IDFC First Bank Mayura Credit Card Review

IDFC First Bank has launched two new credit cards in the premium segment, Mayura and Ashva. Both the new launches are metal credit cards. The IDFC First Bank Mayura credit card comes with a joining and annual fee of Rs 5999 plus GST. The IDFC First Mayura credit card offers a reward rate of 0.83% to 1.6% based on spends. The benefits on the IDFC First Bank Mayura credit card include zero forex markup, airport lounge access, airport spa access, BMS BOGO offer and fuel surcharge waiver. The Mayura credit card is issued on the Mastercard World payment network.

Fees

Joining Fee	Rs 5999+GST ~Rs 7079
Welcome Benefit	Rs 4000 cashback + 10,000 RP worth Rs 2500 on applying before 30th November 2024
Annual Fee	Rs 5999+GST ~Rs 7079
Renewal Benefit	7500 RP worth Rs 1875 on spends of Rs 8 Lakhs 15,000 RP worth Rs 3750 on spends of Rs 15 Lakhs

For the first year, the IDFC First Bank Mayura credit card is a compelling offering. We get joining benefits worth Rs 6500 which makes the effective outgo just Rs 579! With the benefits that Mayura offers, it is worth getting the card for the first year.

The welcome benefit of Rs 4000 cashback can be availed by spending mininum Rs 4000 on any 4 transactions within 60 days of card issuance.

IDFC First Bank Mayura Credit Card Rewards

Spend Category	Reward Rate	Eligible for 10X Threshold
Retail Spends	5 RP/Rs 150 ~0.8% return	Yes
Birthday Spends (excluding below categories)	10 RP/Rs 150 ~1.6% return	Yes
Rental & Property Spends	3 RP/Rs 150 ~0.5% return	No
Education, Wallet and Govt. Services	3 RP/Rs 150 ~0.5% return	No
Insurance & Utilities	1 RP/Rs 150 ~0.17% return	No
Fuel & EMI Spends	No Rewards	No

• Rent and property management fee is 1%+GST. But, it is subject to a minimum charge of Rs 249 per transaction.
• Cumulative utility spends of more than Rs 20,000 in a billing cycle will have an extra charge of 1%+GST to curb commercial usage.

10X Rewards on Incremental Spends

IDFC First Bank Mayura credit card gets a 10X benefit on incremental spending above Rs 20,000. While the 10X return is decent, we need to spend the threshold amount at lower reward rates to reach there. This decreases the overall reward rate.

Rent, property spends, education, wallet, government services, insurance, utilities , fuel and EMI spends are not eligible for this spend target of 10X rewards.

Spend Requirement for 10X Rewards	10X Rewards
Rs 20,000 in a statement cycle	10 RP/Rs 150 ~1.6% return

Rewards Redemption

There is no expiry date for the reward points earned on the IDFC First Bank Mayura credit card. We can use the reward points to pay for purchases on the payment gateway. Reward points can also be redeemed for gift vouchers like Amazon, Flipkart, Myntra, and Big Basket. The value of each reward point is 25 paise. We have a reward redemption fee of Rs 99+GST ~Rs 117 for the IDFC First Bank Mayura credit card.

Complimentary Airport Lounge and Spa Access

• Airport Lounge Access within India: 4 complimentary visits/quarter. The access is via Visa or DreamFolks card. There is also 1 complimentary visit per quarter for accompanying guests but this will be a part of the overall Indian airport lounge access benefit.
• Airport Lounge Access outside India: 4 complimentary visits/quarter with DreamFolks
• Spa Access at India Airports: 4 complimentary visits/quarter
• The aiport lounge access is valid for add-on cards as well.

IDFC First Bank Mayura credit card requires minimum spends to qualify for complimentary airport lounge and airport spa access. We need to spend a minimum of Rs 20,000 in a calendar month to get complimentary airport lounge and spa visits in the next calendar month. For example, if you want to visit lounge/spa in March then you should have spent minimum of Rs 20,000 in February.

Free Trip Cancellation Cover

This is another unique benefit on the IDFC First Bank Mayura credit card. We can get a reimbursement for cancelling non-refundable flight and hotel cancellations for up to Rs 50,000 twice a year. The cancellation can be for any reason.

• Eligible Cover: Maximum Rs 25,000 for flight booking and Rs 25,000 for hotel booking
• Policy Period: From 8th May 2024 or Card Issuance date (whichever is later) till 7th May 2025
• Available to the Primary & Add-on Cardholder for bookings done through their Mayura Credit Card. This benefit is shared between the Primary and Add-On Cardholder for maximum of 2 cancellations.

Check out the complete T&C and how to raise a claim.

BookMyShow BOGO Offer on Mayura Credit Card

The Mayura also gets a pretty great BOGO offer on BookMyShow. We get Buy 1 Get 1 tickets with the price of 2nd ticket capped up to Rs 500. You can avail this benefit twice a month. Easy savings of Rs 1000 per month if you use this offer.

Other Key Benefits & Charges

• Zero Forex Markup: We get zero forex markup plus the standard rewards on this card. This makes Mayura a good option for international spends.
• Golf Lessons and Rounds: Enjoy 4 complimentary golf rounds and 12 complimentary golf lessons per calendar year. This is capped at 1 round/lesson in a single calendar month.
• Fuel Surcharge Waiver: 1% waiver up to Rs 500 per month. This is valid on transactions from Rs 200 to Rs 5000.
• Complimentary Roadside Assistance up to 4 times per year

Final Thoughts

The rewards on the IDFC First Bank Mayura credit card are close to what the LTF IDFC First Wealth card offers. So, is it worth paying the annual fee for the Mayura? The answer may be yes depending on how you value the benefits.

For the first year, taking the Mayura credit card is an easy decision with the welcome benefits and cashback. From the second year onwards, it would have been good to have a renewal benefit for around 40% to 50% of the annual fee. In the absence of that, it comes down to the benefits. If you can use the BookMyShow offer, zero forex markup, airport lounge access and the trip cancellation cover then it may still make sense to hold on to IDFC First Bank Mayura credit card. But, we won’t recommend holding on to Mayura credit card for just rewards.

Frequently Asked Questions