IDFC First Wealth Credit Card Review 2024 – Forbes Advisor INDIA

Our Verdict

This credit card is an easy recommendation for high-earning individuals who know the benefits (and how to make the best of them). The bank doesn’t ask for a joining/annual fee, which is a huge plus point, as other cards in the segment have those in place. Benefits like complimentary airport lounge access, insurance covers, and reward points on online and offline spending are worth paying attention to.

Overview of IDFC First Bank Wealth Credit Card

Introduction

The IDFC First Wealth credit card offers plenty of online and offline spending benefits. The card offers 10X reward points on spending above INR 20,000 in a statement cycle and four domestic and international airport lounge visits (conditional) per calendar quarter. It is one of the few cards in the market offering reward points on insurance premiums and educational transactions. 

Further, the bank doesn’t charge the cardholders any joining or annual fee. All these benefits make the IDFC First Wealth credit card an easy recommendation, but only for high-earning individuals. 

Who Should Consider IDFC First Wealth Credit Card?

Although the IDFC First Wealth credit card has no joining fee, applicants must have an annual income of INR 36 lakh. Most of the card’s privileges, like complimentary airport lounge access and golf rounds, are linked to minimum monthly spending criteria of INR 20,000. Hence, only individuals with a high-paying job or business and a fair understanding of credit cards should consider the IDFC First Wealth credit card.   

Key Features of IDFC First Wealth Credit Card

Welcome Benefits

• IDFC First Bank offers a welcome voucher worth INR 500 for spending INR 5,000 or more within 30 days of card generation.
• Card owners can also get 5% cashback (up to INR 1,000) on the transaction value of the first EMI done within 30 days of card generation. 

Reward Points

• 3x reward points on spends till INR 20,000 in a statement cycle.
• 10x reward points on spends above INR 20,000 in a statement cycle and on the owner’s birthday.
• 3x reward points on rental and property management transactions.
• 3x reward points on education, wallet load, and government services transactions.
• 1x reward points on insurance premiums and utility bill payments.
• The reward points accumulated don’t expire.  
• It is essential to mention that the reward points program doesn’t apply to fuel, EMI transactions, and cash withdrawals. 

Redeeming Reward Points

• Redeeming reward points attracts a small convenience charge of INR 99 + taxes per redemption. 

Movie Ticket Discount

• Up to INR 250 twice per month.

Fuel Surcharge Waiver

• 1% fuel surcharge waiver up to INR 400 per month at nationwide fuel stations on transaction value between INR 200 and INR 5,000.

Milestone Benefits

• The IDFC First Wealth credit card doesn’t offer any milestone benefits.

Lounge Access

• The credit card offers 2 complimentary domestic airport lounge and spa visits and 2 complimentary international airport lounge visits per quarter.
• Owners must have spent INR 20,000 in the previous month to receive complimentary airport lounge access.
• The card also provides 4 complimentary railway lounge visits.

Complimentary Insurance Offerings

• The IDFC First Wealth credit card offers complimentary roadside assistance worth INR 1,399.
• It also includes an air accident cover of INR 1 crore, a personal accident cover of INR 10 lakh, and a lost card liability cover of INR 50,000. 
• The card also provides international travel insurance coverage of $1200, which includes $500 for lost checked-in baggage, $100 for delayed checked-in baggage, $300 for lost passport and other documents, and $300 for flight delay.
• Cancellation for Any Reason (CFAR) insurance provides cancellation coverage for up to 2 claims (up to INR 10,000) on hotel and flight booking cancellations.

Additional VISA Offers

• Owners are eligible to get discounts on airport fast-track immigration services.
• They can also offer discounts on airport transfer limousine services in over 3,000 cities.
• The card comes with a complimentary concierge service.
• It also provides access to over 900 luxury hotels with automatic room upgrades, complimentary in-room Wi-Fi, and other similar benefits.
• Up to 2 complimentary gold rounds per month post INR 20,000 monthly statement spends.

Fees And Charges

• IDFC Bank doesn’t charge a joining fee or annual fee for the wealth credit card.

Late Payment Fee

• 15% of the total amount due (minimum of INR 100 and maximum of INR 1,300).

Over Limit Penalty

• 2.5% of the over-limit amount (minimum charge of INR 550).

Forex Transaction Fee

• 1.5% of international transactions.

Rent Surcharge Fee

• 1% or a minimum of INR 249 + taxes.

Eligibility

• The applicant must have an annual income of INR 36 lakh or more.

Documentation Required

• The bank requires valid proof of income.

IDFC First Wealth Credit Card Benefits

While the card offers many benefits, the primary benefit is 10X reward points on spending above INR 20,000 in a statement cycle (with no expiry deadline). The more one uses the card, the more reward points one gets. In addition, the card also offers a 50% discount (up to INR 250) on movie tickets. 

Then, there are benefits like complimentary lounge access at airports (conditional) and reward points on utility spending. However, as mentioned earlier, we only recommend the card to users with a stable income and prior experience handling credit card payments, statements, and rewards. 

Documents Required for IDFC First Wealth Credit Card

The card has stringent eligibility criteria. Only individuals with an income of INR 36 lakh per year or higher can apply for the card. To verify this, the bank could ask for valid income proofs, such as salary slips, income tax returns, PAN card numbers, etc.

IDFC First Wealth Credit Card Airport Lounge Access

As mentioned, the IDFC First Wealth credit card provides a conditional lounge access program. Cardholders are eligible for domestic and international airport lounge visits only when they spend INR 20,000 monthly. Further, there are only four complimentary lounge visits in a calendar quarter (two domestic and two international). 

Bottom Line

The IDFC First Wealth credit card is undoubtedly an easy recommendation for people with a high income. It doesn’t come with an annual or joining fee, a huge plus point. Further, it provides reward points at a flat rate on both online and offline spending. Last but not least, the insurance coverage provided on the card is a bonus. At the same time, we wouldn’t recommend the credit card to beginners.

Frequently Asked Questions (FAQs)