IDFC First Bank recently launched a super-premium card named IDFC First Private Credit Card. It is an invite-only card, i.e, only people invited by the IDFC First bank can get this card, and is targeted at high net-worth individuals. The card charges a high annual membership fee of Rs. 50,000 and offers lots of exciting benefits across different categories. Be it travel, entertainment, lifestyle, rewards, or charity, you can get all your requirements fulfilled with this credit card. You don’t only earn the usual reward points using this credit card, but after achieving a certain monthly spend, you earn Karma Points that are donated for charity purposes in your name.
The IDFC First private cardholders can earn up to 10x Reward Points on their spends using this card and these points are redeemable against a variety of options. Moreover, the card offers complimentary airport lounge access not only for the primary cardholders but for the add-on card members as well. Other than this, you get discount on movies, free golf lessons, complimentary insurance covers, and many more benefits with this card. To know more about the IDFC First Private Credit Card and al its features, continue reading:
- Joining Fee- Rs. 50,000
- Renewal Fee- Rs. 50,000 plus applicable taxes
- Best Suited For- Movies | Travel | Shopping
- Reward Type- Reward Points
- Welcome Benefits- NA
Rewards and Benefits
- Movie & Dining- Get up to Rs. 750 discount on movie/non-movie bookings via BookMyShow
- Rewards Rate- 3 Reward Points on every Rs. 100 spent offline and 6 RPs on every Rs. 100 spent online
- Reward Redemption- 1 Reward Point = Re. 0.25 for redemption against various gift vouchers
- Travel- Get free airport lounge access and spa sessions every year.
- Golf- 2 complimentary golf rounds/lessons every month
- Domestic Lounge Access- 4 complimentary domestic lounge access every quarter (for primary and add-on cardholders)
- International Lounge Access- 4 complimentary international lounge access every quarter (for primary and add-on cardholders)
- Insurance Benefits- Get an air accident cover worth Rs. 1 crore and cover for delay or loss of check-in baggage
- Zero Liability Protection- The cardholders get a zero liability protection against a lost/stolen card if reported the loss to the bank in a timely manner.
Fees & Charges
- Spend based Waiver- NA
- Rewards Redemption Fee- Rs. 99 plus taxes
- Foreign Currency Markup- NA
- Interest Rates- 0.99% per month
- Fuel Surcharge- 1% fuel surcharge waiver on all fuel purchases
- Cash Advance Charge- Rs. 250
- Add-on Card Fee- Nil for 1st card, 2nd card onwards: Rs. 4,000 per add-on carder worth Rs. 1 crore and cover for delay or loss of check-in baggage
- Zero Liability Protection- The cardholders get a zero liability protection against a lost/stolen card if reported the loss to the bank in a timely manner.
Product Details
- Invite-only credit card.
- You earn Karma Points that you can use for charity.
- Get up to 10x reward Points on your spends.
- Get up to Rs. 750 discount on movies twice every month.
- Get complimentary golf rounds every year on the basis of your monthly spends.
- Free domestic as well as international lounge access.
- Air accident cover worth Rs. 1 Crore.
- No late payment fee and no over-limit charges.
IDFC First Private Credit Card Features and Benefits
The Private Credit Card launched by IDFC First bank is the most premium offering by the bank so far. It is issued only to selected customers that are invited by the bank itself. The card comes with lots of exciting privileges and its most significant features are listed below:
Karma Points
After achieving a monthly spend of Rs. 30,000, you start earning Karma Points on your spends at the following rate:
– 1 Karma Point on every spend of Rs. 100
– Karma Points are not accrued on certain transactions, including Fuel, Insurance transactions, EMI, Cash withdrawals, rent payments, etc.
The redemption of Karma Points can be made as follows:
– 1 Karma Point = Re. 0.25.
– You can easily change your choice of charity by calling on the VIP Access number. The default choice is set to CRY foundation.
– Once a minimum of 20,000 Karma Points get accrued on your account, the points get donated to the charity chosen by you.
