The IDFC FIRST Bank forayed into the credit card business with the launch of a line-up of four exclusive credit cards – IDFC FIRST Millennia, FIRST Select, FIRST Classic, and FIRST Wealth credit cards. The IDFC FIRST Wealth credit card is the top-end offering by the bank. Despite its premium features, like the other three cards in the line-up, the Wealth credit card also comes with a zero annual membership fee. The card also has a low-interest rate (0.75% – 3.5%) and a very low forex markup fee of just 1.5% of the transacted amount.
As it is a premium offering of the bank, you also get benefits like complimentary rounds of golf, complimentary international as well as domestic lounge visits, and multiple insurance covers including an air accident insurance cover worth Rs. 1 crore.
Not just this, but you can also avail of up to 2 free movie tickets each month and make your movie experiences even more rewarding with this card. Read on to know more about the IDFC FIRST Wealth Credit Card.
- Joining Fee- Nil
- Renewal Fee- Nil
- Best Suited For- Shopping
- Reward Type- Reward Points
- Welcome Benefits- Gift Vouchers worth Rs. 500 from premium brands on spending over Rs. 30,000 within 90 days and a 5% cashback on the first EMI transaction made within the first 30 days.
Rewards and Benefits
- Movie & Dining- Buy One Get One offer on movie tickets up to Rs. 500 on the Paytm app, twice every month and up to 20% discount on over 1,500 restaurants.
- Rewards Rate- 3 Reward Points on every Rs. 100 spent offline, 6 Reward Points on every Rs. 100 spent online, 10 Reward Points per Rs. 100 on spends above Rs. 30,000.
- Reward Redemption- Reward Points redeemable on Poshvine redemption portal for shopping vouchers from many popular brands including at a rate of 1 Reward Point = Rs. 0.25. You have to pay a convenience fee of Rs. 99 plus taxes for reward redemption.
- Travel- You get 4 complimentary international as well as domestic lounge access and spa visits every year.
- Golf- Complimentary golf rounds each month for every Rs. 20,000 spent in the previous month (max 2 golf rounds in a month).
- Domestic Lounge Access- Up to 4 free visits to domestic airport lounges per quarter.
- International Lounge Access- Up to 4 complimentary international lounge visits per quarter.
- Insurance Benefits- Travel-related insurance benefits including accidental air death insurance worth Rs. 1 crore, personal accident coverage worth Rs. 10 lakh, and lost card liability cover worth Rs. 50,000
- Zero Liability Protection- Bank not liable for any unauthorized transaction prior to the time of reporting the loss of card. However, you do get a lost card liability cover worth Rs. 50,000.
Fees & Charges
- Spend based Waiver- Nil
- Rewards Redemption Fee- Rs. 99 plus taxes
- Foreign Currency Markup- 1.5% + GST
- Interest Rates- 0.75% to 3.5% per month depending upon the credit history of the card member.
- Fuel Surcharge- A 1% fuel surcharge is waived at all authorized fuel stations (max waived amount capped at Rs. 400/month).
- Cash Advance Charge- Rs. 199 per transaction
- Add-on Card Fee- Nil
Product Details
- A lifetime free card with exciting privileges.
- Gift voucher worth Rs. 500 on spending Rs. 15,000 within 90 days and a 5% cashback on the first EMI transaction performed within 30 days of card setup.
- 6x Rewards on all online spends.
- 3x RPs on all offline spends (for spends up to Rs. 30,000).
- 10x Reward Points on large spends of Rs. 30,000 or more.
- 10x Reward Points on all transactions on your birthday.
- Low interest rate (0.75% – 3.5%) and low foreign currency markup (1.5%).
- 4 complimentary airport lounge access and spa visits every quarter.
- Up to 2 complimentary rounds of golf every month on spending Rs. 20,000 monthly.
- Air accident cover worth Rs. 1 crore and personal accident cover worth Rs. 10 lakh.
- 1% fuel surcharge waiver.
IDFC FIRST Wealth Credit Card Features and Benefits
The IDFC Bank First Wealth Credit Card is a unique premium card that offers a number of exciting privileges across different categories, including travel, golf, rewards, lifestyle, and many more. The greatest advantage of this card is that it is a no-annual-fee card with such great benefits. The following are some of the most significant features and benefits of this credit card:
Welcome Benefits:
- You get welcome gift vouchers worth Rs. 500 on achieving a spend of Rs. 15,000 within 90 days of card setup.
- You get a 5% cash back on the first EMI purchase made within 30 days of card set-up.
Movie and Dining:
- BOGO (Buy one Get one free) offer on movie tickets on the Paytm app with up to 2 complimentary tickets every month capped at Rs. 500 each.
