IDFC First Bank Credit Cards Devaluation (April 2022)

Devaluations are part of the journey for any credit card. But it is unlikely that a credit card will get devalued just one year after its launch. But, this is exactly what has happened with IDFC First credit cards. IDFC First has made changes (devaluations) across all its four credit card variants. The changes are in three features and as expected hit the reward rate. Here is everything you need to know.

Reduced Reward Earn Rate

The first change is in the reward earn rate for the IDFC First Bank credit cards. All cards except the Wealth variant see a change here:

LTF IndusInd Bank Credit Cards
  • Millennia and Classic now get 1 RP/Rs 150 instead of 1 RP/Rs 100
  • First Select now gets 1 RP/Rs 125 instead of 1 RP/Rs 100
  • Wealth continues to get 1 RP/Rs 100

With this, the new reward rates are as below:

Card VariantOffline and Rental/Property SpendsOnline Spends
IDFC First Millennia Credit Card3 RP/Rs 150 ~ 0.5%6 RP/Rs 150 ~ 1%
IDFC First Classic Credit Card3 RP/Rs 150 ~ 0.5%6 RP/Rs 150 ~ 1%
IDFC First Select Credit Card3 RP/Rs 125 ~ 0.6%6 RP/Rs 125 ~ 1.2%
IDFC First Wealth Credit Card3 RP/Rs 100 ~ 0.75%6 RP/Rs 100 ~ 1.5%

Increase in Minimum Spends to unlock 10X reward points

The minimum spends to unlock 10X RP on incremental spends in a month also sees a change. The old spend requirement on all cards was Rs 20000 in a month.

Card VariantNew Spend Requirement
IDFC First Millennia Credit CardRs 20000
IDFC First Classic Credit CardRs 20000
IDFC First Select Credit CardRs 25000
IDFC First Wealth Credit CardRs 30000

Introduction of Redemption Fee

IDFC First Bank had ‘Zero Redemption Fees’ as one of its selling points when it launched credit cards. That is gone now. We need to pay Rs 99 plus GST ~ Rs 117 for all redemptions. This is too high considering the low rewards now.

LTF IDFC First Bank Credit Cards

Final Thoughts

It is sad to see IDFC First Bank credit cards getting devalued so soon. LTF and simple but good rewards were why these were in demand. But with these changes, there is not much to like in these cards except for some other benefits.

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With this move, now all IDFC First Bank credit cards have different reward rates and benefits. The Wealth becomes the most rewarding variant but I do not see any value for the HNI’s in this variant as well.

Source: Millennia Card Changes || Classic Card Changes || Select Card Changes || Wealth Card Changes

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