Devaluation IDFC Wealth Devaluation

[Shash]

Kindly note, some of the features and terms of your FIRST Wealth Credit Card will undergo changes with effect from 1st May 2024: Important update regarding your lifetime free FIRST Wealth Credit Card A lifetime free Credit Card loaded with benefits! Grab offers and discounts on your favourite brands every day of the week! EMIfy transactions and balances at low interest rates Enjoy Reward Points that are as good as cash, redeemable anywhere online Easily repay other bank’s outstanding dues and convert them to EMIs Always You First, IDFC FIRST Bank 1800 10 888 Click here to view updated MITC 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*

 

[VijayflyRaven]

 

[VijayflyRaven]

Major changes. Utility is brutal.

 

[MangoRush]

Forget Utility, removing Wallet makes this card useless now.
BMS too reduced to just 250 Rs.

 

[Paritosh]

I was using this card for government spends, taxes, fees payment, insurance. Now it will not even recover transaction charges. Need to search for a better card. Please suggest.

 

[VijayflyRaven]

For utility, they give 1x rewards (0.16%) and asking us to pay 1% as fees when we spend more on utility. Wallet loading is the option to go for utility but that too has been impacted.

 

[VibhavBilgoji]

What the net effective difference between IDFC First Select CC and First Wealth CC now?

 

[VijayflyRaven]

I was using this card for government spends, taxes, fees payment, insurance. Now it will not even recover transaction charges. Need to search for a better card. Please suggest.

If below 50k per month, you can take SC smart. It’s 2% instead of 2.5% we got with wealth. Other option is to use UPI on credit card.

 

[CoolGeek]

The biggest devaluation is only 3X rewards for Rs. 150 spent online...So you get only 0.5% for any online spend till 20k?

 

[VijayflyRaven]

What the net effective difference between IDFC First Select CC and First Wealth CC now?

Looks like the same now. They have merged both cards 😂

Wonder if the 1X for ₹150 is a typo. Should read 1x for every ₹100.

 

[abhiver]

This is no more a Super Premium Card.

 

[bigbyte]

The biggest devaluation is only 3X rewards for Rs. 150 spent online...So you get only 0.5% for any online spend till 20k?

Yes 1/3 rd of existing

 

[VibhavBilgoji]

Looks like the same now. They have merged both cards 😂

oh wait they devalued select aswell
Paytm BOGO now Rs.125 twice per month
ewww

 

[VibhavBilgoji]

I hope they start giving out Wealth card easily now... Rs.125 twice per month is pathetic.

 

[techt]

I was using this card for government spends, taxes, fees payment, insurance. Now it will not even recover transaction charges. Need to search for a better card. Please suggest.

Same, just got it 3 months ago after a lot of thought. Was using only for taxes. Now this is no more useful. Only thing is its ok for gold purchases.

But again, is 1x per 100 or per 150 now ?

 

[bigbyte]

They distributed this card left and right couple of year ago. And now everyone at lounge was flashing this card.

 

[Saipsy]

Why majority of the people want to create new threads for same topic. Are they thinking they will become famous by being Op.
IDFC devaluation thread has already been created by the mods earlier in the morning.

 

[card.enthusiast]

Here is my summary. Let me know if I got anything wrong.

• Base reward rate change - Earlier 3x per 100/- was base reward rate, with 25 paise per point, so effectively 0.75%, now it's 3x per 150/- so base reward is 0.5%
• Online advantage is gone. For spend up to 20k monthly, only 0.5%. After 20k monthly, back to 10x but since it's 3 point per 150/-, so effective rate is 2% [Edit: This is 1.67%]
• Movie benefit via PayTm is 1+1 up to 250/- twice (Earlier was 500/- twice)
• Utility effective reward is 0.16% for total monthly bill < 20k, Negative 0.84% for more than 20k
• Insurance remains 1x but now it means 0.16%
• Wallet load and Govt fees are 3x which is 0.5% reward
• Lounge coverage requires minimum 20k spend in previous month; Also individual limits of 2 times for Domestic and International each

 

[techt]

Here is my summary. Let me know if I got anything wrong.

• Base reward rate change - Earlier 3x per 100/- was base reward rate, with 25 paise per point, so effectively 0.75%, now it's 3x per 150/- so base reward is 0.5%
• Online advantage is gone. For spend up to 20k monthly, only 0.5%. After 20k monthly, back to 10x but since it's 3 point per 150/-, so effective rate is 2%
• Movie benefit via PayTm is 1+1 up to 250/- twice (Earlier was 500/- twice)
• Utility effective reward is 0.16% for total monthly bill < 20k, Negative 0.84% for more than 20k
• Insurance remains 1x but now it means 0.16%
• Wallet load and Govt fees are 3x which is 0.5% reward
• Lounge coverage requires minimum 20k spend in previous month; Also individual limits of 2 times for Domestic and International each

They said 3x per 100, is it only for that 3x category or the other too ? Then this is worse than the older select card.
Still, itsn't clear if the 10x goes like 1x per 100 or 1x per 150.

 

[Sohmel]

Wait, so now that I have wealth and want to use that for lounge access (let's say domestic of 2 per quarter)

I need to spend 20,000 a month ago visiting the lounge for those 2 visits per quarter?