Revolutionary Credit Card from IDFC First Bank - Things to know

     IDFC First bank (formally IDFC bank) is a small finance bank that started its banking services by accruing the banking license on 1 October 2015. IDFC First bank is one of the faster-growing banks in India and provides many innovatory products in the banking business to grow its customer base. 

    IDFC First bank is one of the banks in India which provides higher interest rates up to 7% p.a for their savings account users with a balance of up to 1 Cr which is huge compared to FD rates from other banks.

    Now IDFC First bank launched a new set of credit cards in the market which offers a huge list of benefits that will be a treat for credit card users out there in the market. 

IDFC First bank is started providing the credit cards only to their existing customers as of now and they will start provide credit cards to other customers from April, 2021

    Newly launched credit cards will cover from millennial users to higher wealth users based on the annual income as mentioned below.

1. First Millenia   - Annual Income up to 6 Lakhs Per Annum
2. First Classic    - Annual Income should be between 6 to 12 Lakhs Per Annum
3. First Select      - Annual Income should be between 12 to 36 Lakhs Per Annum
4. First Wealth     - Annual Income should be greater than 36 Lakhs Per Annum

    All of these cards are Lifetime Free Cards and benefits for all the cards have been mentioned below.

1) First Millenia Card:

        Reward Program:

1. 10X Reward Points on all Spends above ₹20,000        
2. 6X Reward Points on Online Spends
3. 3X Reward Points on all Offline Spends
4. 10X Rewards on all spends done on your Birthday
5. 1X = 1 Reward Point per ₹100 spent | 1 Reward Point = ₹0.25
6. Up to 20% discount on 1500+ restaurants across India & 15% discount on 3000+ Health & Wellness Outlets
7. FX Markup charge - 3.5%

2) First Classic Card:

        Reward Program:

1. 10X Reward Points on all Spends above ₹20,000        
2. 6X Reward Points on Online Spends
3. 3X Reward Points on all Offline Spends
4. 10X Rewards on all spends done on your Birthday
5. 1X = 1 Reward Point per ₹100 spent | 1 Reward Point = ₹0.25
6. FX Markup charge - 3.5%            

3) First Select Card:

        Reward Program:

1. 10X Reward Points on all Spends above ₹20,000        
2. 6X Reward Points on Online Spends
3. 3X Reward Points on all Offline Spends
4. 10X Rewards on all spends done on your Birthday
5. 1X = 1 Reward Point per ₹100 spent | 1 Reward Point = ₹0.25
6. FX Markup charge - 1.99%
7. Buy one get one offer on movie tickets of up to ₹250 per ticket, twice every month.
8. Complimentary Domestic Airport & Railway Lounge accesses (4 each quarter)
9. Comes with VISA Signature variant of card.

4) First Wealth Card:

        Reward Program:

1. 10X Reward Points on all Spends above ₹20,000        
2. 6X Reward Points on Online Spends
3. 3X Reward Points on all Offline Spends
4. 10X Rewards on all spends done on your Birthday
5. 1X = 1 Reward Point per ₹100 spent | 1 Reward Point = ₹0.25
6. FX Markup charge - 1.5%
7. Buy one get one offer on movie tickets of up to ₹500 per ticket, twice every month.
8. Complimentary Domestic, International Airport, Spa visits & Railway Lounge accesses (4 each quarter)
9. Complimentary Golf rounds.
10. Comes with VISA Infinite variant of the card.

    Super Saver Benefit:

    Interest-free cash withdrawal from ATMs up to 48 days and post that, a lower interest will be charged starting from 0.75% p.m up to 2.99% p.m based on the customer's CIBIL score and the relationship with the bank which will be decided by the bank itself along with a processing fee of only ₹250. Compared to other banks that are charging interest rates starting from 36% p.a, this will be a game-changer in the credit card market in India.

Verdict:

    IDFC First bank trying to grab more credit card users in India by offering a lot of benefits that will encourage more FIRST credit card users and it will change the way credit card usage in India by money lending tool, not the money-making tool like other banks. Since it is a Lifetime free card, one can avail of these cards and improve the credit score and relationship with the bank.