IDFC First SWYP Credit Card

About IDFC First SWYP Credit Card

Are you tired of seeing your monthly food and shopping bills eat into your savings without getting anything back? The IDFC First SWYP Credit Card is built to change that narrative for young professionals and digital-first spenders.

This card focuses on where you actually spend your money: Zomato, Domino's, Zepto, and Nykaa. Instead of complicated reward structures that take years to understand, you get direct discounts and lifestyle perks. If you spend around ₹15,000 to ₹20,000 monthly on these lifestyle categories, you could see an annual value-back of over ₹20,000. It is a straightforward tool designed to make your daily expenses work harder for you.

Targeted primarily at professionals earning at least ₹2.5 lakh annually, this card bridges the gap between entry-level cards and premium lifestyle cards. Whether you are ordering a late-night snack or booking a weekend getaway, the benefits are immediate and tangible.

What sets it apart:

• → Effortless Fee Waiver: Unlike most cards that require high annual spends, this one waives your annual fee with just one successful referral.
• → Heavy Lifestyle Focus: You get consistent discounts on brands like Zomato, Nykaa, and Zepto every single month.
• → Rare Railway Perks: While most entry-level cards ignore train travelers, this card offers 4 complimentary railway lounge visits every quarter.

Quick check: To qualify, you need to be between 21 and 60 years old with a minimum monthly income of ₹20,000 and a credit score (CRIF) of around 720 or higher.

Let's break down why this card might be the smartest addition to your wallet this year:

Key Benefits & Features of the IDFC First SWYP Credit Card

The IDFC First SWYP Credit Card is packed with features that cater to the modern urban lifestyle. From the moment you pay your joining fee, the card starts paying for itself.

Welcome Benefits that Cover the Cost

The joining fee for this card is ₹499, but the bank effectively offsets this through a series of welcome gifts. You receive a ₹500 Amazon voucher when you spend ₹5,000 within the initial period. Additionally, you get a Lenskart Gold Max membership worth ₹800 for one year. If you use these two benefits alone, you have already recovered more than the cost of the card. New cardholders also get 1,000 reward points on their first EMI conversion within the first 30 days of paying the joining fee, plus various travel discount coupons.

Dining and Food Delivery Discounts

If you find yourself reaching for your phone to order food frequently, this card offers significant monthly savings:

• Zomato: Get 10% off up to ₹100 twice every month on your food orders.
• Domino’s: Enjoy 20% off up to ₹80 on orders above ₹299, valid twice a month.
• Zomato District: Get a 25% discount on movie tickets up to ₹100 when booking through the District app.

Grocery and Beauty Perks

Daily essentials and self-care also come with a discount. You can save 10% on Zepto purchases (up to ₹50) once a month for orders above ₹499. For beauty and fashion enthusiasts, the card offers 10% off at Nykaa up to ₹500 once a month. This applies across Nykaa Beauty, Nykaa Men, and Nykaa Fashion, making it a versatile choice for personal shopping.

Travel and Commute Benefits

While this card does not offer airport lounge access, it is a powerhouse for railway travelers. You get 4 complimentary railway lounge visits per quarter. However, please note that to access this benefit in the following month, you must spend at least ₹20,000 in the current month. For flight and hotel bookings, you can access up to 20% off on Goibibo (once per category per month) and 10% off up to ₹500 on EaseMyTrip for domestic bookings.

Fees, Waivers, and Eligibility Requirements

Understanding the cost of ownership is vital before you apply. The IDFC First SWYP keeps it simple:

• Joining Fee: ₹499 (One-time).
• Annual Fee: ₹499.
• The Referral Advantage: The annual fee is waived if you make just one successful referral. This is one of the easiest waiver conditions in the Indian credit card market.
• Income Criteria: You need a minimum annual income of ₹2.5 LPA (₹20,000 monthly).
• Credit Score: A CRIF score of 720 or higher is required for a smooth approval process.

Reward Point System

Beyond the instant discounts, you earn reward points on your spends. The conversion rate is 1 Reward Point = ₹0.25. You can redeem these points for travel and shopping directly on the IDFC FIRST app or use them for statement credits. Note that certain categories like fuel, insurance, government services, utility bills, and EMI transactions do not earn reward points. There is also a 1% fuel surcharge waiver, capped at ₹200 per month, to help you save on your commutes.

How to Apply for the IDFC First SWYP Credit Card

The application process is designed to be straightforward and can be completed online. Follow these steps to get started:

1. Check Your Eligibility: Ensure you are between 21 and 60 years old and meet the minimum income requirement of ₹2.5 LPA.
2. Visit the Official Link: Go to the IDFC First Bank website or use the authorized partner link to begin your application.
3. Fill in Details: Enter your mobile number, date of birth, and PAN card details.
4. Provide Employment Info: Specify if you are salaried or self-employed and enter your monthly income details.
5. Address Verification: Input your current residential address to check if the card is serviceable in your area.
6. Complete KYC: If your initial profile is shortlisted, you will need to complete a Video KYC (Know Your Customer) process.
7. Card Issuance: Once the bank verifies your documents and credit score, the physical card is usually dispatched within 5 to 7 working days.

