Want to apply for the IDFC First Wealth Lifetime Free Credit Card? Check out all the features and find out how you can easily apply for the card.
IDFC First Bank has finally started providing Credit Cards en masse for everyone. Although they have partnered with FPL Technologies to offer the OneCard Metal Credit Card earlier, this is the first time they are bringing their own credit cards without any co-branding. They have the following 4 cards in their bouquet currently:
- IDFC First Millennia Credit Card.
- IDFC First Classic Credit Card.
- IDFC First Select Credit Card.
- IDFC First Wealth Credit Card. (this post)
- Side-by-Side Comparison: IDFC Millennia vs Classic vs Select vs Wealth Credit Card.
All 4 cards are offered as a Lifetime Free card. So, you won’t be charged any annual membership fees for any of them. In today’s post, we will be covering IDFC First Wealth Credit Card, its features and benefits, eligibility criteria, and how you can apply for this card.
The IDFC First Wealth Credit Card is the most premium credit card in the bunch. It targets people with a high-to-very-high spending budget. It has a significantly higher reward ratio, but, at the same time, it is going to be significantly harder to get approval for this card. It is tied up with the VISA Infinite program, so you will be getting VISA Infinite Benefits as well.
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.
Here’s an overview:
IDFC First Wealth Credit Card: Features & Rewards Explained
You will earn Reward Points by using your IDFC First Wealth Credit Card. Below is the Reward Points Structure:
- 1x Reward Point = 1 Reward Point per Rs100 spending.
- Value of 1 Reward Point = 25 paise; 4 Reward Points = Rs1.
- You can earn unlimited reward points depending on your transaction value. There is no monthly cap.
- Your reward points are valid for lifetime. They don’t expire.
- Reward Points are not applicable to Fuel Transactions, Cash withdrawals, EMI Transactions, and Insurance Transactions.
- The rewards can be redeemed as card credit. There is no reward redemption fee.
Here’s the rewards scheme:
- Earn 6x reward points (1.5%) on regular online transactions.
- Earn 3x reward points (0.75%) on all offline retail store spends.
- Earn 10x reward points (2.5%) on purchases above Rs20000.
- Earn 10x reward points (2.5%) on all spends on your birthday.
- Get Buy 1 Get 1 movie ticket worth Rs500 each, twice per month.
- Free Golf Round Access on every Rs20000 spend on your card, up to twice per cycle. This means, for Rs40000 spends, you will get 2 complimentary golf rounds per billing cycle.
- Get a fuel surcharge waiver of up to Rs400 per month.
- Free Domestic as well as International Lounge Access and Spa Access, up to 4 times per quarter. That’s 16 times a year. Sweet!
- Up to 20% off on dining at 1500+ selected restaurants.
- Up to 15% off on 3000+ selected health & wellness outlets.
- Get Roadside Assistance worth Rs1399.
- Get a personal accident cover of 10 Lakh and a complimentary lost card liability cover of Rs50000. Your card needs to be active and has to have at least one transaction last month.
- Get Travel Insurance cover of 1200$. (Loss of checked-in baggage 500$, Loss of Passport or any other documents 300$, Delay of checked-in baggage 100$, and Delay in Flight 300$.
- Any other VISA Infinite Benefits.
IDFC First Wealth Credit Card: Charges
- IDFC First Wealth Credit Card is a Lifetime Free Credit Card. There will be no annual membership fees associated with this card.
- In case you do not pay your credit card bill entirely, the interest rates will vary from 0.75% to 2.99% monthly (9% to 35.88% annually).
- The Forex Markup Fee is 1.5%.
- There is no reward redemption fee.
- There are no overlimit fees or add-on charges.
- Late payment fee: 15% of the due amount (nil for an amount below Rs100), minimum Rs100 – maximum Rs1000.
- Most Important Terms and Conditions: Fine Print.
- Card Usage Guide: Click Here.
IDFC First Wealth Credit Card: Welcome Bonus
- If you spend Rs15000 within 90 days of getting your card, you will receive a complimentary Rs500 gift voucher.
- Get 5% cashback on your first EMI Transaction spend value within 90 days of receiving your card.
IDFC First Wealth Credit Card: Alternatives
The IDFC First Wealth Credit Card aims to target high-tier customers with a huge monthly transaction volume. Amongst all other things, I liked the following features most:
- Buy 1 Get 1 Movie Tickets Offer
- Domestic and Internet Lounge Access
- Complimentary Golf Access
At the same time, I would like to draw your attention to some other premium credit cards from leading banks that have quite a lot to offer which the IDFC First Bank misses out on. However, please note that not all of these cards are lifetime free. SBI and Axis Bank cards cannot be made lifetime free. HDFC Bank cards can be converted to Lifetime free very easily. ICICI Bank offers lifetime free cards depending on the relationship of the customer with the bank.
Check out the links below to find the details about these credit cards. However, do note that these are luxury cards and may not be the best value for money credit cards on the bucket. And do read the fine prints always before applying for any credit card straight away.
- HDFC Regalia Credit Card.
- HDFC Diners Privilege Credit Card.
- ICICI RubyX Credit Card.
- ICICI Sapphiro Credit Card.
- Axis Bank Signature Credit Card.
- Axis Bank Select Credit Card.
- SBI Elite Credit Card.
IDFC First Wealth Credit Card: Eligibility Criteria
- The good news is, for the initial round, all the IDFC First Credit Cards are offered on a pre-approved basis depending on your creditworthiness and relationship with the bank. You won’t be required to submit any documents.
- IDFC First Bank will assess your credit profile and offer you a card according to its own discretion.
- Since it is a preapproved card, your relationship with the bank matters a lot in deciding how fast you will get the invite and how much credit limit will be assigned to you. So, consider creating an IDFC First Bank Savings Account or a Niyo IDFC Account if you want to get more benefits. Again, you have a high tier IDFC First Bank Account, it will certainly escalate the process.
How to Apply for IDFC First Wealth Credit Card?
The IDFC First Wealth Credit Card is launching in February 2021. To apply for the IDFC First Wealth Credit Card, you need to join the online waitlist. Offline branch applications have not started yet. To apply, visit the pre-launch page below.Apply for IDFC First Wealth Credit Card
Once you visit this website, you can check out the full details about the IDFC First Wealth Credit Card. Click on the ‘Notify me on Launch’ button. It will ask for your Name, Email ID, Mobile Number, and Pin Code. Once you submit them, it will ask you to verify your number with OTP. Once you are done, you will get a message that you have been enrolled on the waitlist successfully.
IDFC First Bank will contact you very soon and offer you their credit card depending on your creditworthiness.
That’s all about the IDFC First Wealth Lifetime Free Credit Card. Do let us know whether you were able to get it or not. Remember, even if this is a Lifetime Free Credit Card, this is a limited edition card, primarily intended for IDFC Wealth Management account holders. This is a super-premium tier card, and may not be easily approved for everyone. Please don’t be disappointed if you don’t get approved for the card on your first attempt.
In fact, you may try applying for the lower-tier IDFC First credit cards that were also launched together: IDFC Millennia Credit Card | IDFC Classic Credit Card | IDFC Select Credit Card | Side-By-Side Comparison.
Thank you for reading. If you have further queries, just drop me a comment below. I will be happy to help. Do share this post with your credit card enthusiast friends. This is a great card to add to their portfolio. I will be back soon with another interesting update. Keep visiting HiTricks. Join our Finance Community FinTalks for participating in the latest discussions on financial matters. Don’t forget to join our Telegram Channel for getting our latest updates.