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IDFC First Bank Credit Cards Devaluation

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LG50

Effective from 1st May 2024. 

Adding all the links for IDFC credit cards:

Millennia:

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

Classic:

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

Select:

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

Wealth:

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


Highlights:

  • Points system changed. For e.g., 6x rewards on online spending changed to 3x
  • 3X = 3 Reward Points per Rs. 150 spent.
  • Rewards were per Rs. 100 earlier. i.e., 33.33% reduction in rewards calculations.
  • BOGO offer on Paytm reduced from Rs.250 to Rs.125 for Select credit card and Rs.500 to Rs.250 for Wealth credit card.
  • Domestic airport lounge now requires a minimum spend of 20k for select and wealth cards.
Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
Top Comments
Deal Newbie Deal Newbie
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IDFC Wealth card is the most impacted with this change from 1st May

0.5% default rewards up to 20,000 spends. Theron, 1.66% unlimited.

I am very disappointed with this change. RBI should stop all the non sense YouTube videos by the so called influencers exposing loop holes in the banking system for ensuring safety and fair usage of the financial instrument. and at the same time restrict banks from massive devaluation. At the end we as end consumers suffer. People should stop abusing reward points and cashbacks.

Shopping Friend Shopping Friend
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Now my Amazon Pay ICICI card looks best. Atleast I can close my eyes and spend anywhere getting 1% cashback no strings applied.

The IDFC card practically became useless. My LTF SBI SimplyClick now looks much better

Finance Mentor Finance Mentor
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Apay ICICI now doesn't give on government payments, yes, still holding sclick even if paid, shall try to make ltf...

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Helpful Helpful
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Reward rate would be 0.5% upto ₹20000??

Keeping since it's LTF.


Deal Cadet Deal Cadet
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CC devaluation

Please Visit

https://ddime.i...Ex

Deal Cadet Deal Cadet
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Fog ad:

Kya chal raha hai

Me: credit card BENEFITS devaluations🤦🏻‍♂️ cry by every card issuers

Deal Cadet Deal Cadet
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Another one bites the dust anyways muje kyaa naa cc na tension

refer to pic for detail new updated terms and conditions FBIMG1711974979347
Deal Newbie Deal Newbie
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Kindly note, some of the features and terms of your FIRST Select Credit Card will
undergo changes with effect from 1st May 2024:
Important update regarding your
lifetime free FIRST Select Credit Card



1. Reward Points
• Unlock 10X Reward Points fasterin a statement cycle on both online & offline spends above
Rs. 20,000
• Reward points on online spends up to Rs. 20,000 in a statement cycle will be revised to 3X
• Reward points on Education, Wallet load and Government services^ transactions will be
revised to 3X. These transactions will no longer be part of 10X threshold calculation
• 3X = 3 Reward Points per Rs. 150 spent

2. Buy one Get one movie offer
• Will be revised up to Rs.125 off twice per month

3. Complimentary visits to Domestic Airport Lounge
• Total number of visits will be revised to 2 per quarter
• Spend minimum Rs. 20,000 in a calendar month to activate lounge benefits for
next calendar month

4. Rent and Property Management Fee^
• 1% of transaction value will remain the same
• It will be subject to a minimum of Rs. 249 per transaction

5. Fair usage on Utility Spends^
• 1X Reward Points on Utility spends will remain the same
• 1% of transaction value will be levied as Utility fee on commercial usage
• Commercial usage is defined as aggregate Utility spends > Rs.20,000 in a billing cycle
*Illustration 1: Utility spends of Rs. 10,000 in a statement cycle will not attract a fee
as it is below the threshold
Illustration 2: Utility spends of Rs. 30,000 in a statement cycle will attract a fee of
Rs. 300 (1% fee) + taxes Screenshot20240401181853



Deal Newbie Deal Newbie
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Now this card is of no use. Only closure will help. Waste of time and card too. I have taken it 4months ago and now I will close it

Deal Subedar Deal Subedar
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@LG50 plz add the following in highlights: 

3X = 3 Reward Points per Rs. 150 spent

Rewards were  per Rs. 100 earlier. I.e. 33.33% reduction in rewards calculations.

Freebie Finder Freebie Finder
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Thanks, added to the highlights.
Deal Lieutenant Deal Lieutenant
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This is really sad

Deal Newbie Deal Newbie
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IDFC Wealth card is the most impacted with this change from 1st May

0.5% default rewards up to 20,000 spends. Theron, 1.66% unlimited.

