IDFC First Wealth Credit Card Review

IDFC First Wealth Credit Card Review

IDFC First Wealth credit card is a super premium credit card with customer-centric features like Interest-free cash withdrawals on domestic and international ATMs for up to 48 days, Buy one, get one offer on movie tickets up to ₹ 500 on Paytm, and Complimentary Roadside Assistance worth ₹ 1,399.

This lifetime free card has various offers and discounts like discounts on hotels, Coursera, Udemy, and edX. Here is our review of the IDFC First Wealth credit card where we deep dive into the pros, cons, rewards, cash back, and more. We attempt to answer whether this is the card for you or not.

Fees and Charges

LableFees
Joining Fees Zero 
Annual FeesNIL (Lifetime Free credit card)
Interest RateVaries from 0.75% to 3% per month based on customers (9% to 36% per annum)
Markup Fees1.5% applicable on all foreign transactions 

Pros and Cons

The IDFC First Wealth comes with a host of features and privileges across various spending categories like shopping, wellness, entertainment, dining, and fuel. It is one of the cards with the lowest interest rate and offers multiple lifestyles and travel benefits.

Pros
  • Reward points for select merchandise and coupons can be redeemed at no extra cost.
  • Earned rewards points do not expire.
  • 5% cashback on the first EMI transaction within first 90 days of card issuance.
  • Interest-free cash withdrawal upto 48 days.
  • Lost card liability of upto ₹ 50000 and complimentary personal insurance cover of upto ₹ 10 Lakhs.
  • Reward points can be used to instantly pay for online and offline store purchases.
  • 1% fuel surcharge waiver at all fuel stations across India.
  • Welcome vouchers worth ₹ 500 on spending ₹ 15000 in the first 90 days.
Cons
  • Premium features like concierge service and unlimited golf rounds are not offered.
  • Complimentary priority pass membership is unavailable. 
  • No reward points are awarded on spending on insurance and related products.

Rewards and Cashbacks

  • 4 complimentary domestic and international airport lounge visits per quarter
  • 10X reward points on spending over ₹ 20000 per month and birthday purchases.
  • 6X reward points on online spends
  • 4 complimentary railway lounge access in a calendar quarter.
  • Free Roadside Assistance (RSA) worth ₹ 1,399
  • Instant EMI conversion for all purchases above ₹ 2500.
  • Complimentary air accident insurance worth ₹ 1 Cr.
  • 10 reward points on every ₹ 100 spent on this card.
  • Comprehensive Travel Insurance Cover of ₹ 22500.

Who Should Get an IDFC First Wealth Credit Card?

IDFC First Wealth credit card is good for occasional frequent flyers as it comes with complimentary domestic and international lounge access. In addition to this, railway lounge and spa memberships are also offered.

It may be helpful for high spending customers as accelerated rewards are offered upwards of ₹ 20000 per month. The card offers rewards in categories like fuel, wellness, shopping (online/offline), travel, and entertainment. The reward rate is decent and on a higher side compared to cards in this category. 

Eligibility Criteria for IDFC First Wealth

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 (Scheduled to change)

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

IDFC First Wealth credit card is loaded with unique features and privileges. It offers benefits like interest-free cash withdrawal, accelerated domestic and international spending rewards, exclusive dining discounts, and 50+ in-App discount offers. 

It may not be a good choice for customers looking forward to unlimited airport lounge access and priority pass membership. It also lacks unlimited rounds of Golf and other such features usually available with other super premium cards from Axis, HDFC Bank, Citi, and more. You could, however, make a 2.5% return on your spends with the IDFC First Wealth, which is decent given the card is lifetime free.

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