Notifications

  • As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.

  • Activate your Credit Card within minutes and enjoy unlimited benefits

  • One FASTag, three payments:Toll, fuel and parking

    The only FASTag with triple benefits

Credit Card

IDFC FIRST Bank Credit Card comparison

Summary: Credit cards can help you spend more efficiently, manage finances better and save more money. Check out the IDFC FIRST Bank credit card comparison in our guide.

28 Apr 2022 by Team FinFIRST

Access to easy credit is a necessity for everyone and is a significant contributor in the growth of retail finance in India. A credit card is one of the most popular credit tools as it requires the least documentation to acquire. Once you own a credit card, it can be used frequently without any other condition, subject to the limit available to you. Using a bank credit card also contributes to improving your credit score when you make on-time repayments either by scheduled EMIs or in a lump sum.

There are many additional benefits available on credit cards in the form of rewards, offers with popular brands and cashback on EMI and other transactions. In summary, when used wisely, a bank credit card is a great way to improve your lifestyle.

What is a Credit Card and How it Works?

A credit card is a financial tool for accessing funds. You can use it for online shopping and making merchant payments. Unlike a debit card, which uses funds from your savings account, a credit card uses the bank's funds for transactions, which you must repay by the due date. You can obtain credit from the bank when you use a credit card.

A credit card offers interest-free credit until the due date, after which the bank charges interest. Each credit card has a maximum consumable amount referred to as a credit limit.

Credit Card vs Debit Card
 

A credit or debit card provides access to funds for making purchases. Debit cards, however, consume funds from your savings account. Since it is your money, the funds are interest-free. Credit cards, on the other hand, offer pre-approved loans up to the credit limit, which you can pay in installments or in a lump sum before the due date.

Credit cards are popular because they offer a range of shopping benefits and reward programs. And, if you repay your outstanding amount before the due date, no interest is charged, making it liability-free. Since credit cards offer instant, short-term loans, they help you build a credit score. The best credit cards offer privileges, such as shopping offers, lifestyle benefits, travel and entertainment discounts, etc.

 

Below are the top credit cards offered by IDFC FIRST Bank.

IDFC FIRST Bank Credit Cards Comparison
 

  • FIRST Millennia Credit Card
  • FIRST Classic Credit Card
  • FIRST Select Credit Card
  • FIRST Wealth Credit Card

The IDFC FIRST Bank Credit Cards are lifetime free, and customers can enjoy discounts at 1500+ restaurants and 300+ merchant offers all year round.

FIRST Millennia Credit Card

The FIRST Millennia Credit Card, as the name suggests, is for younger and upwardly mobile customers. The key features are:

  • Up to 10X reward points
  • Welcome voucher worth ₹500 on spending ₹15,000 or more within 30 days of card generation. It can be redeemed at outlets such as Amazon and Big Basket
  • Four complimentary Railway lounge visits per quarter.
  • 25% discount on movie tickets up to ₹100 (valid once per month).
  • Fuel surcharge waiver of 1%, at all fuel stations across India, up to ₹200/month.

FIRST Classic Credit Card
 

The FIRST Classic Credit Card works best for users who want value for money and reward-seekers. The key features are:

  • Up to 10X reward points
  • Welcome voucher up to Rs.500 on spending up to Rs.15,000 within 30 days of card generation
  • Zero lost card liability and credit shield cover of 25,000’
  • 25% discount on movie tickets up to ₹100 on PayTM mobile app
  • Accident cover of up to Rs 2 Lakhs, complimentary with this card

Banks usually have more than one variant of credit card catering to different customers with appealing features. IDFC FIRST Bank has a variety of four credit cards, each unique to four different customer segments, matching lifestyle needs and loaded with benefits.

FIRST Select Credit Card
 

The FIRST Select Credit Card is a premier card that offers the following benefits:

  • Up to 10X Reward Points
  • Unlimited Reward points that never expire.
  • Four complimentary domestic airport lounge visits per quarter.
  • 'Buy one, get one offer on movie tickets up to ₹250 on PayTM mobile app (valid twice per month)
  • Zero lost card liability and credit shield cover of 50,000
  • Personal accident cover of up to ₹5 Lakhs

FIRST Wealth Credit Card
 

The FIRST Wealth Credit Card is the most exclusive credit card offered by IDFC FIRST Bank. Its features include:

  • 'Buy one, get one’ offer on movie tickets up to ₹500 on Paytm mobile app (valid twice per month).
  • Enjoy four complimentary domestic and international lounge access, and spa visits every calendar quarter with the best lounge access credit card.
  • Up to two Golf rounds/lessons per month.
  • Fuel surcharge waiver at all fuel stations across India up to ₹400 every month.
  • The Wealth card is the best with no annual fee and a low Forex markup of 1.5%.

