IDFC Wealth Devaluation
Receieved following message: Effective 01-05-2024, some features and Terms & Conditions on your IDFC FIRST Bank's Wealth Credit Card will be revised. Read more: https://idfcfs.in/...tL
Read here: https://www.idfcfirstbank.com/content/dam/idfcf...
Kindly note, some of the features and terms of your FIRST Wealth Credit Card will undergo changes with effect from 1st May 2024:
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. 250 off twice per month
3. Complimentary visits to Airport Spas and Lounge
• Total number of visits will continue to be 4 per quarter
• Domestic airport lounges & spas visits will be capped to 2 per quarter
• International airport lounges visits will be capped to 2 per quarter
• Spend minimum Rs. 20,000 in a calendar month to activate lounge & spa 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
o Illustration 1: Utility spends of Rs. 10,000 in a statement cycle will not attract a fee as it is below the threshold
o Illustration 2: Utility spends of Rs. 30,000 in a statement cycle will attract a fee of Rs. 300 (1% fee) + taxes*
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Lol 0.5% on wallet loads😅. Wasn't it their USP?
SBI Unipay spends track as utility spends. 1% charges above 10,000 utility spends
Wealth was 1x/3x/6x/10x per Rs.100 but now is it Rs150? (Select had RP at Rs.125) so 10x had 2.5% CB and now it will be 1.66% 😌
guess there is some typo as Millenia also says the same reg RPs
https://www.idfcfirstbank.com/credit-card/mil...ia
Millennia:
Wealth:
just saw all the IDFC First cards and crap -- all have same CB rates, Select or Wealth card holder will earn the same reward as a Millennia or Classic card holder. Earlier, IDFC First Wealth card was offering the highest reward, followed by IDFC First Select. However, after May 1st, 2024, all IDFC First LTF cards will earn the same reward.
also first there was no minimum spend for lounge access for Wealth, then 5k and now 20k per month for which getting the lounge access itself will be cheap and almost 1/10 (assuming domestic lounge access is around 2-2.5k) of 20k spends, I mean had this card mainly for lounge access but now no use 😌
I guess soon we will have to pay a fee to use credit cards if this trend continues, clearly they have lured and seduced 😄 us into using credit cards with these cashback/reward points/airmiles/sale discounts etc from the basic use of 30-45 days interest free, this is similarly to mobile phone usage where initially for incoming itself we used to have charges then almost 500 per month for just 500mb 3g data then we had a big reversal where data was given cheaper than mineral water and now it is going to take a reverse as Airtel are already waiting for the election to get over to announce tariff hikes 😡
20k for lounge access is toooo much....
ab isko lene se wealth ka devaluation hojayega
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Just received this message, what a loss. I never anticipated IDFC First to follow other's footprints for their top tier card like Wealth.
That said, Rs. 20,000 a month's spend criteria for lounge and spa access is too much to ask for, they could have asked for quarterly to be reasonable.
The legendary B1G1 upto Rs. 500 movie tickets offer devaluation is a big bummer.