IDFC Credit card reward system changes 2023-2024 You may be aware of changes in the IDFC reward system. Let us see what these changes are. Over all, is this credit card better? How much effect these changes have on the overall value. Common in IDFC First classic card, IDFC millennia card, IDFC First select card and IDFC First wealth card Change has come.

Which will be effective from 1st October 2022. Redeem your Reward Points on any redemption channel and every redeem transaction will be charged Rs. 90 / – plus tax. In addition, you can redeem the reward point free of cost before October 1, 2022. Now let us see what are the changes in the reward point system.

Let’s look at the first millennia credit card change –

IDFC Credit card reward system changes 2023-2024 Previously you were getting one reward point on every rupee hundred. Now you get one reward point on Rupees One Fifty Spend. There was no change in you getting 6x and 3x reward points online and offline. Minimum spend was required to unlock 10x reward point.

There are no changes in this and the same rupees is 20000. So millennia after this change And online credit spends up to Rs. 20,000 up to Rs. 150 spend will get 6reward point. Offline spend rupees up to 20,000 rupees 150 spend will get 3 reward points. This change will be effective on 17th May 2022 For subsequent billing cycles.

Select credit card reward point changes –

Previously you would get one reward point above Rs 100 spent. But now you will get one reward point on Rupee One Fifty Spend. There have been changes in reward points. You had to spend a minimum of 20,000 on the first one billian cycle to unlock 10x reward point.

Now you have to spend minimum 25,000 in one billian cycle to unlock 10x reward point. Select credit cards like Millennia credit card get 6x and 3x reward points. No changes have been made in online and offline respectively. Get up to Rs 15,000 online on select credit card and get six reward points for every 125 repeats.

Offline spends up to rupees 25,000 on rupees 125 spend get three reward points.

What changes have been made in the wealth credit card system reward point –

IDFC Credit card reward system changes 2023-2024 these changes will be effective from 17th May 2022 for subsequent billing cycles. There has been a change in this credit card to accelerated reward points. Previously you had to spend a minimum of Rs. 20,000 on one billin cycle to earn 10x reward point.

Now you have to spend 30,000 rupees for one billin spend to unlock 10x reward point. Like other credit cards, this credit card also gets 6x and 3X reward points for online and offline spend. There are no changes in this. And you get rewards point for every 100 rupees.

You will get six reward points for every 100 rupees spent on online spend using wealth credit card. And you will get three reward points for every 100 Rupees up to 30,000 rupees on Offline spend.

Let’s see how to get returns after changes on this card –

Earlier you were getting the same returns on these three credit cards. On particular monthly spend. But now you will not get the same returns on these three credit cards. Common changes have been made to classic and millennia credit cards.

Some different changes have been made to the wealth credit card. Previously you were getting around two percent returns on around Rs 40,000 monthly Spend. And you were getting around 1 to 1.3% returns on Rs 20,000 monthly spend.

Let us now calculate the indual returns –

And now let’s see how many returns you get on this card. Let us assume 40,000 monthly spend in the example and assume that one person redeems the points earned twice in one year, so the total redeem of two redeem transaction will be 200 rupees

1) Millinea and classical credit card calculates the returns –

on this card one person spends Rs100 get one reward point. When you spend Rs. 5000 offline, you get 100 reward points and above Rs. 20,000 spend, you get 1,333 reward points. So in one month you get total 2033 reward points. On reward point value is 25 paise. Total Rupees 6099 benefits in one year.

But a person who redeems point twice in a year gets relatively total rupees 5,899 ruterns. The return rate is around 1.22%.

2 ) How many returns do you get on Select Credit Card –

When a person spends Rs. 40,000 online spend Rs. 20,000 online, he gets 960 reward points. If you spend 5000 offline, you will get 120 reward points. After spending 15000 rupees, he gets 10x reward point. You will get a total of 2,280 reward points in one month.

So in one year you will get 27,360 reward points on total rupees 4,80,000 spend. One reward point value is 25 paise then the return is Rs. 6,840. But redeem transaction fee of Rs. 200 The final return rate is 1.38% .

3) How many returns you get on wealth credit card –

If you spend Rs. 40,000 online, you will get 1500 reward points. Offline spends will get 150 reward points above Rs.5000. After spending 30,000 rupees, this person gets 10x reward points on this credit card. And he will get 1000 reward points on remaining balance 10,000 spend.

You will get a total of 2650 reward points in one month. You will get a total of 31,800 reward points on a total of Rs. 4,80,000 spends in a year. The average value of a reward point is 25 paise. So total rupees benefits 7,950. But Rs.200 redemption transaction fee charges so effectively that person gets Rs.7,750 return. The return rate is 1.61 percent .

Conclusion –

So the conclusion of the article is that the credit card’s reward point system has been devalued and the overall return on this credit card has been reduced. And charging a fee on redemption transaction reduces overall returns.

These changes suggest that you do not redeem the rewards points you have earned. Because it will get very low return due to redemption transaction fee charges.

You redeem points around a maximum of two times in a year. This redemption transaction fee does not have much effect on over all returns. The reward value of this card has been devalued so you are getting less over all returns.