If you are looking for a premium credit card from IDFC that gives amazing benefits and that too without any fee (Yes, you read that correct!), then look no further than IDFC First Wealth credit card. It comes with many lifestyle benefits that would really make a difference for you.
Let’s see the card features and benefits in detail and find out why you should consider this card
Overview
It is a premium rewards credit card positioned on the top among the IDFC First family credit cards (Millennia, Classic, Select, Wealth) and has many amazing benefits and features. Given that it is their flagship offering, if you meet the eligibility criteria (IDFC Wealth A/C or other bank credit card with >5L limit) then just go for it because you don’t have to pay a dime to get this card.
[Apply through above link to get 2000 referral points worth Rs. 500 on spending min Rs. 500 within 30 days of card issuance]
| Type | Premium Rewards Credit Card |
| Reward Rate | up to 2.5% |
| Best for | Airport Lounge Access, Spa benefits, Movie Ticket Benefits |
Design
The card comes in horizontal design and is of black color which is about as premium as it can get with a plastic card 🙂 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 lifetime free credit card with up to 2.5% reward rate is definitely something to consider. It comes with some great benefits too 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
1.5% of the transaction value + 18% GST (which adds up to 1.77%). Given that you can earn rewards up to 2.5% on this card (as explained in Benefits section) this card would be a good companion for foreign trips because effectively you would be gaining 0.73% (2.5% reward rate – 1.77%)
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. 200 – 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. 400 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 0.75%, overall you would end up paying ~1.5% 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. 100 spent (1 point = Rs 0.25) equivalent to 0.25% reward rate.
| Spend Category | Points (Reward Rate) |
| Offline Spends | 3X points (0.75%) |
| Online Spends | 6X points (1.5%) |
| Spends above Rs. 30000 (in calendar month) | 10X points (2.5%) |
| Spends on Birthdays | 10X points (2.5%) |
| Reward Point 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. 30000 then any incremental spend above that would fetch 10X points. If your spends are mostly online and mostly go beyond Rs. 30000 then only you would get decent return on the spends. One can get better value anywhere 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 (0.25 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. 30000 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 | ACCESS VIA | LIMITS |
|---|---|---|
| Domestic Airport Lounges | Visa Card | 2 per quarter |
| Domestic Airport Lounges | DreamFolks Privilege card | 4 per quarter (cumulative) |
| International Airport Lounges | DreamFolks Privilege card | 4 per quarter (cumulative) |
This card comes with 4 complimentary access to domestic & international airport lounge each per quarter which means 16 visits a year which is mind blowing and unheard on a lifetime free card. You can check remaining visits here on the DreamFolks portal which manages the lounge program for IDFC.
Domestic lounge list can be checked here. International lounge list is available here. There is a also a portal to discover the lounges. Important thing to note:
- One has to spend atleast Rs. 20000 in previous calendar month to get complimentary lounge visit.
- International Lounge can be accessed only via DreamFolks Privilege card that comes in welcome kit.
- Basis spends in previous calendar month, this benefit is activated by 5th of next month and will be valid till 5th of consecutive month
Airport Spa Access
| ACCESS TYPE | ACCESS VIA | LIMITS |
|---|---|---|
| Domestic Spa | DreamFolks Privilege card | 4 per quarter (cumulative) |
For Spa visits at the airport check eligible Spa list here. This benefit is really unique and is not available even on the many super premium credit cards 🙂
Complimentary access is allowed only via DreamFolks Privilege card and not via IDFC First Wealth credit card.
Tip: Use the DreamFolks card only for either International lounge or Spa as the limit of 4 per quarter is cumulative. So wasting it on Domestic lounge access would not be prudent.
Railway Lounge Access
| ACCESS TYPE | LIMITS |
|---|---|
| Domestic Railway Lounges | 4 per quarter |
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.
Golf Benefit
You get 2 complimentary golf rounds per month for every Rs. 20,000 of monthly statement spends i.e. spends of Rs. 20000/40000 is required to unlock 1/2 complimentary rounds.
All the complimentary rounds earned in a billing cycle will be eligible for redemption from 1st of next month and will be available for redemption upto 2 months (60 days) and can be booked here.
The details of the golf grounds is available 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. 500 on Paytm. Offer can be used two times in a month.
With a cap of Rs. 500 on 2nd movie ticket price, one can be rest assured that they won’t have to pay anything out of the pocket for 2nd ticket in 99% of the cases unless you go for any 4DX sort of movie.
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. 10 lakh and Lost Card Liability Cover of Rs. 50000
- Comprehensive Travel Insurance Cover
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 30000
- Avail complimentary lounge or Spa access on air travel 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 (like IDFC First Select) and want to upgrade to 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
When you get a lifetime free credit card with these many benefits then there is hardly any room left for convincing 🙂 As long you meet the eligibility criteria then there should be no reason to not grab this opportunity with both hands. Yes, the reward rate is not mouth watering but the travel and misc benefits that come with the card are more than enough to make it a candidate to carry around and don’t forget about the forex spend benefit.
So, if your monthly spends are always around 50000 or more and you do fair amount of travel then you should seriously consider getting this card.
What are your thoughts about the IDFC First Wealth Credit Card? Feel free to share your views in the comment section below.
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