IDFC FIRST Bank devaluation history — every nerf and buff, dated.

A per-card markup table — Nil on a few premium cards, 1% to 3.5% on the rest NIL on foreign-currency transactions and on dynamic and static currency conversion, bank-wide

IDFC's retail credit-card MITC, re-saved 9 September 2026, replaces the old per-card forex table with one NIL row covering foreign-currency transactions and dynamic and static currency conversion. The commercial and corporate MITCs, re-saved 7 September, print Nil or 0% for the business and corporate cards. Ashva's brochure, re-issued 10 September, says the same and also cuts that card's international earn from 5 reward points per ₹150 to 2X. A widely reported 26 October cut to international reward earning is not in any of those documents, so it is not on the cards. Cards that were already Nil — Mayura, Gaj, WOW, WOW Black, FIRST Private, Diamond Reserve — did not move.

60 RP/₹150 on app hotels, 40 RP/₹150 on flights (Jun-2025 boost) 40 RP/₹150 hotels, 25 RP/₹150 flights; movie BOGO needs ₹20k/month; rewards capped at credit limit

The Jun-2025 boost is rolled back: IDFC's 18-Jun-2026 notice re-states the app bonus as '20%/10% Bonus Reward Points' — 30 and 15 bonus RP per ₹150 — dropping hotel bookings from a 20% effective return to 13.3% and flights from 13.3% to 8.3% at the ₹0.50 travel value. The same notice gates the BOGO movie perk on ₹20,000 of previous-month spend and stops rewards on spends beyond your credit limit. The 0% forex and 5X/10X base survive untouched.

45X bonus RP on app hotel bookings and 20X on flights — 36 and 16 bonus points per ₹100 20% and 8% bonus — 20 and 8 points per ₹100, totals of 24 and 12, capped at 8,000 a month

The same 18 June revision that rolled back Mayura reaches the LIC co-brand, and it takes a little more. IDFC's own cardmember mailer sold "45X Bonus Reward Points on hotel bookings" and "20X Bonus Reward Points on flight bookings" through the app's Travel & Shop tab; the T&C that replaced it opens "Effective June 18, 2026" and restates the bonus as 20% on hotels and 8% on flights. Read the units before the outrage — IDFC prices 1X at 1 Reward Point per ₹125, so 45X was 36 bonus points per ₹100 and 20X was 16, against 20 and 8 now. With the 4-point base included, hotels fall from 40 points per ₹100 to 24 and flights from 20 to 12: at IDFC's flat ₹0.25 redemption that is 10% down to 6% on hotels and 5% down to 3% on flights, a straight 40% off both. The bonus caps at 8,000 points a calendar month, redemption stays 1 point = ₹0.25, and points still cover up to 70% of a booking. The card is genuinely lifetime free and the lounges are untouched, so it remains a keep — but the hotel line was the only number on it worth planning around, and it just lost two fifths of itself.

60 RP/₹150 on app hotels, 40 RP/₹150 on flights (Jun-2025 'up to 50X Bonus' boost) 40 RP/₹150 hotels, 25 RP/₹150 flights; movie BOGO needs ₹20k/month; rewards capped at credit limit

Ashva rides the same 18-Jun-2026 notice that hit its sibling Mayura: IDFC re-states the mobile-app Travel & Shop bonus as '20% Bonus Reward Points on hotels, 10% on flights' over the base earn — landing at 40 and 25 total RP per ₹150, down from the Jun-2025 boost's 60/40. At Ashva's ₹0.40 app-travel value that drops app hotels from ~16% to ~10.7% and flights from ~10.7% to ~6.7%. The same notice stops rewards on spends beyond the credit limit and gates the Buy-One-Get-One movie perk on ₹20,000 of previous-month spend. The 1% forex and 5X/10X base survive; the 15,000 bonus-RP/month cap is unchanged.

IDFC FIRST reward points never expired — lifetime validity was a headline feature Points earned from 18 Jun 2026 expire 24 months from crediting (FIRST Wealth, Millennia, WOW! and more); existing WOW! points valid until Jul 2028

The same June-2026 revamp that clipped Mayura and Ashva's app-travel multipliers took a quieter but broader swing: IDFC FIRST's celebrated 'points never expire' promise is dead. Points earned from 18 June 2026 now carry a 24-month expiry from the crediting date across FIRST Wealth, FIRST Millennia, FIRST WOW! and the wider stack, with existing WOW! balances grandfathered only until July 2028. Pair it with the portfolio-wide move to stop earning beyond your credit limit and the ₹20,000-spend gate on the movie perk, and IDFC's whole 'lifetime-valid, low-friction rewards' identity is being sanded down. The lifetime-validity era is over — burn IDFC points, don't hoard them.

