10x reward rate on IDFC Wealth CC applicability

[WhoU]

How is 10x applied after 30k?

Is is based on transaction or is it based on value.

For example, if I make my first transaction of 50k for the month, will that be split into two where I get 6x (online txn) for 30k and 10x for 20k? Or I will get 6x for 50k and any txn henceforth will get 10x?

 

[Deepak_Shetty]

Yeah, but you would be losing out on points for that big purchase, assume that you have already spent 30k in the month. Now if you purchase something of 1L value, and you have 4L points, you can theoretically buy with points and only pay 117 for a 1L purchase, just 0.117%. But if you opt to purchase from card balance, you would get 10k points. Assuming that you convert them to amazon pay voucher, it would be of 2500. So on a 1L purchase, you would end up paying 234 but with an amazon pay balance of 2.5k too.

Yeah, got your point.

 

[sourpai]

Not really. If it is big purchase, then you are losing out on the points, if it is small purchase, then that 99 is not a small fee.

Best would be to keep accumulating them and convert them to statement credit after a big purchase. That way you can offset the 99 from the points generated for the purchase.

You need 400 468 points to offset the 99 117 cost. That means you need to make an online purchase of about 6.6K 7.8K online and 12k 15.6K offline. If you have already spent over 30K in the statement month, then 4k 4.6K transaction would satisfy too.

Last I tried couple of months back, IDFC is not allowing statement credit option for point redemption. Have you tried recently?

Best option is still use points option via OTP page

 

[Pankhuri]

Last I tried couple of months back, IDFC is not allowing statement credit option for point redemption. Have you tried recently?

Best option is still use points option via OTP page

No I haven't tried. I assumed that the guy's info is correct.

 

[sourpai]

Okay. then as per lates update IDFC is not allowing statement credit as redemption option. I had called cc and requested this specifically and they denied. If anyone has a different experience, please update on this thread

 

[Sunil R]

Yes. I didn't check for statement credit option earlier. It's good.
For claiming reward points on OTP page, reward rate will be same 4:1. It's better if we have big number of reward points.

statement credit?? where to find that option while redeeming reward points

 

[Sunil R]

Hi,
Does anyone have experience on if 10x is applicable on educational fee payment on idfc wealth Cc?

yes got for classic card

 

[Sunil R]

Okay. then as per lates update IDFC is not allowing statement credit as redemption option. I had called cc and requested this specifically and they denied. If anyone has a different experience, please update on this thread

same question for me

 

[Deepak_Shetty]

statement credit?? where to find that option while redeeming reward points

I didn't get statement credit option. I think option has been removed recently.

 

[sourpai]

Next best and closest option is to redeem reward points during transaction on OTP page

 

[helloworld]

IDFC since day 1 never had statement credit option. Its either voucher redemption or pay with points (which is kind of same as statement credit). In anycase you have to pay redemption fee with GST.

And this is not new trend, this fee charged by other banks even before IDFC started distrubuting credit cards. HDFC, ICICI, SBI all of them charge these fees from a long time (Indian banks). Even AXIS has fee but after certain points.

New banks, or those who wants fresh customers usually start with this approach but eventually like IDFC will charge the fee. Also, recently AU joined similar way. Don't compare cashback with rewards, each has their advantages and disadvantages but reward redemption fee exist for most of the banks.

The whole point of rewards is to keep that customer long time, by purchasing more, stay more and accumulating.. not take money next month and close it. It also benefits to banks either through expiry or forgot to redeem.

@Deepak_Shetty : SBI won't charge fee for SimplyClick but same not applies to other variants (excluding co-brand cards).

source: https://www.sbicard.com/en/most-important-terms-and-conditions.page

Fees&Charges - J.Other Charges

Note: IDFC points as of today never expires, so ideally you can keep accumulate and redeem once to reduce redemption fee (its same for 100 points and 1L points, the higher the better).

Also, another note: similarly till now, YES reward points never expires but since Sep'23 they made changes that reward expires after 3 years. So, assume worst and don't hold longer. I think only AMEX case you can trust but anything can happen anytime.

 

[techt]

In the latest CC statements the have given this calculation too.

 

[techt]

Screenshot of my statement.

Simply put, ignoring the utilities (they give 1x and dont count for milestones) for the IDFC Wealth CC the first 30K spends earn 3X or 6X depending on offline or online. After 30K, irrespective of online/offline it is 10X.

 

[techt]

IDFC since day 1 never had statement credit option. Its either voucher redemption or pay with points (which is same as statement credit). In anycase you have to pay redemption fee with GST.

If my paying amount is 10K and I have about 6K INR worth points, how the statement will be ?


Will my statement have 4K as payment or 10K as payment then 6K as credits alebit 99+GST ?

 

[helloworld]

If my paying amount is 10K and I have about 6K INR worth points, how the statement will be ?


Will my statement have 4K as payment or 10K as payment then 6K as credits alebit 99+GST ?

that 'pay with points' checkbox means you have given consent that available points can be used to pay "this particular purchase" and agrees to pay charges 99+GST(18%) as part of "this redemption".

now, after transaction settled (most of the time),

billed amount: 10K
reward redemption adjusted against statement: -6K (worth of reward points)
remaining outstanding: =4k
+
redemption fee: 116.82rs.

total outstanding: 4116.82 (if statement has only 10k transaction).

its more or like statement credit option but each time it charges 116.82rs. irrespective of number of points redeemed, the higher the better.

 

[techt]

yes. each redemption 118rs. fee

Means 4k credit and points for 4k.
Or
10 debit
6k credit with points for 10 K?

 

[techt]

that 'pay with points' checkbox means you have given consent that available points can be used to pay "this particular purchase" and agrees to pay charges 99+GST(18%) as part of "this redemption".

now, after transaction settled (most of the time),

billed amount: 10K
reward redemption adjusted against statement: -6K (worth of reward points)
remaining outstanding: =4k
+
redemption fee: 116.82rs.

total outstanding: 4116.82 (if statement has only 10k transaction).

its more or like statement credit option but each time it charges 116.82rs. irrespective of number of points redeemed, the higher the better.

sorry for asking again.
my concern will I get rewards for 10K or on the 4K.

 

[sourpai]

sorry for asking again.
my concern will I get rewards for 10K or on the 4K.

This is how it will show. I think I got the reward for 4K, but it was sometime back. Will have to check now

 

[helloworld]

sorry for asking again.
my concern will I get rewards for 10K or on the 4K.

10K. Points redeemed once transaction settled. so do check with support if anything changed at the backend.

 

[techt]

10K. Points redeemed once transaction settled. so do check with support if anything changed at the backend.

Wow then it's great. No loss of settled points.

 

[mojo_jojo123]

10x reward is based on >30k spend in a month or in a statement cycle ?