It has been almost a year with the IDFC First Bank Mayura Credit Card and it’s time for renewal. Given multiple cards in the wallet, I have spent only about a lakh on the card, so paying the annual fee does not feel worth it.
So before the renewal fee was charged, I called customer care to check if there was any retention benefit. The executive raised a cancellation request and said I would get callback in a few days.
Shortly after, the app reflects “requested for closure” against Mayura. That’s a nice attention to detail.
I got a callback in three days and was offered a retention bonus of: 1,500 reward points.
I have no idea why anyone would think such a small offer is reasonable for a premium card, almost a super premium one.
A friend with the IDFC First Ashva Credit Card told me he got 2,000 points as a retention benefit a month ago. So it feels strange to see only 1,500 points on Mayura.
I understand the value difference in travel redemption, but it still feels too low for the annual fee. It does make sense for those spending 15 lakh a year, but not for others.
That said, my spends were not high enough to expect more, but even if I had done higher spend I still doubt if they have a system for dynamic offers based on spend.
While a better retention offer is essential, it would be much better if they introduce a targeted spend requirement for waiver, like Amex used to do.
Have you received a better retention offer on your IDFC First Bank paid credit cards? Feel free to share your experience in the comments below.
I have 98,000 reward points in this card. I was hoping to convert it to Amazon Pay balance since I don’t travel a lot. but the features are not available. so fed up with them, and I will also close this card effectively.
Hi Sid, was the flight/hotel prices in IDFC portal comparable to travel aggregators/Smartbuy portal to really have the benefits of accelerated rewards?
Been seeing few people mentioning that the hotel/flight prices are very high in IDFC portal nullifying the rewards benefit.
True, have seen 15 to 20% for hotels more than other portals.
I was not offered any points for retaining my Mayura card so I closed it. On IDFC Digital card I was given 3000 points offer, which I accepted.
So did you closed or still waiting ?
It’s closed now.
They did not even once called and card was duly closed on 7th day of request. Maybe they have started giving these small offers now. But why on earth someone will take such low offers
They have to start somewhere, so it’s good to see they’re taking steps. Hopefully, they fine-tune it based on feedback and eventually master it.
Which app is that Sid. its got a nice feel to it
Yesterday IDFC First customer executive offered 1000 reward points to retain my HP Power plus Card. But the same points were not reflected in my card details till now. May be false promise by bank.
Maybe give them some more time.
Yes, I was offered 2,000 points on my Ashva credit card as retention offer last week and I took it.