Friends, today we are going to know about the most premium credit card of IDFC Bank IDFC First Wealth Credit Card. This credit card is a premium as well as a very amazing credit card as it provides you with a lot of facilities as compared to other Credit Cards. To know in depth about this credit card, read this article completely because in this article, we will tell along with the Features, Advantages, Disadvantages, Eligibility Criteria of this credit card, whether this credit card is beneficial for you or not. Before the end of this article, you will know for whom this credit card is beneficial and who should not apply it.
Brief Overview Of IDFC First Wealth Credit Card:
Two and a half years back, IDFC Bank had also entered the field of credit cards. Earlier IDFC Bank used to collaborate with other credit cards, but two and a half years ago IDFC Bank launched four credit cards of its own, which are as follows –
- IDFC First Millennia Credit Card
- IDFC First Classic Credit Card
- IDFC First Select Credit Card
- IDFC First Wealth Credit Card
But after this IDFC Bank has launched three more credit cards which are as follows –
- IDFC First Power
- IDFC First Wow
- IDFC First Private
Rewards Rates and Rewards Structure were similar in the earlier four credit cards but there was a difference in the benefits of all these. But today we are going to talk about IDFC’s Wealth Credit Card. Due to the attractive reward point system of this credit card, people have liked it a lot. If you are thinking of getting this credit card, then you must read this review once. So that you can know about the Pros and Cons of this credit card and you also have doubts regarding this credit card, they can all be removed.
Eligibility Criteria
- To apply for IDFC First Wealth Credit Card, first of all you must be an Indian Citizen, because if you are an Indian Citizen then only you will be able to apply for this credit card.
- For this credit card, your age must be at least 21 years. If you are below 21 years then you are not eligible for this credit card.
- To apply for this credit card you will have to submit your Income Prof. If you do a job then you have to give your Salary Slip here and if you are a Business Man then you have to submit your ITR here.
- Along with this, your credit score should be above 750 to get this credit card approved quickly. The more your credit score and CIBIL score are, the more the chances of your application getting approved will increase.
- Apart from this, some basic but necessary documents like Prof Of Residence, Prof Of Identity and Prof Of Age can be demanded. If you submit all these documents and meet their eligibility criteria, then you will get this credit card easily.
IDFC Offers Low Credit Card Interest Rates that Complement Your Lifestyles
IDFC First Wealth Credit Card Fee And Charges:
Most of IDFC First Bank’s credit cards have a joining fee and Annual Fee of Rs 0. That’s why IDFC First Wealth Credit Card’s Joining and Annual Fee is also 0 rupees only. In this credit card, you do not have to pay any kind of Maintenance Fee. This is a Lifetime Free Credit Card.
| Factors | Fee And Charges |
|---|---|
| Joining And Annual Fee | ₹0 |
| Add On Card fee | ₹0 |
| Interest Rates | Monthly Rate -0.75% – 3.5% Annual Rate -9% – 42% |
| Overdue Interest | Monthly Rate – 3.99% Annual Rate – 47.88% |
| Late Payment Fee | 15% of Total Amount Due (minimum of ₹100 and a maximum of ₹1250) |
| Forex Markup Transaction Fee | 1.5% |
| Over-limit charges | 2.5% of the over limit amount (minimum charge of ₹500) |
| Return of cheque/Auto Debit/ Payment | ₹250 per Returned cheque/Auto Debit/ Payment |
| Reward Redemption Fee | ₹99 Per Redemption Transaction |
| Fee on cash payment at branches | Nil |
| Cheque/Cash processing fee | Nil |
| EMI Processing Fees | 1% of transaction value (minimum ₹99) |
Fuel Surcharge Waiver was earlier only at Maximum ₹ 400 but from March 1, 2023 its limit has been increased from Minimum ₹ 200 to Maximum ₹ 5000. Apart from this, here you get Interest Free Cash Withdrawal. That is, if you do cash withdrawal from any ATM in India using this credit card, then in that case no interest is charged from the bank for 48 days. And most of the credit cards start charging interest as soon as they withdraw money from ATM. But here you will have to pay a Cash Advance Fee of ₹ 199 + GST for this, which is charged in every bank and the Transaction Fee keeps on changing from time to time from the bank side.
But whenever this Cash Advance Fee will be changed by the bank, you will be informed through email or message or you can check about it on their online website as well. If you transact in this credit card international currency, then here you will be charged a markup fee of only 1.5%, which is much less than other banks’ credit cards.
What are the benefits of getting an IDFC wealth credit card?
