Changes in IDFC credit card rewards

Seinfeld wrote:

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  .

Wealth 10x starts at 30K. So, it's 2% for 60K spends. Plus need to subtract 118 redemption charges. So 1.8% effectively for 60K spend.

some1anywhere wrote:

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.

Indusind legend is also trash.

118 redemption charges on cash redemption.

Knight11 wrote:

Wealth 10x starts at 30K. So, it's 2% for 60K spends. Plus need to subtract 118 redemption charges. So 1.8% effectively for 60K spend.

It really depends. Don't redeem points every month and save 118 fees.

myfungang829 wrote:

It really depends. Don't redeem points every month and save 118 fees.

That's precisely what they want by adding fees😅 and exact opposite of what customer wants from a cashback card.

Knight11 wrote:

That's precisely what they want by adding fees😅 and exact opposite of what customer wants from a cashback card.

Knight11 wrote:

That's precisely what they want by adding fees😅 and exact opposite of what customer wants from a cashback card.

baludesi wrote:
Still better as IDFC is unique as of now for Govt, edu fees, gold. One can wait and redeem once an year.

This year there were few more options too. I am done with magnus. Next year i don't think idfc or anything else will stay. Just not viable from bank perspective.

Knight11 wrote:

This year there were few more options too. I am done with magnus. Next year i don't think idfc or anything else will stay. Just not viable from bank perspective.

Knight11 wrote:

Indusind legend is also trash.

118 redemption charges on cash redemption.

Legend Reward points I redeem via "Pay with Rewards" (TwidPay) on apps and sites like Zepto, Netmeds, Jio prepaid recharge, JioMart, Yatra, Abhibus, ConfirmTKT and some others. Saves a ton on grocery and meds and sometimes bus tickets.

some1anywhere wrote:

Legend Reward points I redeem via "Pay with Rewards" (TwidPay) on apps and sites like Zepto, Netmeds, Jio prepaid recharge, JioMart, Yatra, Abhibus, ConfirmTKT and some others. Saves a ton on grocery and meds and sometimes bus tickets.

InvestPotato wrote:
No fees in redemption from twidpay?

No fees and if I remember correctly, it is 1:1 redemption although I will have to check this again. No fees for sure

some1anywhere wrote:

Legend Reward points I redeem via "Pay with Rewards" (TwidPay) on apps and sites like Zepto, Netmeds, Jio prepaid recharge, JioMart, Yatra, Abhibus, ConfirmTKT and some others. Saves a ton on grocery and meds and sometimes bus tickets.

I know about that. But still don't use, as it's also limited to 50% of total points only, so 4-5 transactions required to redeem 80-90% of points.

And this can't be said for true cb card like Flipkart/Ace/Millenia/sbi.

I did just one transaction on legend after I got it and then redeemed all points and left it. It's just lying around and don't have any card offers too. I did use it for some lounges and timesprime membership at times. Now even sent mail for closure 🤣.

In my opinion, Idfc is simpler than this, as it allows redemption in single transaction (not as simple as Flipkart/Ace/Millenia/sbi, but better than legend).

Knight11 wrote:

I know about that. But still don't use, as it's also limited to 50% of total points only, so 4-5 transactions required to redeem 80-90% of points.

And this can't be said for true cb card like Flipkart/Ace/Millenia/sbi.

I did just one transaction on legend after I got it and then redeemed all points and left it. It's just lying around and don't have any card offers too. I did use it for some lounges and timesprime membership at times. Now even sent mail for closure 🤣.

In my opinion, Idfc is simpler than this, as it allows redemption in single transaction (not as simple as Flipkart/Ace/Millenia/sbi, but better than legend).

Hmm right. But then most cashback cards except ICICI APay are not given LTF by default and SBI CB, Axis Ace, Kotak Myntra, BOB Snapdeal are never given LTF to anyone. At least Legend is being issued LTF to many people now. Even Axis Flipkart LTF offer comes very rarely and Millennia LTF isn't given away easily. IDFC has no way around those ₹99+GST charges so that's a bummer. I closed my WOW card and some 300 or 400 points worth ₹60 to ₹70 were wasted as I didn't want to pay ₹99 to redeem them

Knight11 wrote:

😂

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

for me transaction gets declined when I try to add in payzapp, does this happens with you also?

Chef wrote:

for me transaction gets declined when I try to add in payzapp, does this happens with you also?

Not yet. But others have said so.

Knight11 wrote:

Not yet. But others have said so.

Chef wrote:
amount that you usually add in payzapp??

I don't use idfc card much😅. Last month I added around 30k or so after long time.

I made a tax payment of 2.26L with IDFC select card but after transaction settlement, it shows only 10894 points. It's less than 6x points.

Knight11 wrote:

I don't use idfc card much😅. Last month I added around 30k or so after long time.

noobDealer wrote:
@Knight11 @neel648 can payzapp loaded balance be used for credit bill payment?

I did some utility payments last montha db it settled 1-2 days before 21st. But I got only 6x points for them. My statement is generated, but remaining 4x is not added up. Are they correct in doing so?

Shouldn't they see transaction date for calculating 4x points?

Anyone knows if birthday benefit of 10x points work for excluded categories like utility and rent also?