- Up to 20% instant discount on dining bills at over 1500 restaurants.
Travel Benefits:
- 4 complimentary domestic and international airport lounge access (combined) per quarter
- 4 complimentary railway lounge access per quarter.
- Get free airport meet and greet with discounts on fast track immigration and other services at more than 450 global destinations.
- Great discounts on Airport limousine service in more than 3000 cities in over 80 countries.
- Concierge service to help you book your flights, hotels, dining, and other experiences.
- Access to more than 900 hotels worldwide with luxury benefits like room upgrade, in-room WiFi, VIP status, continental breakfast, 3 PM check out, etc.
- A comprehensive travel insurance cover of USD 1,200 (details later)
- Complimentary spa visits every quarter.
Golf Benefits
- You get a complimentary golf round for every Rs. 20,000 spent in the previous month.
- You can enjoy up to 2 complimentary golf rounds in a month.
Insurance Benefits:
- Travel-related insurance benefits as under-
| Catagory | Cover amount |
| Air accident | Rs. 1 crore |
| Loss of check-in baggage | USD 500 |
| Delay of check-in baggage | USD 100 |
| Loss of passport or other documents | USD 300 |
| Flight Delay | USD 300 |
- You also get a personal accident cover worth Rs. 10 lakh.
- You also get a lost card liability cover worth Rs. 50,000.
IDFC Wealth Credit Card Rewards Points
- You get 3x Reward Points on all offline spends (up to Rs. 30,000).
- You get 6x Reward Points on all online spends (up to Rs. 30,000).
- 10x Reward Points all incremental spends of Rs. 30,000.
- 10x Reward Points on all spends on your birthday.
- Reward Points earning and 10x threshold calculation does not include fuel, insurance, EMI transactions, & cash withdrawals.
- The reward points you earn with this card never expire.
Note: 1x RP = 1 Reward Points per Rs. 100.
Reward Redemption:
- Reward Points are redeemable on the Poshvine reward portal for shopping vouchers from popular e-commerce websites including Amazon, Flipkart, Myntra, etc.
- 1 Reward Point = Rs. 0.25.
IDFC First Wealth Credit Card Fees and Charges
Some of the most important fees and charges associated with the IDFC First Bank Wealth Credit Card are as mentioned below:
- The First Wealth Credit Card offered by IDFC First Bank comes with zero annual & joining fees, i.e, it is a lifetime free/no annual fee credit card.
- This credit card charges an interest of 0.75% to 3.5% per month.
- The fee on foreign currency transactions made through the IDFC First Wealth Credit Card is 1.5% of the total transaction amount.
- The cash withdrawal fee on this card is Rs. 199 per transaction.
IDFC FIRST Wealth Credit Card Eligibility Criteria
The basic eligibility requirements that are required to be fulfilled by individuals in order to get approved for the IDFC First Wealth Credit Card are as follows:
- The applicant’s age should be at least 21 years.
- The applicant should either be self-employed or salaried with a good monthly income.
- The applicant’s credit history should have no payment defaults and he/she should be possessing a decent credit score.
Documents Required
The documents required to apply for the IDFC First Wealth Credit Card are listed below:
- Aadhar Card, Electoral Id, PAN Card, Driving License, or Passport as proof of identity.
- Latest months’ utility bills, rent agreement, Aadhar Card, or Passport as proof of address.
- You might also need to submit your latest salary slips/latest bank statements (salaried people), or the latest audited ITR (self-employed people).
How to Apply for IDFC FIRST Wealth Credit Card
You can apply for the IDFC FIRST Wealth credit card online on their official website. All you have to do is select the Wealth card from the list of cards on their official website and proceed with your application. You will need an identity proof, address proof, as well as proof of income like salary slips or an audited ITR acknowledgment.
Customer Care
In case you want to get any assistance or to report the loss of your card, you may dial IDFC FIRST Credit Card‘s customer care number- 1860 500 1111. It is a dedicated number for IDFC First’s credit card customers and is functional 24×7.
Conclusion:
A lifetime free membership, a very competitive interest rate, and a low foreign currency markup fee make the IDFC First Wealth credit card one of the best options available in the premium category. The bank hasn’t compromised with the several privileges that this card comes bundled with either.
From complimentary airport lounge access to complimentary rounds of golf, you get all the benefits that we expect from a premium credit card. You also get a decent reward rate, although, the monetary value of the Reward Points is quite less (Rs. 0.25/point) when compared with other premium credit cards in the market. But the benefits certainly overweigh this shortcoming. If you’re looking for a premium credit card, this one by IDFC FIRST is certainly worth your consideration.
