IDFC First Bank Launched its Debit Card Reward System

[Prem03]

This bank gives great rewards on debit card spends.
On my IDFC First Select Debit Card, I spent ₹500000 and got 30666 points equivalent to ₹7500 which I converted to Amazon Shopping Voucher and got ₹7500 voucher instantly.

As per my knowledge no other bank has this great reward structure on debit card.

Now don't call the bank to thank them

 

[dhruv_m13]

If you had the Wealth card, you would have gotten almost 50K points.

if I maintain ₹10L in my account for consecutive 3 months, I will get upgraded to wealth ?

 

[Prem03]

if I maintain ₹10L in my account for consecutive 3 months, I will get upgraded to wealth ?

Yes, you can upgrade by maintaining the balance. You can contact the branch to discuss about wealth requirement but they will need Average balance above 10 Lakhs.
A quick solution is to open a Wealth account for a family member with 10 Lakh IP and get yourself linked to that account. You can add more family members to enjoy wealth privileges in all the accounts.

 

[ashwinikumar900]

if I maintain ₹10L in my account for consecutive 3 months, I will get upgraded to wealth ?

Just directly contact the BM; it’s up to him. You will be upgraded into Wealth. In my case I just maintained 12L for one month.

 

[Optimiser007]

If you had the Wealth card, you would have gotten almost 50K points.

How?, after 50k, both select and wealth offer 2.5% only na

 

[Optimiser007]

Just directly contact the BM; it’s up to him. You will be upgraded into Wealth. In my case I just maintained 12L for one month.

But after conversion, won't they penalize if you don't maintain AMB?

 

[ashwinikumar900]

How?, after 50k, both select and wealth offer 2.5% only na

Yes, but the upper limit/capping of the wealth debit card reward is 50K points.

 

[ashwinikumar900]

But after conversion, won't they penalize if you don't maintain AMB?

It’s possible they could downgrade, but this is still a matter of discussion.

 

[Optimiser007]

B

It’s possible they could downgrade, but this is still a matter of discussion.

But they don't penalize automatically is it?

 

[Optimiser007]

Yes, but the upper limit/capping of the wealth debit card reward is 50K points.

Ah ok, you were talking about 5L spend..but my understanding on 2.5% is correct right? I know that below 50k, the reward rate is slightly different..

 

[ashwinikumar900]

B

But they don't penalize automatically is it?

Nah, they first email you to maintain the required balance, only then, maybe.

 

[Anindya98]

How?, after 50k, both select and wealth offer 2.5% only na

 

[Optimiser007]

View attachment 100883

So essentially after 50k, every card give same reward rate, just the caps are higher for wealth and private