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.