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IDFC Bank Credit Card devalued - 1% extra charges on Utility spend category

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Finance Ninja
abhishek012

IDFC First Bank Credit Card devalued - 1% extra charges on Utility spend category:

MITC: https://www.idfcfirstbank.com/MI...df

Fair usage on Utility Spends ***

(MCC 4814: TELECOMMUNICATIONS MCC 4900: ELECTRIC, GAS, HEATING OIL, SANITARY, WATER
MCC 4816: COMPUTER NETWORK
MCC 4899: CABLE AND OTHER PAY TELEVISION SERVICES)

Aggregate utility spends below ₹20,000 in a statement cycle - NIL surcharge

Aggregate utility spends above ₹20,000 in a statement cycle - 1% surcharge on aggregate utility transaction value in a statement cycle

utility

#Utility surcharges do not apply to the FIRST Private Credit Card, LIC Classic Credit Card, and LIC Select Credit Card.

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The PostMighty The PostMighty
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Cant you see even our life is getting devaluated ?

Aur aap credit card per ruke huye ho ?

Finance Ninja Finance Ninja
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This is a very good step, hope other banks will follow and also charge 1% on wallet spend and education spend.

Flipkart like ecom site also use education and wallet merchant category.

Now imagine, you purchased AC, TV etc. worth Rs 30,000 from Flipkart and merchant category tag wallet.

There will be no problem for you to pay Rs 300 extra but think about it how profitable will it be for the banks. If each customer will pay 1% extra.

Then gradually banks will start charging 1% on all merchant categories.

The customer will not have any problem in paying 1% extra in the long run.

This will be a win-win for everyone.

Deal Cadet Deal Cadet
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Then people will return to use Bank accounts for payment lol and Wallets will be ditched xD hehehee

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Finance Ninja Finance Ninja
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This is a very good step, hope other banks will follow and also charge 1% on wallet spend and education spend.

Flipkart like ecom site also use education and wallet merchant category.

Now imagine, you purchased AC, TV etc. worth Rs 30,000 from Flipkart and merchant category tag wallet.

There will be no problem for you to pay Rs 300 extra but think about it how profitable will it be for the banks. If each customer will pay 1% extra.

Then gradually banks will start charging 1% on all merchant categories.

The customer will not have any problem in paying 1% extra in the long run.

This will be a win-win for everyone.

Deal Cadet Deal Cadet
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Then people will return to use Bank accounts for payment lol and Wallets will be ditched xD hehehee

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Deal Cadet Deal Cadet
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how about IDFC Wealth  education payment and government payment - still no surcharge and regular reward ?

Helpful Helpful
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Screenshot2024-04-01at6.03.57PM

Comparison for before and after for Wealth

Beacon Beacon
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Yes Bank also followed the same. 1% charge on Utility MCC.

Cool Cool
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with yes bank rupay upi txns on utility Mcc also charges 1% bro?
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Deal Cadet Deal Cadet
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Valid on upi payments too?

Deal Cadet Deal Cadet
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Fog ad:
Kya chal raha hai
Me: credit card BENEFITS devaluations🤦🏻‍♂️ cry by every card issuers
Latest: IDFC first select credit card
The PostMighty The PostMighty
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1 sec

1 minutes

1 hour

1 day

1 year

Cant you see even our life is getting devaluated ?

Aur aap credit card per ruke huye ho ?

Deal Cadet Deal Cadet
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pray🏻
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Helpful Helpful
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Millennia

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/MillenniaCVP.pdf 

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/MillenniaCVP-1.pdf

Classic

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/ClassicCVP.pdf

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/ClassicCVP-1.pdf

Select

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/SelectCVP.pdf

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/SelectCVP-1.pdf

Wealth

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/WealthCVP.pdf

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/WealthCVP-1.pdf

Power

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/PowerCVP.pdf

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/PowerCVP-1.pdf

Power Plus

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/PowerPlusCVP-1.pdf

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/PowerPlusCVP.pdf

Club Vistara

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/VistaraCVP-1.pdf

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/VistaraCVP.pdf

WOW

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/WOWCYP.pdf

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/WOWCYP-1.pdf

SWYP
https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/SWYPCVP.pdf


https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/cvp/SWYPCVP-1.pd

Finance Ninja Finance Ninja
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Yeh bhi devalue hai hai.

Wealth card - Revised - 3X means 3 Reward Points per ₹150 spent

Select Card - Revised - 3X means 3 Reward Points per ₹150 spent
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Generous Generous
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Utility par hi to jinda hai cc market..double dip loss hoga. Ek to platform charge karega duwra card.. why someone pay with loss.. instead they use acc  money..

Generous Generous
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Zinda nahi rahne ka kyq tere ko.. me to idfc grin

Generous Generous
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4900 nahi hai isme..snapy? 

Edit just saw...

Wow card and rupay upi par bhi lagu hai kya

Budding Star Budding Star
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bhai sabka devaluation ku ho rha hai ?

Deal Cadet Deal Cadet
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Idfc wealth movie offer also reduced to 250 🥲

Deal Cadet Deal Cadet
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i got idfc millennia approved joy tell me now how to make pickle of that card

Deal Cadet Deal Cadet
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IDFC First Bank has devalued by a lot. Now, the users will get one-third reward points only.

Example: for every Rs 300 spent, earlier the benefit was 18 reward points but now it's just 6.

Even the savings bank account is earning just 3-4% for the initial 5 lacs. 

People will now move to other banks. If I'm getting 3% on IDFC and ICICI, I'll keep it in ICICI instead.

Generous Generous
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Upi ka bhi mcc code hota hai kya?

replyuser
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