As of April 2024, IDFC FIRST Bank has implemented a devaluation of several features across most of its credit cards. These changes are effective from 1st May 2024 onwards

Here are some of the notable revisions made to IDFC FIRST Credit Cards:

  1. Rewards Program Changes:

    • IDFC FIRST Millennia & Classic Credit Cards:
      • Existing: 6X reward points on online spends for up to Rs. 20,000 monthly card spends.
      • Revised: 3X reward points on online spends for up to Rs. 20,000 monthly card spends. However, the 10X reward points on incremental monthly spends above Rs. 20,000 will continue as before.
    • Utility Spends:
      • Existing: 1X reward points on utility spends (on MCC 4900).
      • Revised: 1X reward points on utility spends (on MCCs 4814, 4816, 4899 & 4900).
    • Education, Wallet Load & Government Services Spends:
      • Existing: Up to 10X reward points.
      • Revised: 3X reward points, but these won’t be considered towards achieving the threshold calculation of Rs. 20,000 monthly spends for unlocking the 10X rewards rate

  2. Other Changes:

    • Transaction Fee on Utility Spends: A 1% transaction fee will be charged on utility spends worth more than Rs. 20,000 in a month.
    • Minimum Value for Rent and Property Management Fee: A minimum value of Rs. 249 is set for 1% rent and property management fee.
    • Lounge Access Requirement: The monthly spends requirement to avail lounge access has increased from Rs. 5,000 to Rs. 20,000 (wherever applicable).
    • Movie Ticket Discount: The movie ticket discount value has been halved (wherever applicable)

These revisions impact the overall value potential of IDFC FIRST Credit Cards. While the spend threshold for accelerated rewards remains the same at Rs. 20,000, the overall value has diminished for online shoppers. Previously, cardholders could get good value-back on online purchases with a 6X reward rate, but now it has been reduced to 3X only. Additionally, education, wallet load, and government services-related spends will no longer count towards achieving the threshold calculation for unlocking the 10X rewards rate

For more details about specific card types, you can refer to the official IDFC FIRST Bank communication. Keep an eye on your card’s terms and conditions to make informed decisions based on these changes.