IDFC FIRST Select Credit Card vs IDFC FIRST Wealth Credit CardIDFC FIRST Select Credit Card vs IDFC FIRST Wealth Credit Card

IDFC FIRST Select Credit Card vs Wealth Credit Card

IDFC FIRST, a recent entrant in the financial sector, has introduced four credit cards into the market, showcasing a range of benefits and privileges for cardholders. The IDFC FIRST Select Credit Card offers an array of advantages, including enticing welcome benefits and cashback on purchases. Furthermore, cardholders enjoy travel perks such as complimentary access to airports and railway lounges, along with exclusive offers on movie ticket bookings. The card also extends additional benefits like insurance coverage, dining privileges, fuel surcharge waivers, and more.

The IDFC FIRST Wealth Credit Card stands out as a premium offering from the bank, delivering exceptional benefits and rewards to its clientele. Remarkably, this credit card imposes no joining or renewal fees while providing attractive deals such as welcome benefits, complimentary golf rounds, lounge access, and insurance coverage. Movie enthusiasts can also enjoy discounts on ticket bookings. Notably, the card boasts a minimal foreign currency markup fee for international transactions, contributing to significant savings during travel.

Features and Benefits of IDFC FIRST Select Credit Card and IDFC FIRST Wealth Credit Card

IDFC FIRST Select Credit Card:

  1. Welcome Benefits:
    • Receive a Rs. 500 gift voucher as a welcome benefit upon spending Rs. 15,000 within the first 90 days.
  2. Cashback Offers:
    • Enjoy a 5% cashback (up to Rs. 1,000) on EMI transactions within the initial 90 days.
  3. Reward Points:
    • Earn 10x Reward Points on purchases exceeding Rs. 25,000.
    • Accelerated rewards of 10x on birthday expenses.
    • 6x Reward Points for online transactions below Rs. 25,000.
    • 3x Reward Points for offline transactions below Rs. 25,000.
    • 1x Reward Point for every Rs. 125 spent, excluding fuel, insurance, EMI, and cash withdrawals.
  4. Entertainment Benefits:
    • Get a free movie ticket (up to Rs. 250) when purchasing one via Paytm twice a month.
  5. Dining Discounts:
    • Avail up to a 20% discount at 1500+ partnered restaurants.
  6. Lounge Access:
    • Enjoy 4 complimentary lounge access at selected airports and railway stations in India per quarter.
  7. Roadside Assistance:
    • Receive complimentary roadside assistance worth Rs. 1,399.
  8. Insurance Cover:
    • Multiple insurance covers, including travel insurance, personal accident cover, lost card liability cover, and more.
  9. Fuel Surcharge Waiver:
    • Enjoy a 1% discount on fuel surcharge for every fuel transaction, with a maximum waiver of Rs. 300 per month.
  10. Foreign Currency Markup Fee:
    • Lowest foreign currency markup fee of 1.99%.
  11. Reward Redemption:
    • Redeem earned reward points at the Poshvine Reward Portal (1 Reward Point = Rs. 0.25).
  12. No Joining or Renewal Fees.

IDFC FIRST Wealth Credit Card:

  1. Welcome Benefits:
    • Receive gift vouchers worth Rs. 500 upon spending Rs. 15,000 in the first 90 days.
  2. Cashback Offer:
    • Enjoy a 5% cashback on the first EMI transaction within the initial 90 days.
  3. Reward Points:
    • Earn 10x Reward Points on expenses exceeding Rs. 30,000.
    • 6x Reward Points for online expenses up to Rs. 30,000.
    • 3x Reward Points for offline purchases up to Rs. 30,000.
    • 10x Reward Points on birthday expenditures.
    • 1x Reward Point for every Rs. 100, excluding specific transactions.
  4. Entertainment Benefits:
    • Get 1 free movie ticket on the purchase of 1 via Paytm movies, twice a month (up to Rs. 500 each).
  5. Dining Discounts:
    • Enjoy a 20% discount on dining bills at partnered restaurants.
  6. Lounge Access:
    • Avail 4 complimentary domestic and international lounge access every quarter.
  7. Additional Perks:
    • 4 complimentary railway lounge access every quarter.
    • 1 complimentary spa visit per quarter.
    • Complimentary golf round for every Rs. 20,000 spent (max 2 rounds/month).
  8. Travel Insurances:
    • Various travel-related insurances provided.
  9. Fuel Surcharge Waiver:
    • You’ll receive a 1% discount on fuel transactions, with a maximum waiver of Rs. 400 per month.
  10. Foreign Currency Markup Fee:
    • Low foreign currency mark-up fee of 1.5%.
  11. Reward Redemption:
    • Redeem reward points at the Poshvine Reward Portal (1 Reward Point = Rs. 0.25).
  12. No Joining or Renewal Fees.

