It’s been greater than a yr since IDFC First Financial institution has launched their vary of Credit score Playing cards into Indian market and we’ve seen fairly a little bit of updates to the product since then. Right here we’ll see the detailed evaluation of the IDFC First Financial institution Wealth Credit score Card in its present kind.
Overview
| Sort | Premium Credit score Card |
| Reward Fee | 0.75% – 2.5% |
| Annual Payment | Lifetime Free Credit score Card |
| Greatest for | Excessive worth transactions |
| USP | Spa advantages & eVoucher redemptions |
Whereas the cardboard is portrayed as a brilliant premium card by the Financial institution, I wouldn’t name it so. Although, it’s a very good premium bank card with life-style advantages.
Charges
| Becoming a member of / Renewal Payment | Lifetime Free |
| Welcome Profit | 500 INR voucher |
- Welcome voucher price 500 INR on spending >=15,000 INR inside 90 days of card era.
The benefit of this card is clearly the “Lifetime Free” profit which comes with all of the privileges. However don’t neglect the fact about lifetime free bank cards.
I personally really feel that they shouldn’t have issued this card as LTF because it’s a widely known reality that it’ll finally kill the product.
Whereas the devaluation has already began, I simply want that IDFC don’t comply with the YesBank route and make all their premium playing cards ineffective in 2-3 Yrs of issuance.
Design
It’s a neat & easy design with black backdrop that banks usually use to point a “tremendous premium” product.
Whereas the design is nice, I don’t really feel the premium’ness in its design. That is partly as a result of the entrance face doesn’t have any artistic components in it. However properly, we should always count on an excessive amount of from a LTF card.
Rewards
| SPEND TYPE | REWARDS | REWARD RATE |
|---|---|---|
| Offline Spends | 3 RP / 100 INR (3X) | 0.75% |
| On-line Spends | 6 RP / 100 INR (6X) | 1.5% |
| Spends >30K (per stmt) | 10 RP / 100 INR (10X) | 2.5% |
| Spends on Birthday | 10 RP / 100 INR (10X) | 2.5% |
- 1 Reward Level = 0.25 INR
- Redemption Costs: 99 INR+GST (from 1st Oct 2022)
- Rewards don’t expire
IDFC has added various restrictions these days to the rewards program. Wanting on the pattern, they’d in all probability add extra to it within the coming months.
Phrases & Circumstances:
- Rewards not relevant on Gas, Insurance coverage & EMI transactions
- Rental txns will accrue 3X rewards (0.75%) solely and won’t be used for 10X calculations.
In the meantime, they don’t like excessive worth transactions on the cardboard and have already began to chop the rewards for a lot of cardholders whose spends went past the credit score restrict.
Lounge Entry & Spa
| ACCESS TYPE | ACCESS VIA | LIMITS |
|---|---|---|
| Home Airport Lounges | Visa | 4/Qtr |
| Home Railway Lounges | Visa | 4/Qtr |
| Home Airport Lounges | Dreamfolks | 4/Qtr (shared) |
| Worldwide Airport Lounges | Dreamfolks | 4/Qtr (shared) |
| Home Spa Entry | Dreamfolks | 4/Qtr (shared) |
The welcome letter and the web site clearly states that we will use the Dreamfolks card issued by IDFC for accessing home & worldwide lounges together with airport spas.
The quarterly restrict for above is shared throughout the above providers and I’m certain its adequate. It’s possible you’ll think about using Dreamfolks Card just for Spa profit, as you’ll be able to anyway entry the lounges with many different playing cards.
Golf Profit
- Complimentary rounds: Upto 2/month (video games & classes)
- This profit is linked to spend requirement.
Spends of 20,000 INR (or) 40,000 INR are required to unlock 1 (or) 2 rounds respectively. Spends accomplished in a billing cycle are tracked for this home golf profit.
All of the complimentary rounds earned in a billing cycle will likely be eligible for redemption from 1st of subsequent month and will likely be accessible for redemption upto 2 months (60 days).
ICICI Financial institution too follows the same system and it’s undoubtedly a poor system. They need to have as an alternative gone for quarterly limits based mostly on spends.
Foreign exchange Markup
- Foreign exchange Markup Payment: 1.5%+GST = 1.77%
- Reward price: ~2.5% (assuming ~2L spends)
- Internet acquire: ~0.50%
When you’re doing excessive worth international forex transactions on IDFC First Wealth bank card, it’s going to profit you slightly bit. However for those who intend to spend solely 10K or 20K a month, this card offers you solely internet loss.
Different Advantages
- Complimentary Highway Aspect Help(RSA) price ₹1,399
- Revolving Curiosity Fee: Comparatively decrease rate of interest in comparison with different banks, often 20% – 24% p.a. (I acquired 22% p.a. ROI)
- Purchase 1 Get 1 Film Profit: Upto Rs.500 per ticket by way of Paytm Films.
Complimentary roadside help is without doubt one of the distinctive characteristic on this bank card. It possibly helpful at occasions, for ex, to leap begin your automobile on breakdown.
Revolving rate of interest is without doubt one of the key good thing about the issuer however I hardly see anybody benefiting from it, possibly the reason being that those that want a low rate of interest are usually not getting it.
Getting the Card
- Eligibility: IDFC Wealth Ac (or) Different financial institution bank card with >5L restrict
- Apply on-line (Instantaneous approval)
Contemporary Card: When you’ve >5L credit score restrict on different financial institution bank cards, you’ll be able to apply for the IDFC bank card on-line and you could doubtless be eligible for the wealth variant. If eligible, you will get the digital card prepared to be used in matter of minutes.
When you’ve decrease limits on different bank cards, you would possibly must get the Choose bank card initially after which improve it later, doubtless after a yr.
Improve: When you’ve IDFC Choose Card with <=4L restrict, you’ll first want to extend your credit score restrict to >=5L after which request for an improve.
It’s possible you’ll e-mail/name IDFC buyer look after improve. Right here’s my hands-on expertise with the IDFC Wealth Credit score Card.
Bottomline
- Cardexpert Ranking: 4.2/5
It’s a lifetime free bank card and so there isn’t a motive so that you can not take the cardboard for those who’re eligible for a similar. You get complimentary entry to airport lounge/spa with respectable reward price, in order that they’re completely price it.
However for those who intend to spend on the cardboard, do keep in mind that you get good rewards solely on on-line spends and excessive worth spends.
It’s ideally appropriate for these with month-to-month spends within the vary of 1 Lakh or above, assuming that you simply don’t need to pay for different premium bank cards.
Don’t have IDFC Credit score Card? Apply right here
Do you maintain IDFC First Wealth Credit score Card? Be at liberty to share your ideas within the feedback under.