3X up to ₹20,000 a statement cycle and 10X on every rupee above it; 33% bonus RP on app hotels, 13% on flights 10X only on dining, travel, international and birthday spends; 3X on everything else; app bonus cut to 20% hotels, 10% flights

IDFC rebuilt the free Select card's reward engine on 18 June 2026 and the answer depends on how much you spend. The old construct paid 10X (10 RP per ₹200) on the incremental spend above ₹20,000 a statement cycle, which rewarded volume; the new one pays 10X on dining, travel, international and birthday spends and 3X on the rest. At ₹50,000 a month that's a straight cut — roughly 0.9% blended down to 0.55% — while a ₹15,000-a-month diner comes out ahead. What isn't ambiguous is the travel portal: the bonus on app hotel bookings dropped from 33% to 20% and flights from 13% to 10%, taking app hotels from 8.25% to 6.25% at the ₹0.25 point. The same date capped rewards at your credit limit per billing cycle across the IDFC range.

Reward points on every eligible spend in a billing cycle Reward points only on spends up to your credit limit per billing cycle

The same 18 June 2026 sweep that cut Mayura's app multipliers left Gaj's earn structure alone — 5 RP per ₹150 flat, 50 and 25 RP per ₹150 on app hotels and flights, points still worth ₹1 on in-app travel — and took exactly one thing: pay down mid-cycle and re-spend, and the second lap earns nothing. IDFC's notice is explicit that rewards accrue only on spends up to your credit limit per billing cycle. On a card sold to private-banking clients with limits to match it is a small thing; on a card whose whole pitch is 33% back on app hotel bookings, it quietly caps how much of that you can farm in a month.

33% bonus RP on app hotel bookings, 13% on flights — set by IDFC's own Jan-2026 notice 20% bonus on hotels, 10% on flights; hotels drop 38 → 25 RP per ₹100

The 18-Jun-2026 Wealth notice reads like a reassurance — 'You continue to earn bonus Reward Points on all travel bookings made via the IDFC FIRST Bank Mobile App — 20% Bonus Reward Points on hotel bookings and 10% Bonus Reward Points on flights' — but those percentages quietly rewrite the 33% and 13% IDFC had set only five months earlier in its January notice. Because the bonus is additive, app hotels fall from 38 to 25 RP per ₹100 (9.5% to 6.25% at the ₹0.25 point) and flights from 18 to 15 (4.5% to 3.75%). It's the same cut Select and Mayura took the same day; the 8,000 bonus-RP monthly cap stays. The card's one genuinely fat earn line just lost a third of its fat.

No 0%-forex travel card at the ₹3,000 fee tier Diamond Reserve: 0% forex, 4 lounge visits/quarter

IDFC FIRST's Diamond Reserve, launched 6 January 2026 at ₹3,000+GST, undercuts the premium travel-card field with genuinely 0% forex markup, 60 RP per ₹150 on app hotel bookings and 40 RP per ₹150 on flights (both worth ₹0.25/point), plus 2 domestic and 2 international lounge visits every quarter and lifetime-valid points. In a year dominated by devaluations from HDFC, Axis, ICICI and SBI, this is one of the rare cards actually adding value at a mid-premium fee point rather than taking it away.

Private banking metal tier topped out below super-premium Gaj: launched atop Ashva-Mayura-Gaj trilogy, ₹12,500 fee

Gaj: is invite-only for IDFC FIRST Private Banking clients, carries a ₹12,500+GST joining and annual fee, and offsets it with 12,500 Reward Points (1RP=₹1) redeemable on in-app travel bookings — plus 0% forex and 1:1 earn rate. It's a niche launch that won't matter to most readers, but it signals IDFC FIRST is chasing the HNI segment HDFC Infinia and Axis Reserve have owned for years, right as those two incumbents are busy cutting benefits.

No IDFC First travel card tied to an airline programme Club Vistara IDFC FIRST Card: CV Points, lounge, golf perks

IDFC FIRST Bank, Club Vistara and Mastercard announced a new co-branded travel card on July 11, 2023, bundling CV Points earning with lounge access, golf benefits and trip-cancellation cover. It was a modest entrant next to the HDFC and Axis Vistara cards already in market, but it gave IDFC First — still building out its premium lineup — a genuine travel-rewards product for the first time.