IDFC First Classic Credit Card Review

IDFC First Classic Credit Card Review

IDFC First Classic is an entry-level credit card with 10X rewards on milestone-based spending of ₹ 20000 and above. It offers a low-interest rate of ~2% per month (for select users), which is helpful for beginners looking to build a credit history.

This lifetime free credit card offers a decent reward rate on all spending in categories like shopping (online/offline), travel, wellness, fuel, and entertainment. Here is our review of the IDFC First Classic credit card where we deep dive into the pros, cons, rewards, cashback, and more. We attempt to answer whether this is the card for you or not.

Pros and Cons

IDFC First Classic credit card offers generous rewards and cashback on various categories, including travel, entertainment, and shopping. The bank claims this card gives you savings upto ₹ 10,400 annually by using this card on multiple partner websites and applications.   

Pros

  • 1% fuel surcharge waiver at all fuel stations across India
  • 5% cashback on the first EMI transaction within the first 90 days of card issuance
  • Earned rewards points do not have an expiry
  • Reward points can be used to instantly pay for online and offline store purchases
  • Reward points for select merchandise and coupons have no redemption fee
  • Welcome vouchers worth ₹ 500 on spending ₹ 15000 in the first 90 days
  • Interest-free cash withdrawal upto 48 days

Cons

  • No reward points are awarded on spending on insurance and its related products
  • No premium features available including lounge access

Rewards and Cashbacks

  • 10X reward points on spending over ₹ 20000 per month and on birthday purchases
  • 6X reward points on online spends
  • 10 reward points on every ₹ 100 spent on this card
  • Free Roadside Assistance (RSA) worth ₹ 1,399
  • 25% discount on movie tickets capped at ₹ 100
  • 4 complimentary Railway lounge visits per quarter

Fees and Charges

Joining Fees:

  • Zero 

Annual Fees:

  • NIL (Lifetime Free credit card)

Interest Rate:

  • Varies from 0.75% to 3.00% per month based on customers (9% to 36% per annum)

Markup Fees:

  • 3.5% applicable on all foreign transactions 

Who Should Get an IDFC First Classic Credit Card?

IDFC First Classic Credit card provides you unique features like interest-free ATM cash withdrawal for up to 48 days and applicable balance transfers. It also helps you extend these benefits to your family members with zero add-on card charges and zero over limit fees.  

It is suitable for individuals looking to earn high reward points and cashback on online and offline shopping. You should opt for this card if you are looking for additional movie discounts, complimentary railway lounge visits, and accelerated reward points. 

Eligibility Criteria for IDFC First Classic

A. Age

21 years to 60 years

B. Occupation

  1. Self-employed Individuals
  2. Salaried individuals

C. Income

  1. More than ₹ 25,000 per month 

D. ID Proof (any one of the following)

  1. PAN Card
  2. Aadhaar card
  3. Driver’s License
  4. Passport
  5. Voter’s ID
  6. Overseas Citizen of India Card
  7. Person of Indian Origin Card
  8. Job card issued by NREGA
  9. Letters issued by the UIDAI or any other government-approved photo ID proof

E. Address Proof (any one of the following)

  1. Aadhaar card
  2. Driver’s License
  3. Passport
  4. Utility Bill not more than three months old
  5. Ration Card
  6. Property Registration Document
  7. Person of Indian Origin Card
  8. Job card issued by NREGA
  9. Bank Account Statement or any other government-approved address proof

F. Income Proof (any one of the following)

  1. Latest one or two salary slips (not more than three months old)
  2. Latest Form 16
  3. Last three months’ bank statement

G. Income Proof: Internal Policy criteria are based on bureau history, any existing Bank relationship, customer demographics, and credit exposure.

Conclusion

The IDFC First Classic is best suited for customers eyeing high rewards across a broad spectrum of categories, including food, wellness, entertainment, and shopping. It also has one of the lowest interest rates in the credit card space, proving beneficial for new customers. 

It is not a premium card and lacks offers and privileges in the lifestyle category. Compared to its peers, it also lacks international and domestic airport lounge access. If you are a frequent traveler, this card may not be the best available option in the market. Pick it for the high rewards and lifetime free benefits which are its highlights compared to other cards in this category.

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