- If you spend ₹ 15000 with this credit card within 90 days after the issue of the card, then you are given a welcome voucher of ₹ 500, which you can redeem on online shopping.
- Even if you make an EMI within 30 days from the date of issue of your credit card, you are given a cashback of 5%, whose capping is ₹ 1000, which means you will get a maximum cashback of ₹ 1000.
- In this credit card, the reward points are divided differently. For example, if you spend on your birthday with this credit card, you get 10X reward points. And even if you spend more than ₹30000 within a month, you get 10X reward points. (1 Reward Point = ₹ 0.25)
- Apart from this, if you do not spend ₹ 30000 in a month, if you spend less than this, you still get 6X reward points on online spending and 3X reward points on offline spending.
- Rewards points of this credit card never expire. You can redeem these reward points anytime you want. You can use these reward points to Pay Instantly at any online store.
- If you book any movie through Paytm app or you go to watch movie in any theater, then you get Buy One Get One offer on this credit card and the maximum price of your ticket can be up to Rs.500.
- If you buy any ticket through Paytm app for ₹ 500 or less, then you will get another ticket free with it. You can avail this offer twice a month.
- Apart from this, you get 300+ Merchants Offers on this card throughout the year. Apart from this, they have partnership with more than 1500 restaurants, where you get Dining Benefit of Up to 20%.
- Along with this, they also have partnership with more than 3000 Health & Wellness Outlets, so that if you go there and use this credit card, you get to see discounts of up to 15%.
- If you spend Monthly ₹ 5000 with this credit card, you get Quarterly 4 complimentary Domestic & International airport lounge and Spa access. Means in a year you can take total 16 lounge access.
- For Eligible Domestic Lounges, you can visit here and for International Lounges you can click here.
- With this you can click here for Eligible Spa’s in this.
- You can visit here to know about the available visits of your credit card.
- If you spend ₹ 20000 on your Monthly Statement, you get 2 Complimentary Golf Rounds Visits.
- You are also given the facility of Roadside Assistance of ₹ 1399 in this credit card.
- In this you are given Air Accident Cover of ₹ 1 crore. Apart from this, even if your personal accident happens, you are given a cover of ₹ 10,00,000.
- If your card is lost, then you also get Lost Card Liability of ₹ 50000 in it. Apart from this, through this card you also get Travel Insurance of 1200 USD.
IDFC Offers Low Credit Card Interest Rates that Complement Your Lifestyles
Steps To Redeem Reward Points
To redeem rewards points on your IDFC First Wealth Credit Card, you can follow these steps:
- Visit The IDFC First Bank Website: Go to the official IDFC First Bank website using a web browser on your computer or mobile device.
- Login To Your Account: Sign in to your IDFC Bank account using your username and password. If you haven’t registered for online banking, you might need to create an account first.
- Navigate To The Credit Card Section: Once you are logged in, locate the credit card section on the website. This may be under the “Cards” or “Credit Cards” tab or a similar section.
- Access The Reward Points Section: Within the credit card section, find the area that specifically deals with reward points. This may be labeled as “Reward Points,” “Redemption,” or something similar.
- View Your Reward Points Balance: In the reward points section, you should be able to view your current reward points balance associated with your IDFC First Wealth Credit Card.
- Browse Redemption Options: Explore the available redemption options for your Reward Points. IDFC First Bank may offer various options such as merchandise, gift vouchers, cashback, travel bookings or other benefits. Review the options to find the one that best suits your preferences.
- Select The Redemption Option: Once you have selected the redemption option you want, select it to proceed with the redemption process.
- Confirm Your Redemption: Follow the prompts to confirm your redemption choice. You may be required to enter specific details such as the number of reward points you want to redeem or any additional information related to your chosen option.
- Complete The Redemption: After confirming your redemption, review the details carefully to ensure accuracy. Proceed to complete the redemption process as instructed on the website.
- Check For Confirmation: Once the redemption is complete, you should receive a confirmation message or email from IDFC First Bank. This communication will provide you with relevant details regarding your redemption.
If you encounter any difficulties or have specific questions regarding the redemption process, it’s best to reach out to IDFC First Bank’s customer care for assistance. They will be able to guide you through the steps and address any concerns that you may have.
Conclusion:
In the case of credit cards, I would like to give you a bonus tip that you should pay your credit cards on time, so that you will not be in the circle of interest because behind the opinion of most Creators not to use credit cards, this reason remains hidden that people first pay their credit card for unnecessary expenses, then later they are unable to pay it, due to which they get buried under the interest. That’s why you have to avoid this trap.