Travel Benefits
- Th cardholders get 4 complimentary domestic lounge access every quarter, i.e. 16 per year (applicable to primary as well as supplementary cardholders).
- The primary, as well as add-on cardholders, get 4 complimentary international lounge access every quarter (16 every year).
- The card also provides you with 4 free spa sessions every quarter.
- Get the highest tier privileges of the Visa Infinite platform including Airport Limousine Transfer, Meet and Greet immigration, and Affluent Dining program.
Movie Benefits
- You get up to Rs. 750 discount on movie/non-movie ticket bookings and food & beverages through BookMyShow app/website.
- This benefit can be availed twice every month.
Golf Benefits
- You get one complimentary golf round and lesson every month.
- The cardholders get eligible for free golf lessons only after spending Rs. 20,000 or more in a particular month (2 complimentary lessons on spends above Rs. 40,000).
Insurance Benefits
The insurance benefits provided by this card are as listed below in the table:
IDFC First Private Credit Card
| Category | Insurance Cover |
| Air Accident | Rs. 1 Crore |
| Loss of Checked-InBaggage | USD 500 |
| Delay In Flight | USD 300 |
| Delay of Checked-InBaggage | USD 100 |
| Loss of Passport and otherdocuments | USD 300 |
Fuel Surcharge Waiver
You get a 1% fuel surcharge waiver on all fuel transactions made using this card. The maximum waiver per month is capped at Rs. 400.
IDFC First Private Credit Card Reward Points
The reward rates offered by the IDFC First Private Credit Card on different categories are as follows:
- 6 Reward Points on every spend of Rs. 100 online (for spends below Rs. 30,000).
- 3 RPs on every Rs. 100 spent offline (for spends below Rs. 30,000).
- 10 Reward Points on every spend of Rs. 100 (after achieving monthly spends of Rs. 30,000 and on all spends on birthdays).
- 25% additional Reward Points on donating reward points to charity.
Reward Redemption
The reward points you earn using this card can be redeemed against various exciting options and vouchers at a redemption value of 1 Reward Point = Re. 0.25.
IDFC First Private Credit Card Fees and Charges
Some very important fees and charges associated with the IDFC First Bank private Credit Card are as mentioned below:
- The joining and annual membership fee of this credit card is Rs. 50,0000 plus applicable taxes.
- The interest rate on the First private Credit Card is 0.99% per month, which is much lower than the interest charged by most of the credit cards in India.
- The cash advance fee on this credit card is Rs. 250 only, i.e., you can easily withdraw cash just by paying a fee of Rs. 250.
- There is no forex markup fee chargeable on this credit card.
- There are no late payment charges.
IDFC First Bank Private Credit Card Eligibility Criteria
As the IDFC First Private Credit Card is an invite-only credit card, there is no specific eligibility criteria mentioned by the card issuer. However, some basic requirements that you might need to fulfill are as follows:
- Your age should be above 21 years.
- You should have a high monthly income.
- You must have an excellent credit score and a good relationship with IDFC First Bank.
How To Apply For The IDFC First Private Credit Card?
Not every individual is eligible to apply for the IDFC First Private Credit Card. You can only get it if the bank itself invites you to apply for the card. If you find yourself fit for this super-premium credit card, you can contact IDFC First Credit Card customer care to know more about the eligibility to get invited.
Conclusion
With the launch of the super-premium Private Credit Card, IDFC First Bank gives direct competition to the leading card issuers like HDFC Bank which offers Infinia Credit Card, and Axis Bank which offers Reserve and other premium cards. This card seems to be very unique as it doesn’t only focus on providing you with extra rewarding benefits, but you can also do good for others without spending any extra amount. You can earn Karma Points on your monthly spending and the amount equivalent to these points is directly sent to the charity chosen by you.
Talking about its privileges, you can have a luxurious experience when you travel or when you go out to the movies as the card offers free lounge access and great discounts on movie tickets. All its benefits make this card a great option for those who believe in having a premium lifestyle. Though you can not apply for this card, you should try building a great credit history and a good relationship with the IDFC First Bank, so that your chances of getting invited for this card increase.
