IDFC First Bank has a limited set of credit cards in their portfolio unlike other major players in the industry like HDFC, Axis, SBI etc. One of the cards in their portfolio that you should consider is the IDFC First Select Credit Card which is a semi-premium credit card. Post recent devaluation, some of the benefits of this card got curtailed but it’s still a decent card to hold for many reasons.
Let’s see the card features and benefits in detail and figure out whether this card deserves a place in your wallet or not.
Overview
It is a semi-premium rewards credit card positioned below their IDFC Wealth card which is premium level credit card. Unique thing about IDFC First family credit cards (First Millennia, First Classic, First Select, First Wealth) is that irrespective of their hierarchy and reward structure, all are issued as lifetime free cards. So it makes sense to at least hold one of these cards depending on which one you can qualify for and meets your requirement.
[Apply through above link to get 2000 points worth Rs. 500 on spending min Rs. 500 within 30 days of card issuance]
| Type | Semi-Premium Rewards Credit Card |
| Reward Rate | up to 2% |
| Best for | Airport Lounge Access; Movie Ticket Benefits |
Design
The card comes in horizontal design and is dark red color. It has a clean look on the front and the card number is mentioned on the back side. It is issued on Visa Signature network.
Fees & Charges
Joining & Renewal Fees
| Joining Fee | Lifetime free |
| Joining Fee Waiver | N/A |
| Joining Benefit | Voucher worth Rs. 500 (on spend of Rs. 5000 or more within 30 days); 5% cashback upto Rs. 1000 on 1st EMI transaction |
| Renewal Fee | Lifetime free |
| Renewal Fee Waiver | N/A |
| Renewal Benefit | N/A |
A semi-premium card for the features, which we will go over later in the Benefits section, it comes with and that too lifetime free is simply amazing which makes it a no-brainer card to hold.
And a small cherry on top of the cake is the joining benefit for which one has to spend Rs. 5000 or more within 30 days of card generation. You can check the details of the joining benefit voucher redemption process here. You also get 5% cashback (up to Rs. 1000) on the transaction value of first EMI transaction done within 30 days of card generation.
Other Charges
All the fees & charges are mentioned here. Some of the important ones are described below in detail.
Supplementary Card
There is no fee for applying for a supplementary card. In fact, you can even get 1000 reward points from IDFC on approval of a supplementary card.
Forex Payments
1.99% of the transaction value + 18% GST (which adds up to 2.35%). This card could be useful on foreign trips in case you spend more than Rs. 25000 because then effective charge would be 0.35% (2.35% – 2% reward rate (as explained in Benefits section)).
Fuel Purchases
Fuel purchases aren’t eligible for earning reward points. You do get 1% fuel surcharge waiver across all petrol pumps in India as long as transactions are between Rs. 400 – Rs. 5000, exclusive of GST and other charges.
Ex. If you purchase fuel of Rs. 2000 then 1% surcharge of Rs. 20 is first applied and then waived off but the 18% GST of Rs. 3.6 is levied.
There is a capping of Rs. 300 per statement cycle for surcharge waiver which is more than enough.
Rent Payments
A charge of 1% of the transaction value + GST is levied. Since the reward rate for rent payments on this card is only 0.6%, overall you would end up paying ~2% extra as you would also have to pay the convenience fee on platforms like NoBroker or Housing to make rent payments. So, I wouldn’t suggest to use this card for rent payments.
EMI Fees
For EMI transactions, a one-time processing fee of 1% or Rs. 99 whichever is higher is charged on the date of conversion.
Benefits
Reward Points
With this card, the base reward rate is 1 point on every Rs. 125 spent (1 point = Rs 0.25) equivalent to 0.2% reward rate.
| Spend Category | Points (Reward Rate) |
| Offline Spends | 3X points (0.6%) |
| Online Spends | 6X points (1.2%) |
| Spends above Rs. 25000 (in calendar month) | 10X points (2%) |
| Spends on Birthdays | 10X points (2%) |
| Reward Points Expiry | Never |
| Redemption Fee | Rs. 99 + 18% GST |
| Exclusions | Fuel, EMI transactions, Cash withdrawal |
When the cumulative spends in a calendar month reach the threshold of Rs. 25000 then any incremental spend above that would fetch 10X points. The reward rate is low as one can get better value between 2% – 5% in form of rewards or cashback with a lot many credit cards like SBI Cashback card, Amex MRCC credit card or Axis Ace credit card in the entry level segment.
