https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988047
Reward rate would be 0.5% upto ₹20000??
Keeping since it's LTF.
IDFC First Bank Credit Cards Devaluation
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
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988064
CC devaluation
Please Visit
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988077
Another one bites the dust anyways muje kyaa naa cc na tension
refer to pic for detail new updated terms and conditions
refer to pic for detail new updated terms and conditions
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988109
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
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
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988166
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
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988167
@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.
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988347
Thanks, added to the highlights.
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988194
This is really sad
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988201
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.
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988339
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
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988300
WHAT
THE
F!
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988355
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 . 
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988472
If I do education payment on April 25th am i eligible for 10x reward points? my statement date is 24th April.
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988533
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.
View 3
more replies
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988528
No
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988536
No effect on IRCTC lounge access. Right?
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988730
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.
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988763
koi tood nikalo bhai logo iska ,
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988805
credit card banks ko kya ho gya haa
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9988867
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
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9989045
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
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9989458
Does anyone know if the debit cards are devalued as well?
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9989699
Wow card and wow rupay bhi hai kya is devalue me?
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9989741
Really a bad move from IDFC
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9989851
Are you sure that international lounge is not gated behind the spend criteria too? Email reads like ALL lounge access requires spending.
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9989854
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..
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9990163
every time a card get devalued either i got that card few days back 
or in this case i checked 🤣 idfc say i am eligible for idfc first millennia card 🤣 wow so now every devalued card gets dispatched to me 🤣 
maybe i am the king of devalued card 💀 behold
aur harkte panouti wali 
pls dont apply anymore cards 
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9990722
Why is everyone after spend for domestic airoport?
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9990815
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!
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9991174
Yes, it is 25 paise per RP. On redumption ₹99+GST.
https://www.desidime.com/discussions/idfc-credit-cards-devaluation?page=1#post_9990999
First they only provided cc as per location now this, what kind of banking is that, devaluing even before reaching out masses
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![Amazon Rs 99 Sample - Umaz3 Cashew, Almond | Nargis Tea Traditional Masala, Premium Tea [user specific]](https://cdn2.desidime.com/topics/photos/1783861/medium/Screenshot2024-05-02at2.58.37PM.png?1714642129)
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.
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
Apay ICICI now doesn't give on government payments, yes, still holding sclick even if paid, shall try to make ltf...