Processing timelines vary by profile, but you can expect a status update within 3 to 5 working days after submitting your documents.

Credit Limit: What to Expect

Credit limits for the IDFC First SWYP Credit Card are assigned based on your income, credit history, and existing banking relationship. If you have a clean credit history and a score above 720, you can expect a competitive limit that aligns with your monthly income. Banks offer a limit that is 2 to 3 times your monthly take-home salary for entry-level cards. To increase your limit over time, ensure you pay your bills in full and use about 30% of your available limit consistently for at least 6 months.

Comparison Table: IDFC First SWYP vs. Competitors

To help you decide, we have compared the IDFC First SWYP with other popular lifestyle and cashback cards in the same segment.

If your spending is spread across multiple apps like Zomato, Nykaa, and Domino's, the IDFC First SWYP offers better immediate value through discounts. However, if you do the bulk of your shopping exclusively on Flipkart or Amazon, the Axis or HDFC cards might offer higher cashback percentages, albeit with higher annual fee waiver requirements.

Documents Required for IDFC First SWYP Credit Card Application

You'll need to submit the following documents when applying:

For Salaried Applicants

• Identity Proof: PAN Card (mandatory), Aadhaar Card, Passport, or Voter ID
• Address Proof: Aadhaar Card, Passport, or Utility Bills (not older than 2 months)
• Income Proof: Latest 3 months' salary slips and 6 months' bank statements
• Employment Proof: Office ID card or employment letter

For Self-Employed Applicants

• Identity Proof: PAN Card (mandatory) and Aadhaar Card
• Address Proof: Aadhaar Card or Property Documents
• Income Proof: Latest 2 years' ITR (Income Tax Returns) with computation of income
• Business Proof: Business registration certificate or GST registration

Note: All documents must be self-attested. The bank may request additional documents during verification depending on your profile.

Who Should Get This Card?

Should you get this card? Here is who benefits most from the IDFC First SWYP:

The Urban Foodie: If you are someone who orders from Zomato twice a week and grabs a Domino's pizza on weekends, this card is a perfect fit. By using the 10% Zomato discount and 20% Domino's discount, you can easily save ₹300 to ₹400 every month. That is ₹4,800 in annual savings just on food.

The Savvy Grocery Shopper: For those who use Zepto for quick deliveries, the 10% monthly discount provides a consistent saving on essentials. If you spend ₹500 on Zepto once a month, you are getting your delivery costs or a small item for free every single time.

The Frequent Railway Traveler: If you travel for work or home via trains and want a comfortable place to wait, the 4 railway lounge visits per quarter are a massive perk. Most cards in this price range do not offer this, making it a unique value proposition for rail commuters.

You might want to skip this card if: You are looking for airport lounge access or if you spend most of your money on fuel and utilities, as these categories are excluded from reward earnings and do not trigger the main discount offers.

BankKaro Expert Review

The IDFC First SWYP Credit Card is a refreshing take on the entry-level credit card segment. Most banks offer reward points that are hard to track and even harder to redeem. This card takes the opposite route by offering instant, merchant-specific discounts that you can see on your bill immediately.

In our expert opinion, the standout feature is the referral-based annual fee waiver. It is far more achievable for a young professional to refer one friend than to spend ₹1 lakh or ₹2 lakh in a year. This makes the card effectively free for anyone with a small social circle.

However, the biggest limitation is the lack of airport lounge access. In a world where even entry-level cards are starting to offer at least one airport lounge visit, its absence here is felt. Additionally, the spend-based criteria for railway lounge access (spending ₹20,000 in a month) might be a bit high for some entry-level users.

Our verdict: Choose this card if your lifestyle revolves around food delivery and quick-commerce apps. It is a "social" card that rewards the way Gen Z and millennials actually spend today. It is not for the heavy traveler, but it is excellent for the city dweller.

Terms and Conditions

Before you start using your new card, please keep these specific terms in mind:

• The bank may offer a different card variant based on your eligibility. Please carefully read the features of the card offered before submitting your application.
• A minimum transaction of Rs.100 within 30 days is required to activate the card. If you do not do this, you will not be eligible for the welcome rewards and vouchers.
• Railway lounge access is subject to a minimum spend of ₹20,000 in the previous calendar month.
• Reward points are not earned on fuel, insurance, utility bills, or EMI transactions.
• View the complete terms and conditions on the official IDFC FIRST Bank website.