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*

 

[sadhunath]

spending 1k is hard and you want free lounge benefits ?

I don't travel often.. so, have very less lounge usage on my card.. but I like to keep a card or two for the unforeseen business trip whever it comes up.

Wo sab chhodo but how it was 1k for him? It was 5k for me.

I'm sorry, it was indeed 5k.

 

[bing1309]

When card cretria reduced and when everyone seems to get this card and the card seems sounds and logic and when we apply this happens. Good this card was not given to be on pre-approved tried various method. Now I can stay away instead of even persuasive for this card.

 

[mits321]

So do I need to spend 20000 in April to access lounge benefits for may month. ? Or till May the benefits will continue?.
🤔

 

[bigbyte]

Spend 5k in April to avail lounge access benefits in May.

 

[Deleted member 9785]

So do I need to spend 20000 in April to access lounge benefits for may month. ? Or till May the benefits will continue?.
🤔

when people will spend, then only they will default or pay min dues and companies can make money

 

[silly_putty]

Time to close wealth account.

 

[helloworld]

I thoughts its typo for wealth credit card but even after 2 days, they kept same changes in their website. So, now all IDFC LTF cards have same reward rate?

 

[Harry1]

I thoughts its type for wealth credit card but even after 2 days, they kept same changes in their website. So, now all IDFC LTF cards have same reward rate?

Yes, it was like that when it was initially launched as well.

 

[helloworld]

Yes, it was like that when it was initially launched as well.

Yes, but later they differentiated atleast they can change that 150 to 100. Extra difference between cards is now lounge + movie discount only like earlier.

 

[uchitshah]

As such rewards were pathetic even for idfc wealth cc, now people will still use less.

 

[subham23]

On a lighter note for lounge spends calculation, if i spend 20,000/- per month that gives me 400 reward points (3x RP per 150/-) and on conversion that gives Rs. 100/- only (1 RP = 0.25 p). Then why should i spend 20k for lounge access instead of paying Rs. 899 + tax at lounge directly?

 

[helloworld]

On a lighter note for lounge spends calculation, if i spend 20,000/- per month that gives me 400 reward points (3x RP per 150/-) and on conversion that gives Rs. 100/- only (1 RP = 0.25 p). Then why should i spend 20k for lounge access instead of paying Rs. 899 + tax at lounge directly?

so, according to them you're getting..

900 (lounge) + 100 = 1000 on 20k spends = 5% 😯

 

[abhiver]

So in nutshell, IDFC LTF cards are all equal on reward rate.

 

[techt]

So in nutshell, IDFC LTF cards are all equal on reward rate.

Commie level destruction where ever one is equal.

But WOW still has its WOW with 0% forex fee.

 

[financewizard]

Idfc should rename it's cards IDFC Wealth, IDFC Select etc to IDFC Begger, IDFC Poor etc. The eligibility criteria for these cards and the benefits it offers are not proportional. I assume they are trying to kill all the LTF cards by devaluation.

 

[hirenrathod39]

Movie changes are not good after devaluation.

 

[bigbyte]

Movie changes are not good after devaluation.

Sabka apna apna dukhada.

 

[abhiver]

Commie level destruction where ever one is equal.

But WOW still has its WOW with 0% forex fee.

WOW is altogether a different card. It is backed by FD, if they devalue it then people will break their FD

 

[techt]

WOW is altogether a different card. It is backed by FD, if they devalue it then people will break their FD

Yes agree and you made a great point. In general, if we look at forex, we were getting some +ve cashback in wealth cc now it is -ve. When compared against wow, it is better with 0 forex.

 

[anilkrsh]

Even swiggy instamart offer is now devalued. Now it's 100 off on 799 instead of 699.