Benefits of credit cards
 

Credit cards are highly sought after because they offer attractive benefits. A few benefits are listed below:

  • Along with quick loans, you get a grace period to pay off your outstanding amounts interest-free.
  • Banks and card issuers offer several merchant discounts and online shopping privileges.
  • As a credit card holder, you also get access to exclusive reward programs where you receive reward points and cashback on each card expense. IDFC FIRST Bank offers up to 10X rewards on credit card spending.
  • You can also pay utility bills and at outlets across the globe.
  • You also get enhanced and multi-layered security with a credit card. Several banks offer fraud protection and card loss liability if you lose your card.

Fees and Charges on a credit card

Banks and credit card issuers levy a few charges to cardholders. A few are listed below:

  • Annual membership charges

    Annual membership fees apply to cardholders to continue credit card services. Depending on the credit card, it may range from a few hundreds to thousands of rupees. However, you can also opt for a lifetime free credit card which does not incur annual charges. IDFC FIRST Bank credit cards have no annual membership charges, making them more affordable than other cards.
  • Finance charge

    This is a monthly charge on your outstanding credit card bill. Finance charges usually vary between 2% and 3.5%, depending on the bank. IDFC FIRST Bank offers the lowest finance charges starting at 0.75% per annum.
  • Cash advance charges

    Cash advance charges apply when you withdraw cash using your credit card from an ATM. The bank charges you every time you withdraw money from an ATM.
  • Forex markup fee

    A forex markup fee applies to every transaction you perform abroad. It is around 3% to 3.5% of your purchase amount.
  • Late payment charge

    The late payment charge applies if you miss the payment due date, known as the late payment charge.

Eligibility and documents required

Here are a few requirements you must fulfil to apply for a credit card:

  • You must be 18 years old or above.
  • You must be employed, self-employed, or have a business with a regular source of income
  • You must have a decent credit score

These are the documents needed to apply for a credit card:

  • Identity Proof – Aadhaar card, PAN card, Voter card or Passport
  • Address Proof – Aadhaar card, Utility bill, Passport
  • Income Proof – Bank statement, salary slip, or Form 16

How to choose the right credit card?

Consider the following factors when choosing the best credit cards:

  • Choose a credit card that suits your financial needs and spending habits.
  • Banks offer credit cards with several rewards and benefits; however, if your spending habits don't match the card's benefits, you won't benefit. Therefore, choose a card that rewards you on expenses you already incur regularly.
  • Choose a credit card that charges low fees. This way, you can save more.
  • To avoid missing payments, keep an eye on the due date and interest-free period.
  • Make sure to compare credit cards online before signing up for one.

Why choose IDFC FIRST Bank credit cards?
 

IDFC FIRST Bank credit cards are popular because they offer unique benefits like:

  • Up to 10x reward points

    Earn accelerated reward points on spends over a certain threshold and those made on your birthday.
  • Never expiring reward points

    The reward points you earn with IDFC FIRST Bank Credit Cards have no expiry date.
  • Low interest rates

    IDFC FIRST Bank Credit Cards offer low and dynamic interest rates starting from 9% per annum.
  • 0% Interest on Cash Withdrawal

    IDFC FIRST Bank Credit Cards offer ATM cash withdrawals at 0% interest until your bill’s due date.
  • Pay Instantly with reward points

    Pay instantly for any online transaction using your credit card reward points.
  • Lifestyle benefits

    Discounts on shopping, dining and movies, complimentary rounds of golf every month, etc.
  • Travel benefits

    Complimentary airport lounge access both domestic and international.
  • Other benefits

    Various in-app online discounts, discounts on health and wellness outlets, EMI facilities, Balance Transfer Options and more.

You can apply for an IDFC FIRST Bank credit card online. Download the bank’s app and apply for the credit card that suits your needs. You can also apply for a card on the IDFC FIRST Bank website as well. Click here to get started.

Frequently Asked Questions

What are add-on credit cards?

Add-on credit cards are additional cards issued in the name of primary cardholders. You can opt for an add-on card for your family members in your name. However, remember that the credit limit remains the same even if you own multiple add-on cards.

Do credit cards charge interest for non-payment?

You must pay the minimum amount due on the payment date to avoid penalties. If you miss a credit card payment, the bank charges an interest along with penalties on the outstanding amount on your credit card.

Can I convert my credit card reward points into cash?

Several banks allow their customers to convert their earned reward points into cash. However, there may be some terms and conditions for the conversion. You can redeem those reward points to purchase products or get additional discounts. You can also convert the reward points into air miles for purchasing air tickets at a discount.

What happens when I don’t pay my bills on time?

Banks charge a penalty and interest on the total outstanding amount if you do not pay the bill on time. However, if you cannot pay your bills in full on time, pay the minimum due to avoid penalties.

How do I compare different credit card options?

You can compare different credit cards online. Go through the services, charges, and features of credit cards from various banks and choose the one that aligns with your financial requirements. You can also visit an online aggregator for a quick and convenient comparison.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.