Changes in IDFC credit card rewards

All hopes gone ... was thinking to get this card. 1x means 0.25% INR.

BTW why they said insurances added to reward program ? since the beginning they were under online transactions.

baludesi wrote:

All hopes gone ... was thinking to get this card. 1x means 0.25% INR.

BTW why they said insurances added to reward program ? since the beginning they were under online transactions.

Insurance was never included for RPs right from start when most other cards (ACE/FK etc) were giving rewards and now when all have stopped, IDFC have included it,  0.25Rs ~ 1x (Wealth CC) is better than nothing when paid through other cards now 😃

Wealth CC current exclusion:

1X = 1 Reward point per ₹100 spent | 1 Reward point = ₹0.25

Reward program not applicable on Fuel, Insurance, EMI transactions & Cash withdrawals

Rental and Property management transactions will not be a part of 10X reward program and 10X threshold calculations. However, such transactions will earn 3X reward points

Effective 1st October, 2022, a convenience fee of ₹99 (plus applicable taxes) will be levied on redemption of Reward Points

arundass007378 wrote:
Insurance was excluded right from start when everyone were giving rewards and now when all have stopped, IDFC have included it as 0.25Rs (Wealth CC) is better than nothing when paid through other cards 😃


Wealth CC current exclusion:

1X = 1 Reward point per ₹100 spent | 1 Reward point = ₹0.25

Reward program not applicable on Fuel, Insurance, EMI transactions & Cash withdrawals

Rental and Property management transactions will not be a part of 10X reward program and 10X threshold calculations. However, such transactions will earn 3X reward points

Effective 1st October, 2022, a convenience fee of ₹99 (plus applicable taxes) will be levied on redemption of Reward Points

I was not aware. I thought insurances were under online category.

Amazon pay cc is best for insurances it still rewards 1% 

baludesi wrote:

I was not aware. I thought insurances were under online category.

Amazon pay cc is best for insurances it still rewards 1% 

yes Amazon CC when used directly on the insurance sites fetches 1%

Effective 21st August, 2023 we will be making the following changes to the Reward Points

Insurance premium payments (MCC 5960 and 6300) have been added to the reward program and will earn 1x Reward Points

Paying utility bills (MCC 4900) will earn 1x Reward Points

Note:

Insurance premium payments and utility bills will not fall under the 10x Reward Points program and 10x threshold calculations.

Rewarding your spends as always!

Never-expiring

• 3x REWARD POINTS

On offline purchases

Rent payments and any property management transactions such as society maintenance bills.
• Never-expiring 6x REWARD POINTS

On online purchases

• Never-expiring

10x REWARD POINTS

On incremental online and offline spends above your respective Credit Card's monthly spending threshold.

All purchases done on your birthday.

Following exclusions on our Reward Program continue to apply as before:

•Fuel spends - Our Credit Cards offer 1% fuel surcharge waiver EMI Conversions/EMI Transactions

•Cash withdrawals from ATM (All our cards offer 0 interest cash withdrawal for up to 48 days, as opposed to other bank Credit Cards, which charge interest from date of withdrawal!)

Phir aise dheere dheere this card company shall become history!

deb4O5 wrote:

Phir aise dheere dheere this card company shall become history!

They added insurance premium. Utility bills category to 1x rewards points. Now they realised without rewards and good offers they will not be entertained

This is 3rd card I'll have to consider changing for Netflix monthly payments after these changes.

First, SBI Cashback CC stopped giving (5%) cashback, then Axis Flipkart CC (1.5%) and now IDFC First Wealth CC (1.5%) ... will have to change it to Amazon Pay ICICI CC now ... handling CCs have been a headache these days 😖

stoptomove wrote:

They added insurance premium. Utility bills category to 1x rewards points. Now they realised without rewards and good offers they will not be entertained

They had to.. they've lost a good number of users to other providers.

deb4O5 wrote:
They had to.. they've lost a good number of users to other providers.

Still not learning 99 rs rewards resumption fee, 199 cash advance charges, 1 reward on 150 spend.
Also card to card offers of other bank card , this IDFC first bank they don't accept

Lot of work to be done besides publicity.

stoptomove wrote:

They added insurance premium. Utility bills category to 1x rewards points. Now they realised without rewards and good offers they will not be entertained

Utility was part of 6x/10x points earlier. So they reduced it.

