anyway not big txns makers.

Like few will say (including me maybe) that hey, it is still a LTF card. Ok we will use it less but no harm in keeping it. And that is probably what they’re also counting on.
- Many people who have only IDFC cc, they probably won’t close their only credit card.
- Those who have other cards which are less rewarding will still use IDFC card.
- Those who have other cards which are more rewarding than IDFC, they were anyway using those other bank cards only for majority of their txns. And a lot of them will keep it because you know, why close LTF 😂

So its tough for us to identify their loss. But for them, it is very easy to do all cost benefit analysis & take such decisions.

So unless everyone’s blood start boiling and about 10-12% people put in card closure request giving this very specific reason of “card devaluation”, they won’t come back to their senses. But for now, its done.