Fee
Life Time Free
Type
Reward Points
Return
0.16%-1.6%
Rating
Payment Network
Visa
Discover the diverse lineup of IDFC First Bank core credit cards, including the Wealth, Select, Classic, and Millenia variants. While initially, there were variations in reward points among these cards, they have undergone a journey of evolution and now offer identical base rewards. In this post, we analyze their benefits comprehensively, comparing all four cards to assist you in making an informed choice.
Beyond their core benefits, each card offers distinct additional perks, and eligibility criteria vary accordingly. We’ll delve into these variations in detail to guide you toward selecting the perfect card to suit your individual needs and preferences.
Eligibility and Applying for the IDFC First Bank Core Credit Cards
Based on the benefits at the time of launch IDFC Wealth was the most premium offering among the four followed by Select, Classic and Millenia variant. According to IDFC First Bank and individual should have an annual income of ₹ 3 Lacs or more to be eligible for the Classic and Millenia Variants, an annual income of ₹ 12 Lacs or more to be eligible for the Select variant and ₹ 30 Lacs or more to be eligible for the Wealth variant.
However since all the cards have been devalued heavily in the past few months the bank is offering these cards at a much lower annual income. But we do not know the exact income requirement and it depends on the bank’s internal policy.
It is also worth noting that the chances of upgradation to higher variant are very high if you got a lower variant at the first place. PAN card, Aadhaar number and salary certificates along with bank statement is required to apply for the IDFC First Bank core creditc cards.
IDFC First Bank Credit Card
Fees
| Joining Fee | NIL |
| Annual Fee | NIL, Life Time Free |
All the four IDFC First Bank credit cards -Wealth,Select,Classic and Millenia- are offered as Life Time Free credit cards.
Base Rewards of IDFC First bank Core Credit Cards
As previously noted, all four credit cards from IDFC First Bank now feature an identical base reward system. Here, we offer a comprehensive breakdown of the base reward points earned across different spending categories. Explore this detailed guide to understand how rewards accumulate on your purchases.
- 3X Reward Points on Spends till ₹20,000 in a statement cycle
- 10X Reward Points on crossing spends of ₹20,000 in a statement cycle & on your birthday
- Unlimited & never expiring Reward Points
- 3X Reward Points on rental and property management transactions
- 1X Reward Points on Insurance premium and Utility bill payments
- Categories not included in the 10X Reward Points threshold: Rental & Property Management, Utility, Insurance, Government Services, Education and Wallet Load. However they will earn 3X Reward Points
- Reward Points program not applicable on fuel, EMI transactions, & cash withdrawals.
It is quite evident that IDFC First Bank offer only 1X reward points for the most useful spend categories such as utility spends and insurance. These categories are not part of the accelerated 10X Reward Points as well. However Rent Payments would yield 3X Reward Points. But there is a catch which we will discuss in the below section.
Hidden Charges on the IDFC First Bank Credit Cards
IDFC first bank introduced a fee and surcharge on Rent payments and utilty spends as follows.
It should be noted that there will be no fee for cumulative spends on utility transactions upto 20,000 in a statement cycle. But if the spend is 20,001 then a fee of 1% will be levied on the entire amount, that is 200+GST will be charged.
Rewards Redemption
While the reward points boast lifetime validity, the redemption options have become increasingly restricted. Previously, IDFC provided redemption options like Amazon Pay and Flipkart gift cards, but these choices are currently unavailable on the redemption portal. It remains uncertain whether these vouchers will return. If not, this could signify a significant devaluation for the card once again.
However we suggest redeeming the points while making payment to online merchants using the IDFC First Bank credit card. In the submit otp page we have the option to redeem the reward points against cash for that purchase. This is convenient way for maximum value redemption. But many merchants were declining the payments while paying with points. So take caution if you try to redeem this way.
Joining Benefits
- Welcome voucher worth ₹ 500 on spending ₹ 5000 or more within 30 days of card generation
- 5% cashback (up to ₹1000) on the transaction value of first EMI done within 30 days of card generation
Comparison of Other Features of the IDFC First Bank Credit cards
IDFC Wealth and Select credit card offers complementary airport lounge access. But a minimum spend of 20,000 should be made using the card in the previous month to unlock lounge benefits.
| Feature | IDFC Millenia | IDFC Classic | IDFC Select | IDFC Wealth |
|---|---|---|---|---|
| Forex Markup Charges | 3.5% | 3.5% | 1.99% | 1.5% |
| Caping on 1% Fuel Surcharge Waiver | 200 | 200 | 300 | 400 |
| Movie Ticket offer on PayTM | 25% discount on movie tickets up to ₹100 once per month | 25% discount on movie tickets up to ₹100 once per month | 'Buy One, Get One' offer on movie tickets up to ₹125 twice per month | 'Buy One, Get One' offer on movie tickets up to ₹250 twice per month |
| Complimentary Railway lounge | 4 per quarter | 4 per quarter | 4 per quarter | 4 per quarter |
| Roadside Assistance worth ₹1,399 | Yes | Yes | Yes | Yes |
| Personal Accident Cover | ₹2,00,000 | ₹2,00,000 | ₹5,00,000 | ₹10,00,000 |
| Lost Card Liability Cover | ₹25,000 | ₹25,000 | ₹50,000 | ₹50,000 |
| Domestic Airport Lounge | NIL | NIL | 2 per quarter | 2 per quarter+spa |
| International Lounge | NIL | NIL | NIL | 2 per quarter with dreamfolks |
| Hotel and Flight Booking Cancellation Cover | NIL | NIL | up to 2 claims up to ₹10,000 | up to 2 claims up to ₹10,000 |
| Visa Offers | NIL | NIL | Yes | Yes |
| Air Accident Cover | NIL | NIL | ₹1 Crore | ₹1 Crore |
| Comprehensive Travel Insurance Cover | NIL | NIL | ₹22,500 | USD 1200 |
| complimentary golf rounds | NIL | NIL | 1 per quarter for MasterCard variant | 2 per month |
Should You Apply for the IDFC First Bank Credit Cards?
From the chart, it is clear that the IDFC Millenia and Classic credit cards are now virtually identical. For low spenders with monthly expenditures below ₹20,000, the maximum return on spends is 0.5%, considering the 3 reward points per ₹150 spend.
For high spenders with monthly expenditures above ₹1 lakh, the return increases to around 1.6%. This is a decent return, especially given that the card is lifetime free.
Additionally, the Select or Wealth variants are advantageous due to better movie offers and lounge benefits. Even low spenders can benefit from having an IDFC credit card in their wallet, as they are lifetime free and occasionally offer instant discounts on various online merchants.
The Reward Realm Score
FAQ
Yes, utility transaction and insurance will earn 1x reward points and rent payment will earn 3x reward points. However there is 1% fee for all rental transactions and utility bill payments if paid above 20,000 per month.
Yes, there is 4 complementary railway lounge access per quarter for IDFC Millenia, Classic, Select and Wealth credit cards.
Yes, you will get 2 international lounge access with IDFC Wealth credit card per quarter using the Dreamfolks benefit. However a minimum spend of 20,000 should be made using the card in the previous month in order to unlock the lounge benefits.
