Tuesday, June 25, 2024
HomeCredit CardIDFC First Wealth Credit score Card Assessment – CardExpert

IDFC First Wealth Credit score Card Assessment – CardExpert


IDFC First Wealth Credit Card Review

It’s been few years since IDFC First Financial institution has launched their vary of Credit score Playing cards into Indian market. It was an incredible card again then however now we’ve seen fairly a numerous restrictions on rewards & advantages to the product recently.

Right here we’ll see the detailed overview of the IDFC First Financial institution Wealth Credit score Card in its present kind.

Overview

Kind Entry Degree Credit score Card (not premium)
Reward Price 0.16% – 1.66%
Annual Payment Lifetime Free
Finest for direct money credit score redemption
USP Spa advantages & money credit score redemptions

Whereas the cardboard is portrayed as a brilliant premium card by the Financial institution, I wouldn’t name it so. Although, it was an excellent premium bank card with way of life advantages, with the newest replace going stay by 1st Could 2024, its simply an entry-level card.

apply now

Charges

Becoming a member of / Renewal Payment Lifetime Free
Welcome Profit 500 INR voucher
  • Welcome voucher price 500 INR on spending >=15,000 INR inside 90 days of card technology.

The benefit of this card is clearly the “Lifetime Free” profit which comes with all of the privileges. However don’t overlook the reality about lifetime free bank cards.

I personally really feel that they shouldn’t have issued this card as LTF because it’s a well known truth that it’ll finally kill the product.

Design

IDFC First Wealth Credit Card Design

It’s a neat & easy design with black backdrop that banks typically use to point a “tremendous premium” product.

Whereas the design is nice, I don’t really feel the premium’ness in its design. That is partly as a result of the entrance face doesn’t have any artistic parts in it. However effectively, we shouldn’t count on an excessive amount of from a LTF card.

Rewards

SPEND TYPE REWARDS REWARD RATE
Offline Spends 3 RP / 150 INR (3X) 0.50%
On-line Spends 3 RP / 150 INR (3X) 0.50%
Spends >20K (per stmt) 10 RP / 150 INR (10X) 1.66%
Spends on Birthday 10 RP / 150 INR (10X) 1.66%
  • 1 Reward Level = 0.25 INR
  • 1 Reward Level per 150 INR (it was 1RP/100 INR earlier than)
  • Redemption Costs: 99 INR+GST (from 1st Oct 2022)
  • Rewards don’t expire

IDFC Financial institution has added infinite quantity of restrictions recently to the rewards program and listed below are they,

Phrases & Circumstances:

  1. Rewards not relevant on Gasoline, Insurance coverage & EMI transactions
  2. Schooling, Pockets & Gov. spends will earn 3X (0.50%) and won’t be a part of 10X calculations.
  3. Utility spends will earn 1X (0.16%) – MCC – 4814, 4816, 4899, 4900
  4. Utility spends will earn 1% charge on commercials spends (>20K INR a month)

In the meantime, they don’t like excessive worth transactions on the cardboard and have already began to chop the rewards for a lot of cardholders whose spends went past the credit score restrict.

Airport Lounge Entry & Spa

IDFC Dreamfolks Card
ACCESS TYPE ACCESS VIA LIMITS
Home Airport Lounges Visa 2/Qtr
Home Railway Lounges Visa 4/Qtr
Home Airport Lounges & Spa Dreamfolks 2/Qtr (shared)
Worldwide Airport Lounges Dreamfolks 2/Qtr (shared)

The welcome letter and the web site clearly states that we are able to use the Dreamfolks card issued by IDFC for accessing home & worldwide lounges together with airport spas.

It’s possible you’ll think about using Dreamfolks Card just for Spa profit, as you may anyway entry the lounges with many different playing cards.

Replace: Beginning 1st Could 2024, a minimal spend of Rs.20,000 through the present calendar month is required so that you can be eligible for the airport lounge entry & spa profit for the following month.

Monitoring spends on card each month for lounge entry is such a ache. As an alternative I want banks provide you with an annual spend standards as an alternative of month-to-month spend standards.

Golf Profit

  • Complimentary rounds: Upto 2/month (video games & classes)
  • This profit is linked to spend requirement.

Spends of 20,000 INR (or) 40,000 INR are required to unlock 1 (or) 2 rounds respectively. Spends finished in a billing cycle are tracked for this home golf profit.

All of the complimentary rounds earned in a billing cycle will probably be eligible for redemption from 1st of subsequent month and will probably be accessible for redemption upto 2 months (60 days).

ICICI Financial institution too follows an identical system and it’s undoubtedly a poor system. They need to have as an alternative gone for quarterly limits based mostly on spends.

Foreign exchange Markup

  • Foreign exchange Markup Payment: 1.5%+GST = 1.77%
  • Reward fee: ~1.66% (assuming ~2L spends)
  • Internet Loss: 0.11%

Even if you happen to’re doing excessive worth overseas forex transactions on IDFC First Wealth bank card, it’s going to get you a web loss.

Different Advantages

  • Complimentary Highway Aspect Help(RSA) price ₹1,399
  • Revolving Curiosity Price: Comparatively decrease rate of interest in comparison with different banks, often 20% – 24% p.a. (I received 22% p.a. ROI)
  • Purchase 1 Get 1 Film Profit: Upto Rs.250 per ticket through Paytm Motion pictures.

Complimentary roadside help is among the distinctive characteristic on this bank card. It possibly helpful at occasions, for ex, to leap begin your automobile on breakdown.

Revolving rate of interest is among the key advantage of the issuer however I hardly see anybody making the most of it, possibly the reason being that those that want a low rate of interest are usually not getting it.

Getting the Card

idfc wealth credit card unboxing experience
  • Eligibility: IDFC Wealth Ac (or) Different financial institution bank card with >5L restrict
  • Apply on-line (Immediate approval)

Contemporary Card: In case you’ve >5L credit score restrict on different financial institution bank cards, you may apply for the IDFC bank card on-line and it’s possible you’ll doubtless be eligible for the wealth variant. If eligible, you may get the digital card prepared to be used in matter of minutes.

In case you’ve decrease limits on different bank cards, you may must get the Choose bank card initially after which improve it later, doubtless after a 12 months.

apply now

Improve: In case you’ve IDFC Choose Card with <=4L restrict, you’ll first want to extend your credit score restrict to >=5L after which request for an improve.

It’s possible you’ll e-mail/name IDFC buyer look after improve. Right here’s my hands-on expertise with the IDFC Wealth Credit score Card.

Bottomline

It was an excellent bank card till April 2024 however after the current large devaluation, its now not helpful for many cardholders.

However if you happen to’re searching for lounge/spa entry by sustaining month-to-month spends, it possibly helpful.

Do you maintain IDFC First Wealth Credit score Card? Be happy to share your ideas within the feedback beneath.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments