IDFC First Bank launched its debit card reward system

[TechnoFino]

IDFC First Bank launched its debit card reward system recently. Now you'll earn reward points for spending money using your IDFC First Bank debit card.
Reward portal link - https://www.firstrewards.com/



Reward system for IDFC First Bank normal debit card-
2000 welcome reward points on IDFC First normal debit card transaction above Rs. 1000

Online transaction- earn 2 reward points for every Rs. 150 spend
Offline transaction- earn 1 reward point for every Rs. 150 spend
10X reward points (10 reward points per Rs. 150) for every Rs. 150 spent via debit card on incremental spends above Rs. 20,000 in a month.

IDFC First Bank Select debit card reward system-
4000 welcome reward points on first debit card transaction above Rs. 1000
Online transaction- earn 3 reward points for every Rs. 150 spend
Offline transaction- earn 2 reward point for every Rs. 150 spend
10X reward points (10 reward points per Rs. 150) for every Rs. 150 spent via debit card on incremental spends above Rs. 50,000 in a month.

IDFC First Bank Wealth debit card reward system-
8000 welcome reward points on first debit card transaction above Rs. 1000
Online transaction- earn 4 reward points for every Rs. 150 spend
Offline transaction- earn 3 reward point for every Rs. 150 spend
10X reward points (10 reward points per Rs. 150) for every Rs. 150 spent via debit card on incremental spends above Rs. 50,000 in a month.

IDFC First Bank Private debit card reward system-
20,000 welcome reward points on first debit card transaction above Rs. 1000
Online transaction- earn 6 reward points for every Rs. 150 spend
Offline transaction- earn 4 reward point for every Rs. 150 spend
10X reward points (10 reward points per Rs. 150) for every Rs. 150 spent via debit card on incremental spends above Rs. 50,000 in a month.

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Exclusions: Payment to Mutual Funds, Insurance, Financial Institutions, Security Brokers, Dealers, Wallet Uploads, Quasi Cash, ATM Withdrawals, Credit Card Payments and Account Transfers transactions are not a part of FIRST Rewards program, Please refer to the TnC page for specific Merchant Codes that are excluded.

1 reward point = Rs. 0.25

Note: You'll earn core reward points depending on your debit card variant, along with the 10X points.

A monthly reward point accrual capping will be applicable based on user’s program membership. (w.e.f. 1st December 2023)

Type of Program	Monthly Point Capping
General	8,000
Select	30,000
Wealth	50,000
Private	5,00,000

How to redeem- You can redeem your reward points against gift vouchers, flight booking, recharge, etc.
Just click on "Redeem" and you'll see all the available options.
Link- https://www.firstrewards.com/user/burn

These are the excluded mcc's. You won't receive any reward points for spending on these categories.

Merchant Codes	Merchant Categories
6300	INSURANCE SALES AND UNDERWRITING
6012	FINANCIAL INSTITUTIONS - MERCHANDISE & SERVICES
6211	SECURITY BROKERS/DEALERS
6051	QUASI CASH
6540	WALLET UPLOAD

Reward Rate:-

IDFC First Bank Normal Debit Card-
Online- 0.33%
Offline- 0.17%
10X category- 1.67%
Incremental spends above Rs. 50,000: Online- 2%; Offline- 1.84%

IDFC First Bank Select Debit Card-
Online- 0.50%
Offline- 0.33%
10X category- 1.67%
Incremental spends above Rs. 50,000: Online- 2.17%; Offline- 2%

IDFC First Bank Wealth Debit Card-
Online- 0.67%
Offline- 0.50%
10X category- 1.67%
Incremental spends above Rs. 50,000: Online- 2.34%; Offline- 2.17%

IDFC First Bank Private Debit Card-
Online- 1%
Offline- 0.67%
10X category- 1.67%
Incremental spends above Rs. 50,000: Online- 2.67%; Offline- 2.34%

Update on 14th July: IDFC First Bank relaunched its debit card reward system on 14th July, 2023.
We've made the necessary changes in the article.

Update on 22 Dec, 2023: IDFC First Bank updated its debit card reward system on 1st Dec, 2023.
We've made the necessary changes in the article.

 

[sxchzy]

then apart from this all other transactions are showing 10x rewards only

 

[jack333]

the calculation seems to be a bit off but for the transaction i have received base and 10x both

This is because part of 58188 is considered below 50k and you've earned 4x on that and on other part you've earned 10x. After this transaction you won't get both in this month

 

[jack333]

So the current reward rate comes at 2.33% for idfc wealth account
1333.34 points for first 50k
Rest points which can be earned in a month is 48667 for which spends required is 486667
Total spends for earning 50k points is 536667
50k points is 12,500 worth of AGV

 

[techt]

How the 2.33 for Wealth DC is calculated. AFAIK isn't it should be like this :


Till the milestone of 50K Online
4X points for FIRST Wealth for every Rs. 150 spent via debit card all online purchases

Once you cross 50K
10X reward points for every Rs. 150 spent via debit card on incremental monthly spends above Rs. 50,000 in a month

1 reward point is 0.25INR


Till the milestone of 50K
4*(50000/150)*0.25*(100/50000) = 0.67

For spends above 50K
10*(50000/150)*0.25*(100/50000) = 1.67


Is it extra bonus of 10x making effectively 14x for spends above 50K (i.e., 0.67+1.66 = 2.34) ?

