IDFC First Bank is one of the newest banks to enter the credit card space in India. Being a new bank that is eager to get new customers, it has reasonable sign-up offers for its savings account. But, so far IDFC First bank has not offered sign-up offers for its credit cards. In this post, we review the IDFC First Bank Select credit card. Let’s find out what it offers in rewards and benefits.
Fees and Charges
All IDFC First Bank credit cards are offered Lifetime Free (LTF) – no joining or annual fee.
| Joining and Annual Fee | NIL (LTF) |
| Welcome Benefit | Welcome voucher worth Rs 500 on spending Rs 15,000 within 90 days of card generation
5% cashback up to Rs 1000 on the transaction value of the first EMI done within 90 days of card generation |
| Variant | Visa Signature |
Rewards
- Offline Spends: 3 RP/Rs 125 ~0.6% return
- Rental and Property Spends: 3 RP/Rs 125~0.6% return
- Online Spends: 6 RP/Rs 125 ~1.2% return
There is no max cap on earning reward points. One upside is wallet spends come under online spending. So we get 6X rewards on that.
The offline reward rate is low. So, it does not make any sense to use the IDFC First Bank Select credit card at offline stores. However, one alternative is to use it at offline stores after the 10X rewards kick in. The 10X rewards are covered below.
The below transactions will not get any rewards on the IDFC First Bank Select credit card:
× Fuel Spends
× Insurance Spends
× EMI transactions
10X Rewards on Incremental Spends
IDFC First Bank Select credit card gets a 10X benefit on incremental spending above Rs 25000. 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.
| SPEND REQUIREMENT FOR 10X REWARDS |
10X RETURN |
|---|---|
| Rs 25000 | 10 RP/Rs 125 ~2% return |
Key Benefits
- Foreign Currency Mark Up Charges: 1.99% plus GST ~2.35%
- Buy One Get One offer up to Rs 250 twice per month on Paytm movies
- Complimentary Roadside Assistance up to 4 times per year
- 1% Fuel Surcharge Waiver up to Rs 300 per month
The complimentary RSA is one of the unique privileges for a card of this segment. It covers many of the RSA services that we get as a paid cover from the vehicle showroom.
Complimentary Lounge and Spa Access
- Domestic Lounge Access at Airports: 4 complimentary visits/quarter to the eligible list of lounges. The access is via Visa or DreamFolks card.
- International Lounge Access at Airports: Not Available
- Spa Access at India Airports: Not Available
- Railway Lounge Access: 4 complimentary visits/quarter to the executive lounge in Delhi, Jaipur, Ahmedabad, Kolkata, and Agra
Minimum Spends required for airport lounge and spa access
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 for the IDFC First Bank Select credit card.
Final Thoughts
The IDFC First Select card offers very low rewards compared to the competition. Even entry-level cards offer better rewards often. But, some of the benefits like RSA and railway lounge access are good. These are good for an LTF card. You can also take advantage of IDFC First Bank-specific offers on e-commerce sites with this card.
