IDFC First Bank is one of the latest banks to enter the credit card space in India. Being a new bank that is eager to get new customers, it has good sign-up offers for its savings account. I hope to see IDFC First Bank give some great offers for its credit cards too. IDFC First Bank credit cards have been launched in four different variants. Here is a comparison of the IDFC First Bank credit cards and their rewards/benefits.
Variants and Joining/Annual Fee
IDFC First offers four credit card variants – Millennia, Classic, Select, and Wealth. Millennia is the lowest variant while Wealth is at the top.
All four variants are offered Lifetime Free (LTF) – no joining or annual fee. This is a good move by IDFC First, as it will encourage more people to apply for a credit card from a new entrant.
Earn 3X and 6X Rewards
Millennia and Classic variants get the lowest rewards with Wealth at the top position. There is no max cap on any of the cashback categories. Wallet spends get 6X rewards as well.
It does not make any sense to use the IDFC First Bank credit cards at offline stores because of the low reward rate.
| Card Variant | Offline and Rental/Property Spends | Online Spends |
|---|---|---|
| IDFC First Millennia Credit Card | 3 RP/Rs 150 ~0.5% | 6 RP/Rs 150 ~1% |
| IDFC First Classic Credit Card | 3 RP/Rs 150 ~0.5% | 6 RP/Rs 150 ~1% |
| IDFC First Select Credit Card | 3 RP/Rs 125 ~0.6% | 6 RP/Rs 125 ~1.2% |
| IDFC First Wealth Credit Card | 3 RP/Rs 100 ~0.75% | 6 RP/Rs 100 ~1.5% |
10X Rewards on Incremental Spends
IDFC First Bank credit cards get a 10X benefit on incremental spending above a certain amount. This threshold amount differs as per the variant. While the 10X return is decent, we need to spend the threshold amount at lower reward rates just to reach there. This decreases the overall reward rate.
| Card Variant | Spend Requirement for 10X Rewards | 10X Return |
|---|---|---|
| IDFC First Millennia Credit Card | Rs 20000 | 1.67% |
| IDFC First Classic Credit Card | Rs 20000 | 1.67% |
| IDFC First Select Credit Card | Rs 25000 | 2% |
| IDFC First Wealth Credit Card | Rs 30000 | 2.5% |
Excluded Transactions for Rewards
Below transactions will not get any rewards on the IDFC First Bank credit cards:
- Fuel Spends
- Insurance Spends
- EMI transactions
Variant-wise Features and Benefits
IDFC First Bank differentiates the variants with the available benefits. Here is a quick comparison of what differs for each variant.
The benefits offered by the topmost FIRST Wealth card look good. My wish is to see some more differentiation for this variant. Maybe the rewards increase a little bit more or we, if we can have some aggressive spending, offer on it.
| Benefit | Millennia / Classic | Select | Wealth |
|---|---|---|---|
| Paytm Movies | 25% off upto Rs 100 Valid once per month | BOGO up to Rs 250 Valid twice per month | BOGO up to Rs 500 Valid twice per month |
| Complimentary RSA | Available | Available | Available |
| 1% Fuel Waiver | Rs 200 per month | Rs 300 per month | Rs 400 per month |
| Golf Rounds | NIL | NIL | 2 per month |
| Personal Accident Cover | Rs 2 Lakhs | Rs 5 Lakhs | Rs 10 Lakhs |
| Lost Card Liability Cover | Rs 25000 | Rs 50000 | Rs 50000 |
| Travel Insurance Cover | Not Available | Not Available | Up to Rs 22500 |
Complimentary Railway and Airport Lounge/Spa Access
| Millennia / Classic | Select | Wealth | |
|---|---|---|---|
| Railway Lounge | 4 visits per quarter | 4 visits per quarter | 4 visits per quarter |
| Dom. Airport Lounge | NIL | 4 visits per quarter | 4 visits per quarter |
| Intl. Airport Lounge | NIL | NIL | 4 visits per quarter |
| Dom. Airport Spa | NIL | NIL | 4 visits per quarter |
Rewards Redemption
The earned reward points do not expire on IDFC First credit cards. The reward points can be used to pay for purchases. Each RP is worth 25 paise. Reward points can also be redeemed for gift vouchers like Amazon, Flipkart, Myntra, and Big Basket. There is a reward redemption fee of Rs 99 plus GST ~Rs 117.
Pros and Cons
Pros
- Lifetime Free Credit Cards
- 10X Accelerated Reward Rate
- Complimentary Railway Lounge access
Cons
- Only 0.5% to 0.75% rewards for in-store spending
- No complimentary airport lounge access for lower variants
Final Thoughts
While the beginning was good for IDFC First Bank cards, the recent devaluation has done some harm. Millennia and Classic variants now have lower rewards than other entry-level credit cards. We can get Amazon Pay ICICI, Flipkart Axis, or SC Smart to get better cashback.
Moving up, I do not see much of a case for Select and Wealth in the premium segment either. Yes, they are LTF but HNI customers would not mind paying a fee in exchange for better rewards and benefits. Although I have the IDFC First Wealth credit card, I don’t see a use for it yet. I am waiting to see what kind of offers IDFC First brings for the cards.
7 thoughts on “IDFC First Bank Credit Cards Comparison”
Can you confirm if the wealth variant which is the top also have railway lounge benefit. railway refused it
Yes, it does have access. Which railway lounge was it?
Can you confirm if the wealth variant which is the top also have railway lounge benefit. There is some confusion on it
Yes, it does have.
What are the criterias to avail IDFC Select Credit Card ?
I have two question
1.
do we get .75% on offline store spending or we get 2.5 % on offline spending on IDFC wealth CC considering we have crossed the threshold of 30k?
2. Does Add on card also enjoy and share the same lounge access limit which primary holder enjoy?
If the domestic lounge access is by credit card, then yes add-on credit cards should also work.