I am very disappointed with this change. RBI should stop all the non sense YouTube videos by the so called influencers exposing loop holes in the banking system for ensuring safety and fair usage of the financial instrument. and at the same time restrict banks from massive devaluation. At the end we as end consumers suffer. People should stop abusing reward points and cashbacks.

Deal Cadet Deal Cadet
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Reward points are made to be abused by customers as well as the bankers...


bankers devalue points value (its the bankers abusing way)

users find loop holes (its the users abusing way)


Its a double edged sword , its cat and mouse game lol


dont complain, it is bound to happen, youtubers or someone will bound to expose loopholes and the cardissuer will fix it.. and after fixing it the cards get low worth so in near future introduce new cards with better marketing by the issuer with another fake set of rewards with loop holes to lure fresh customers and the process goes on lol



like i said its cat and mouse


dont complain one sided on people who bust loop holes xD its the card company intention to have this way lol


at the end banker wins lol  or else how will they make money lol

no use complaining

so reap up rewards till you can get a hold of it

View 2 more replies
Helpful Helpful
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WHAT

THE

F!

Deal Newbie Deal Newbie
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One good option is  very simple process initiate card closure request in IDFC first mobile app  which will be immediately blocked with message says permanently blocked . smile

Deal Cadet Deal Cadet
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If I do education payment on April 25th am i eligible for 10x reward points? my statement date is 24th April.

Benevolent Benevolent
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Mostly, u will get only 6x, as remaining 4x calculation happens on statement generation date only.

At least that's what happened with me last time when they did utility mcc related change. But I complaint to them citing terms and date of transaction. Then they manually credited remaining 4x also.

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Deal Newbie Deal Newbie
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No

Deal Cadet Deal Cadet
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No effect on IRCTC lounge access. Right?

Deal Newbie Deal Newbie
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IDFC was my # 1 preferred card to use. The movie voucher of BOGO upto 500 was very nice as new movies are generally expensive. I was infact even thinking of opening bank account and moving my salary account there. Looks like now all these plans would be shelved and this card will go to my chest box never to be bought out.

Once the dust settles around all the devaluations, we will have to see which card comes out ahead. 

Deal Cadet Deal Cadet
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koi tood nikalo bhai logo iska ,

Deal Cadet Deal Cadet
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credit card banks ko kya ho gya haa

Shopping Friend Shopping Friend
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Now my Amazon Pay ICICI card looks best. Atleast I can close my eyes and spend anywhere getting 1% cashback no strings applied.

The IDFC card practically became useless. My LTF SBI SimplyClick now looks much better

Finance Mentor Finance Mentor
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Apay ICICI now doesn't give on government payments, yes, still holding sclick even if paid, shall try to make ltf...

View 2 more replies
Benevolent Benevolent
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Link For Wow Card.

Dear Customer, effective 01-05-2024, your IDFC FIRST Bank's WOW! Credit Card's Terms and Conditions will be revised. Read More https://idfcfs.in/...nC

Deal Lieutenant Deal Lieutenant
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Does anyone know if the debit cards are devalued as well?

Generous Generous
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Wow card and wow rupay bhi hai kya is devalue me?

Deal Newbie Deal Newbie
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Really a bad move from IDFC

Deal Cadet Deal Cadet
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Are you sure that international lounge is not gated behind the spend criteria too? Email reads like ALL lounge access requires spending.

Deal Cadet Deal Cadet
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I hope we will still get 6x points for online spends,if we spend by April.Please confirm since they updated 3x points in site..but confused..

Deal Cadet Deal Cadet
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every time a card get devalued either i got that card few days back joy joy or in this case i checked 🤣 idfc say i am eligible for idfc first millennia card joy🤣 wow so now every devalued card gets dispatched to me joy🤣 sweat_smile maybe i am the king of devalued card joy💀 behold

Benevolent Benevolent
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naam devil smiling_imp aur harkte panouti wali ghost pls dont apply anymore cards smile pray
View 1 more reply
Generous Generous
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Why is everyone after spend for domestic airoport?

Deal Cadet Deal Cadet
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Can someone confirm if 1 reward point of IDFC Wealth Credit card is just 0.25rs? I was in an assumption that it was 1rs! 

Deal Cadet Deal Cadet
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Yes, it is 25 paise per RP. On redumption ₹99+GST.

Deal Newbie Deal Newbie
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First they only provided cc as per location now this, what kind of banking is that, devaluing even before reaching out masses

Benevolent Benevolent
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Bogo upto 125rs what the...................
Did Axis invest in IDFC? 😣

Deal Hunter Deal Hunter
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That is even less than Axis My Zone BOGO offer.
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