IDFC First Bank Credit Card

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In this post, I'll share my hands-on experience and review of IDFC credit card (s). This will be my third post on Credit cards. First two were on best value lifetime free credit card and aspirational premium cards.


My Experience of owning the card

This is still an invitation based process where Bank decides which customer will get which variant.
Application process was smooth and document-less. I received an SMS with the link to apply for IDFC First Select credit card on Tuesday, which did immediately. As soon as my application was submitted, I got to know my card number, interest rates, credit limit, bill date and my credit card was ready to use for online transactions. Wow!
I received my physical card on Saturday morning ie; effectively in 3 working days. Package was small, simple and elegant with no useless documents and pamphlets. It was a classy bright red colored card inside. Although I love Black colored cards, bright red color of IDFC first Select seemed attractive. IDFC First Select card looks quite similar to its Visa Signature debit card. The cardholder cover had some important card feature printed for customer’s reference.
Front side of the card only contains my name. Card number, CVV and date of expiry is embossed on the magnetic strip side of the card. I have seen such pattern in Bank of Baroda credit cards.

Overall, 4.5 marks for the entire experience.

Variants
IDFC First bank has launched 4 different credit card variants from basic to premium.
USP and common features
  • All cards are Free for Life and doesn’t include any joining or renewal fees
  • Dynamic interest rates on revolving balance (first in industry), decided based on user’s profile
  • Constant rewards structure for all variants
  • Never expiring unlimited reward points & NIL Reward redemption fee
  • Low interest rates (as low as 9% pa)
  • No over limit fee
  • 48 days interest-free period on cash withdrawals
  • Railway lounge access – There are very few railway station in India having lounge facilities now. However, the way railway infrastructure is transforming, this is a good offering. Currently is available in - Delhi, Jaipur, Ahmedabad, Agra Cantt, Vishakhapatnam, Vijayawada and Madura. Upcoming stations- Howrah, Patna, Amritsar, Lucknow, Bengaluru, Nagpur, Bhubaneswar, Sealdah, Amritsar, Ludhiana and Puri.
Eligibility

Since IDFC First Credit Cards are currently offered only to existing customers of the bank, eligibility criteria are not quite clear. Limits and interest rate is shared while applying for the card after receiving invitation.

Fees & charges
  • Lifetime free
  • 500 Amazon vouchers on a spent of 15,000 within 90 days
  • 5% Cashback on your first EMI transaction done within 90 days from card set-up
  • Rewards & Redemption
  • Offline spent – 3X ~ Rs 0.75/100
  • Online – 6X ~ Rs 1.5/100
  • Spend>20k- 10X ~ Rs 2.5/100
  • Birthday spends- 10X ~ Rs 2.5/100
  • Reward redemption is through Poshvine portal and includes Gift cards like Amazon Vouchers as well.
Key Differences



Conclusion
  • Since it is Life Time Free, it is worth having
  • 2.5% rewards for entry level card is plus
  • Good to have complimentary airport lounge/spa access on a no-fee card
  • Introductory benefits are not extraordinary but can be called satisfactory considering the card comes free for lifetime.
Overall 4.5/5 for wealth/Select card. 3.5/5 for classic & millennia.

An IITian by Education, A blogger by Passion, Sarcastic by Conviction and Jolly by Nature.

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