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

atx88 wrote:

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.

Good analysis @atx88 😄

Irony—-
“Always you first” 
Nothing more to say!!

itsmehd5 wrote:

Irony—-
“Always you first” 
Nothing more to say!!

“to suffer”

So what’s the effective reward rate of online transactions on IDFC Millennia after this change? 1%? That makes Axis Flipkart better yet again.

Tanmayyy wrote:

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

All the best bhai ko

10x means 2.5% ? Can somebody help to know?

PabloEscobar wrote:

10x means 2.5% ? Can somebody help to know?

1 pt = 25p so 10x is 10 pts = 2.5rs

PabloEscobar wrote:

10x means 2.5% ? Can somebody help to know?

.

PabloEscobar wrote:

10x means 2.5% ? Can somebody help to know?

Earlier it was 2.5% for all cards. But now it is 2.5% for wealth card only.
2% for Select and 1.66% for Classic/Millenia

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.

PabloEscobar wrote:

10x means 2.5% ? Can somebody help to know?

if you spend 1 Lakh online in a cycle this is what you are going to get

Classic and Millennia
6132 points ~ 1.53%

Select
7200 points ~ 1.8%

Wealth
8800 points ~ 2.2%

sharpen wrote:

So what’s the effective reward rate of online transactions on IDFC Millennia after this change? 1%? That makes Axis Flipkart better yet again.

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.

guest_999 wrote:

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.

@bridges check this and update in your topic

25k for Select not 20k 😢

best way to use /redeem idfc cc points ? 

baaz4u2007 wrote:

best way to use /redeem idfc cc points ? 

Buy amazon gv from their rewards portal using points.

guest_999 wrote:

Buy amazon gv from their rewards portal using points.

No. Use it on a transaction

guest_999 wrote:

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.

Correct, currently online spends reward is 1.5% and offline spends rewards is 0.75%

LTF , RP on wallet, Free RSA in select… More reasons to stay than to close..

Anyways keeping low balance in zero balance SBA

avgn wrote:

No. Use it on a transaction

My experience has not been good in this regard, 2 times I tried doing txn via points when on otp screen & both times the points redemption failed with usual txn amt appearing in statement later generated.

guest_999 wrote:

My experience has not been good in this regard, 2 times I tried doing txn via points when on otp screen & both times the points redemption failed with usual txn amt appearing in statement later generated.

True… I stopped this option after twice the bank followed the failed trick and added the amount to statement

guest_999 wrote:

My experience has not been good in this regard, 2 times I tried doing txn via points when on otp screen & both times the points redemption failed with usual txn amt appearing in statement later generated.

Transaction amount will be same in statement
It’s added as a separate cashback type entry

avgn wrote:

Transaction amount will be same in statement
It’s added as a separate cashback type entry

+1

never failed once since beginning

it adds as adjustment in statement after 2 days

When 10x points will be credited?

bohemian wrote:

+1

never failed once since beginning

it adds as adjustment in statement after 2 days

Same for me it worked but in some cases I didn’t see the option of use reward points in OTP transaction page, not sure why. May be there is minimum transaction amount for the option to appear

pjain2712 wrote:

Same for me it worked but in some cases I didn’t see the option of use reward points in OTP transaction page, not sure why. May be there is minimum transaction amount for the option to appear

101 is minimum transaction to use reward points

bohemian wrote:

101 is minimum transaction to use reward points

Oh..okay. Didn’t knew this. Thanks

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?

manishperiwal.slg214 wrote:

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?

That is after 1st Oct, 22. At present, it is free.

Do birthday spend still fall under 10x or any change in that too ?