Want to apply for the IDFC First Classic Lifetime Free Credit Card? You are going to get lucky today. This is the post where you can read all details about this credit card, the features, the rewards, and how you can apply for the card today.
IDFC First Bank is launching four new credit cards in February 2021, and they have already started the pre-registration for all the cards. All four are Lifetime Free Credit Cards and won’t incur any additional charges. Earlier, they had partnered with FPL Technologies to offer OneCard Metal Credit Card. Now they are launching their own cards:
- IDFC First Millennia Credit Card.
- IDFC First Classic Credit Card (this post).
- IDFC First Select Credit Card.
- IDFC First Wealth Credit Card.
- Side-by-Side Comparison: IDFC Millennia vs Classic vs Select vs Wealth Credit Card.
In earlier posts, I have discussed the IDFC Millennia, Select, and Wealth Credit Cards. In today’s post, we are going to look at the IDFC First Classic Credit Card. This is also a lifetime free credit card tied with the VISA Platinum tier. Let’s look at the card in detail and find out the reward scheme, charges, eligibility criteria, and how to apply for it. I will also be mentioning some alternative cards that you can check out.
Before we begin, let me invite you to our Finance Discussion Community on Facebook: FinTalks. Here we share our experiences and discuss queries related to banking, debit cards, and credit cards, mutual funds, stock markets, and more. We started in September 2020, and at the time of writing this post in January 2021, we have over 4k members. A lot of offers and discounts related to credit cards are also discussed here. Click Here to Join FinTalks.
Let’s get started. Here’s an overview:
IDFC First Classic Credit Card: Features & Rewards Explained
The IDFC First Classic Credit Card will give you reward points as you use the card. Here’s the reward point structure:
- 1x Reward Points = 1 reward points for Rs100 transaction.
- 1 Reward Point = 25 paise; this means 4 reward points = Rs1.
- There is no cap on the reward points earnings. You can earn unlimited points per month.
- The reward points will never expire. So you can accumulate them to redeem later.
- You won’t earn reward points for Fuel Transactions, EMI, Insurance Payments, and Cash withdrawals from ATM.
- You can redeem your reward points against credit to your card. There are no fees on redeeming.
The details of rewards are given below:
- On regular online transactions, you will earn 6x reward points (1.5%).
- On offline retail store spends, you will earn 3x reward points (0.75%).
- On purchases above Rs20000, you will earn 10x reward points (2.5%).
- Special: On your birthday, you will earn 10x reward points (2.5%) on all purchases.
Apart from these, there are other privileges:
- You will get interest-free ATM Withdrawal up to 48 days. [WE ARE YET TO VERIFY THIS CLAIM SINCE THEIR TERMS AND CONDITIONS MENTIONS Rs250 CASH ADVANCE CHARGES & 0.75-2.99% MONTHLY INTEREST RATES.]
- Every month you will get 25% off on movie tickets, up to Rs200, once per month.
- You will get free Railway Lounge Acess, up to 4 times per quarter.
- You will get a fuel surcharge waiver of up to Rs200 per month.
- You will get a personal accident cover of 2 Lakh and a complimentary lost card liability cover of Rs25000. To claim this benefit, your card needs to be active and have at least one transaction in the last 30 days.
- You will get a Roadside Assistance worth Rs1399.
- Since this is a VISA Classic card, you will get all VISA Classic Benefits as well.
IDFC First Classic Credit Card: Charges
- There are no annual charges on IDFC First Classic Credit Card. This is offered as a lifetime free credit card.
- In case you do not pay your credit card bill entirely, you will be charged interest from 0.75% to 2.99% monthly (9%-35.88% Annually). This interest rate will depend on your CIBIL Score.
- This card carries a Forex Markup Fee is 3.5%.
- There are no fees on reward redemption.
- There are add-on card charges or any overlimit fees.
- In case you forget to pay your credit card bill on time, you will be charged a late fee, which will be 15% of the due amount. There will be no fees if the bill is below Rs100, and the fee will be between minimum Rs100 – Rs1000 maximum.
- In case you withdraw cash, you will be charged a cash advance fee of Rs250 (both domestic and international).
- Most Important Terms and Conditions: Fine Print.
- Card Usage Guide: Click Here.
IDFC First Classic Credit Card: Welcome Bonus
- If you spend Rs15000 within 90 days of receiving the card, you will earn a Rs500 gift voucher.
- You will also earn 5% cashback on your first EMI Transaction within 90 days of receiving your card.
IDFC First Classic Credit Card: Alternatives
The IDFC First Classic Credit Card is more or less similar to the IDFC First Millennia and IDFC First Select Credit Card, with some minor changes. Mostly I liked this card for these reasons:
- 25% off on movie tickets offer.
- Railway Lounge Access (apart from Domestic Airport Lounge)
- Lifetime Free Card.
But if we look at the rewards, it does not seem to be that attractive. In fact, there are far better cards out there from other banks that are quite lucrative.
HDFC Millennia Credit Card
Flipkart Axis Bank Credit Card
Amazon Pay ICICI Credit Card
OneCard Metal Credit Card
IDFC First Classic Credit Card: Eligibility Criteria
- As of now, all the IDFC First Credit Cards are offered as a pre-approved card, depending on your credit score and your relationship with the bank. You don’t need to submit any documents.
- Your credit profile will be assessed by IDFC First Bank, and you will be offered a card accordingly.
- If you have an IDFC Bank Savings account or a Niyo IDFC Account, you will have better chances of getting the card and get better credit limits with lower interest rates. So, you may consider opening an IDFC First Bank account.
How to Apply for IDFC First Classic Credit Card?
Apply for IDFC First Classic Credit Card
That’s all about IDFC First Classic Credit Card. This card won’t be that hard to get, especially if you have a good CIBIL Score and haven’t missed any credit card bill payments recently. If you have any queries, just drop me a comment below. I will try my best to assist you.
By the way, don’t forget to check out the other IDFC First Credit Cards that were launched together: IDFC Millennia Credit Card | IDFC Select Credit Card | IDFC Wealth Credit Card | Side-By-Side Comparison.
Do share this post with your credit card enthusiast friends and let them know about all the IDFC First Credit Cards. And join our Facebook Community FinTalks to participate in our financial discussions.
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