One good thing about the reward structure though is that Rent, Utility and insurance payments are not excluded. Rent & Property management transactions will earn 3X reward points. Insurance premium payments & Utility bill payments will earn 1X reward points (0.2 reward rate).
However there is a catch – such transactions will not be considered for 10X threshold calculations. So, if you want to earn 10X points then spends in a month should be beyond Rs. 25000 without considering the Rent, Utility and Insurance payments.
For point redemption, one can use points to pay for your online purchases or when shopping at a store by choosing the option to ‘pay with points’. There are lot other options available for point redemption which can be found here.
Travel Benefits
Airport Lounge Access
| ACCESS TYPE | LIMITS |
|---|---|
| Domestic Airport Lounges (for primary and Add-on card) | 2 per quarter |
This card comes with 2 complimentary domestic airport lounge access per quarter which means 8 visits a year which is decent on a lifetime free card. You can check remaining visits here. Eligible lounges that you can go to using this card can be checked here or through this portal. Their lounge program is managed by DreamFolks.
But the criteria to be eligible for lounge benefit is not so decent. One needs to spend min of Rs. 20000 in previous calendar month to get complimentary lounge visit.
Railway Lounge Access
| ACCESS TYPE | LIMITS |
|---|---|
| Domestic Railway Lounges | 4 per quarter |
| International |
This card even covers Railway lounges in case you want to try that out. No spend requirement is there for using complimentary lounge access. The 4 complimentary visits every quarter are shared between primary and supplementary card holder. For the railway lounge list check here.
Movie Ticket Benefits
Another cool benefit on this card is the BOGO offer on PayTm movies. You get the 2nd ticket free up to Rs. 125 on Paytm. Offer can be used two times in a month.
Dining Benefits
IDFC keeps running dining discounts where you can get up to 20% discount at 1500+ restaurants. They send these details in email.
Other Misc Benefits
- Low Interest Rates (APR) from 0.75% to 3.5% per month (9% to 42% per annum)
- While other cards in the industry keep APR of 42% per annum or even higher, here is a lifetime free card which has APR as low as 9% per annum based on credit behavior of the user. Again, this number is not of any importance to those who don’t revolve credit and always pay on time.
- Interest free cash withdrawals on Domestic & International ATMs for up to 48 days (Cash Advance Fee of only Rs. 199 + GST per transaction)
- In case of emergency, when you need cash urgently then this benefit will come in handy.
- Complimentary Roadside Assistance worth Rs. 1399
- This benefit is not something that you would use often but it is good to have as an option
- Air Accident Cover of Rs 1 crore
- Personal Accident Cover of Rs. 5 lakh and Lost Card Liability Cover of Rs. 50000
- Comprehensive Travel Insurance Cover of Rs 22500
Details of these misc benefits with terms & conditions are mentioned here.
Best way to use this card
- Get 10X reward rate by spending on birthday or beyond 25000
- Avail complimentary lounge access on round trips
- Book movie tickets on Paytm to get BOGO offer
- Use for IDFC card offers on Amazon, Yatra & other merchants
How to apply
IDFC has a very smooth online application process. The entire application process takes less than an hour and you get a digital card instantly once you complete the KYC and get approved. You can apply either on their website or at a retail branch.
If you are an existing First series card holder and want to upgrade to IDFC First Wealth card then you’ll first need to increase your credit limit and then request for an upgrade. For credit limit increase, send your income proof to banker@idfcfirstbank.com and wait for them to process the request. They respond within a week usually.
[Apply through above link to get 2000 referral points worth Rs. 500 on spending min Rs. 500 within 30 days of card issuance]
Verdict
There is hardly anything wrong with this card as you are not required to pay even a single penny out of your pocket and in return the rewards this card gives you might be even better than some of the paid entry level credit cards.
Other that the usual benefits, there are decent merchant offers round the year that IDFC shares via email. And keeping a lifetime free IDFC credit card might come in handy during sale season on Flipkart or Myntra.
What are your thoughts about the IDFC First Select Credit Card? Feel free to share your views in the comment section below.
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