Knight11 wrote:

Utility was part of 6x/10x points earlier. So they reduced it.

I thought if getting idfc for the sake of snapay txn now there's no reason to take it.

neel648 wrote:

I thought if getting idfc for the sake of snapay txn now there's no reason to take it.

😂

Wallets are still under 6x/10x category. So loading to payzapp and then using payzapp card will still work😁.

Knight11 wrote:

😂

Wallets are still under 6x/10x category. So loading to payzapp and then using payzapp card will still work😁.

Thanks for the tip

Knight11 wrote:

😂

Wallets are still under 6x/10x category. So loading to payzapp and then using payzapp card will still work😁.

Whats a payzapp card ? 

baludesi wrote:

I was not aware. I thought insurances were under online category.

Amazon pay cc is best for insurances it still rewards 1% 

SBI Cashback Credit Card give 5% cashback, buy amazon gv and use for Insurance payment. 1 lakh limit on Amazon using Amazon gv.

@arundass007378

abhishek012 wrote:
SBI Cashback Credit Card give 5% cashback, buy amazon gv and use for Insurance payment. 1 lakh limit on Amazon using Amazon gv.

@arundass007378

Yeah I too do via APay wallet loaded with AGV from SBI CB card but some insurances are not supported by APay. In such cases apay cc is better.

FYI

IDFC is good for government payments.. most of the times aces over axis ace. At least for the Select variant.

For First WoW Card Received This Msg.

Dear Customer, effective 21Aug2023 , Reward Program of your IDFC FIRST Bank Credit Card will be revised. Read More https://idfcfs.in/...iU

@rajuvtz @cashif

guest_999 wrote:

@rajuvtz @cashif

Yep, disappointment one after another.

First, Magnus card got approved today and was thinking to at least achieve 2-3 milestones before devaluation but that has been done today and now this. Also, Neucard also has become kinda useless.

Have been paying bulk EB for almost 4 years but my earnings from them are minimal except for this year, but now almost all the rewards have been neutralized.

cashif wrote:

Yep, disappointment one after another.

First, Magnus card got approved today and was thinking to at least achieve 2-3 milestones before devaluation but that has been done today and now this. Also, Neucard also has become kinda useless.

Have been paying bulk EB for almost 4 years but my earnings from them are minimal except for this year, but now almost all the rewards have been neutralized.

Why Nue is useless? 

baludesi wrote:

Why Nue is useless? 

EB restricted above 20k, I think, as my 43k Amount failed whereas a dimer said he paid 20k. 

cashif wrote:
EB restricted above 20k, I think, as my 43k Amount failed whereas a dimer said he paid 20k. 

EB?

Sharingan wrote:

EB?

Electric Board

Seinfeld wrote:

FYI

IDFC is good for government payments.. most of the times aces over axis ace. At least for the Select variant.

why aces? do you mean once 10x kicks in? 

noobDealer wrote:

why aces? do you mean once 10x kicks in? 

Yes if you have a good amount of taxes to pay, say for 60k even if you haven't done any txn in that month.. idfc select gives 2.08% returns. 2.25% for 1L. Combining both 6x and 10x.

This return will be higher as higher your txns are. Advance taxes might be quite high for many. Thats why I said will ace over ace  .

IMHO, IDFC has the least rewarding credit cards in the entire industry. The ₹99 fee made them worthless worth less and IDFC is hell bent on making them more and more worthless What IDFC needs is at least one CASHBACK or regular instant discounts card. See everybody has one except IDFC.

SBI (Cashback), HDFC (Millennia), ICICI (Amazon Pay), Axis (Flipkart), Kotak (Myntra), BOB (Snapdeal) are all solid cashback cards. RBL has at least co-branded cards which give cashback or instant discount. IndusInd Legend gives reward points equivalent to 1.5% on weekends. Only IDFC and Yes Bank have flop CC portfolio with cards which aren't that rewarding IMHO. Even PNB RuPay Platinum is rewarding.