 

[ak93]

How the 2.33 for Wealth DC is calculated. AFAIK isn't it should be like this :


Till the milestone of 50K Online
4X points for FIRST Wealth for every Rs. 150 spent via debit card all online purchases

Once you cross 50K
10X reward points for every Rs. 150 spent via debit card on incremental monthly spends above Rs. 50,000 in a month

1 reward point is 0.25INR


Till the milestone of 50K
4*(50000/150)*0.25*(100/50000) = 0.67

For spends above 50K
10*(50000/150)*0.25*(100/50000) = 1.67


Is it extra bonus of 10x making effectively 14x for spends above 50K (i.e., 0.67+1.66 = 2.34) ?

For wealth, it is 10x for every Rs. 100 spent, not Rs. 150.

 

[techt]

For wealth, it is 10x for every Rs. 100 spent, not Rs. 150.

For wealth DC, this is the case

IDFC First Bank Wealth debit card reward system-
Online transaction- earn 4 reward points for every Rs. 150 spend
10X reward points (10 reward points per Rs. 150) for every Rs. 150 spent via debit card on incremental spends above Rs. 50,000 in a month.

 

[Vasuki]

For wealth DC, this is the case

IDFC First Bank Wealth debit card reward system-
Online transaction- earn 4 reward points for every Rs. 150 spend
10X reward points (10 reward points per Rs. 150) for every Rs. 150 spent via debit card on incremental spends above Rs. 50,000 in a month.

I got future first.. even with 3l funding I can't get family banking ..
I m happy with zero balance account

But sad when i come across these 💔

 

[techt]

I am also only getting 10x rp.

In this 10X, 1X means 1 for every 150 right ?

 

[dino]

In this 10X, 1X means 1 for every 150 right ?

Yes, i have normal 25k mab account debit card.

 

[techt]

Yes, i have normal 25k mab account debit card.

OK. anyways its clear that for all DCs its per 150. BUT Mandal's calculation seems to be off.

 

[ak93]

For wealth DC, this is the case

IDFC First Bank Wealth debit card reward system-
Online transaction- earn 4 reward points for every Rs. 150 spend
10X reward points (10 reward points per Rs. 150) for every Rs. 150 spent via debit card on incremental spends above Rs. 50,000 in a month.

See below terms

 

[techt]

See below terms

but why it is so contradicting

 

[techt]

If it is 1x per 100. then for 50K incremental it is whopping 2.5%.

10*0.25 = 2.5

 

[varr]

For 100rs spent base reward is 0.66 point
Under 10x it's 6.66 points .

I own classic 10k account card

Max points per month 8000rp =2000

If you redeem amazon GC of 1000×2 times
Then you will charged with 117rs per 1000 voucher .

1.6 L spending need to make for 8000points

Overall after cutting redeemtion charges

Net returns is 1.1%

Still its highest in debit card category.

 

[vinodkugsiya54]

For 100rs spent base reward is 0.66 point
Under 10x it's 6.66 points .

I own classic 10k account card

Max points per month 8000rp =2000

If you redeem amazon GC of 1000×2 times
Then you will charged with 117rs per 1000 voucher .

1.6 L spending need to make for 8000points

Overall after cutting redeemtion charges

Net returns is 1.1%

Still its highest in debit card category.

i think reward redemption fee is per transaction . so if you buy 2 amazon pay gift voucher then fee will be 99 plus gst only.
Last month i buy 3 voucher of Rs. 1000 and i charged only 99 plus GST ONLY

 

[shenoyanil98]

What I can understand is for wealth debit card it is 0.5% for offline and 0.67% for online upto 50000
Above 50000 it is flat 2.5% for offline as well as online

 

[techt]

What I can understand is for wealth debit card it is 0.5% for offline and 0.67% for online upto 50000
Above 50000 it is flat 2.5% for offline as well as online

The problem here is 1 rp calculation. Whether it is per 150 or 100.

@GBajaj can you confirm based on your observations?

 

[shenoyanil98]

The problem here is 1 rp calculation. Whether it is per 150 or 100.

@GBajaj can you confirm based on your observations?

Per 150 till 50000 and per 100 after 50000

 

[jack333]

How the 2.33 for Wealth DC is calculated. AFAIK isn't it should be like this :


Till the milestone of 50K Online
4X points for FIRST Wealth for every Rs. 150 spent via debit card all online purchases

Once you cross 50K
10X reward points for every Rs. 150 spent via debit card on incremental monthly spends above Rs. 50,000 in a month

1 reward point is 0.25INR


Till the milestone of 50K
4*(50000/150)*0.25*(100/50000) = 0.67

For spends above 50K
10*(50000/150)*0.25*(100/50000) = 1.67


Is it extra bonus of 10x making effectively 14x for spends above 50K (i.e., 0.67+1.66 = 2.34) ?

10x is for every 100 not 150

 

[jack333]

i think reward redemption fee is per transaction . so if you buy 2 amazon pay gift voucher then fee will be 99 plus gst only.
Last month i buy 3 voucher of Rs. 1000 and i charged only 99 plus GST ONLY

Yes it is per transaction. Buy 1000*5