IDFC First Bank WOW credit card is a secured credit card from IDFC First Bank. If you are new to credit cards and without a credit score, it is difficult to get regular unsecured credit cards. This is where secured credit cards are helpful. They are a great way to build credit when you are starting off in your credit card journey. Here is a review of the IDFC First Bank WOW! credit card and everything you need to know about it.
Overview
| Joining Fee | NIL (Lifetime Free) |
| Annual Fee | NIL (Lifetime Free) |
| Welcome Benefit | 5% cashback up to Rs 1000 on the first EMI transaction within 90 days |
| Issued On | Visa Infinite |
| Credit Limit | 100% of FD amount |
| Forex Mark-Up Fee | 0% |
The Visa Infinite brand has always been the choice for super-premium credit cards. Getting this Infinite brand on a secured credit card is quite surprising.
The minimum fixed deposit for the IDFC First Bank WOW! credit card is Rs 5000. We get 100% or more of the fixed deposit amount as a credit limit. Other secured credit cards issue around 80% to 90% of the FD amount as the credit limit.
Rewards
| Spend Category | Rewards | Return |
|---|---|---|
| Insurance Spends | 1 RP/Rs 150 | 0.17% |
| Utility Spends | 1 RP/Rs 150 | 0.17% |
| Other Retail Spends | 4 RP/Rs 150 | 0.67% |
| Fuel and EMI Transactions | No Rewards |
- 7.5% interest on fixed deposit
The reward rates are not great but that’s ok. The target audience for this card is people who are new to credit cards and need to build a credit score. We also earn 7.5% interest on the amount we put in for the fixed deposit. Once you have used the IDFC First Bank WOW credit card for some time and you get a credit score, you can start applying for unsecured credit cards.
If you got the IDFC First Bank WOW credit card before 14th November, 2022 then you will continue to earn 4 RP per Rs 100.
Rewards Redemption
The value of each reward point is 25 paise and can be redeemed as a statement credit or used to pay for transactions as well.
BookMyShow BOGO Offer
The IDFC First Bank WOW credit card also gets the Visa Infinite offer for BookMyShow.
- Movie and F&B Discount: Get 50% discount up to Rs 300 on minimum booking of 2 movie tickets and up to Rs 200 off on food combos
- Non Movie Discount: Get 50% discount up to Rs 500 on minimum booking of 2 non-movie tickets
Complimentary Airport Lounge Access is not available
Though the WOW credit card is based on the Visa Infinite platform, it does not get any complimentary airport lounge access.
Key Benefits
The IDFC First Bank WOW credit card also has some good benefits that add more value.
- Foreign Currency Markup: 0%. This is a big one.
- Complimentary Roadside Assistance: Get support for car breakdowns, towing, etc. on the card. There are other included services like emergency fuel which would need extra payment. But, it is still worth it for a secured credit card.
- Fuel Surcharge Waiver: 1% waiver up to Rs 200/month
- Personal Accident Cover of Rs 2 Lakhs and Lost Card Liability Cover of Rs 25000
Pros and Cons
Pros
- Easy to get without any credit score and history
- 100% of FD amount as credit card limit
- Zero foreign currency markup fee
- BMS BOGO offer for Visa Infinite
- Complimentary roadside assistance
Cons
- Low reward rate. It should have been at least 1%.
Final Thoughts
Considering the target audience, the IDFC FIRST WOW! is good enough for a secured credit card. The Visa Infinite platform does not mean it gets all the benefits that Infinite offer. The airport lounge access is one of that. But, yes the Infinite branding can be good for flaunting around.
If you are looking for your first credit card, FIRST WOW! is a good choice. Get it, and use it for a few months till you get a good credit score. You will then have your first unsecured card.
Frequently Asked Questions
IDFC First Bank FIRST WOW Credit Card
2 thoughts on “IDFC FIRST Bank WOW Credit Card”
On deposit of ₹10,000 and up, the credit limit is 125%. Thus you can get ₹12,500 on depositing 10K.
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