Comparison between IDFC FIRST Select Credit Card and IDFC FIRST Wealth Credit Card

IDFC FIRST Select Credit Card:

  • Reward Rate:
    • 10x Reward Points (RP) on purchases of Rs. 25,000 or more
    • 10x RP on all birthday spends
    • 6x RP on online purchases up to Rs. 25,000
    • 3x RP on offline spends up to Rs. 25,000
    • 1x = 1 RP for every Rs. 125 spent
  • Reward Redemption:
    • Accumulated rewards can be redeemed against products, vouchers, or for cash on the Poshvine Website
    • 1 RP = Rs. 0.25
  • Fuel Surcharge Waiver:
    • 1% at all fuel stations
  • Welcome Benefits:
    • Gift vouchers worth Rs. 500
    • 5% cashback on the first EMI transaction
  • Dining Benefits:
    • Dining bill discount of up to 20%
  • Lounge Access:
    • 4 Complimentary domestic lounge access per quarter
  • Railway Lounge Access:
    • 4 Complimentary railway lounge access per quarter
  • Golf Benefits:
    • Not Applicable
    • 2 complimentary golf rounds/lesson for every Rs. 20,000 spent in the previous month
  • Movie Benefits:
    • Purchase movie tickets through Paytm movies and avail of a special offer: buy one ticket and get another one for free.
  • Joining Fee:
    • NIL
  • Renewal Fees:
    • NIL
  • Eligibility:
    • This card can be issued to salaried and self-employed individuals aged between 18 years to 65 years
    • A stable source of income and a good credit score are mandatory.

IDFC FIRST Wealth Credit Card:

  • Reward Rate:
    • 10x RP on purchases of Rs. 30,000 or more
    • 10x RP on all birthday spends
    • Earn six times the reward points on your online purchases, with a limit of Rs. 30,000.
    • 3x RP on offline spends up to Rs. 30,000
    • 1x = 1 RP for every Rs. 100 spent
  • Reward Redemption:
    • Accumulated rewards can be redeemed against products, vouchers, or for cash on the Poshvine Website
    • 1 RP = Rs. 0.25
  • Fuel Surcharge Waiver:
    • 1% at all fuel stations
  • Welcome Benefits:
    • Gift vouchers worth Rs. 500
    • 5% cashback on the first EMI transaction
  • Dining Benefits:
    • Dining bill discount of up to 20%
  • Lounge Access:
    • 4 Complimentary domestic and international airport lounge access every quarter
  • Railway Lounge Access:
    • 4 Complimentary railway lounge access per quarter
  • Golf Benefits:
    • Not Applicable
    • 2 complimentary golf rounds/lesson for every Rs. 20,000 spent in the previous month
  • Movie Benefits:
    • Take advantage of Paytm Movies’ special deal: purchase one movie ticket and receive another one for free.
  • Joining Fee:
    • NIL
  • Renewal Fees:
    • NIL
  • Eligibility:
    • This card can be issued to salaried and self-employed individuals aged between 18 years to 65 years
    • A stable source of income and a good credit score are mandatory.

Which credit card suits you best?

  • IDFC FIRST Bank offers two credit cards that compete effectively in the market.
  • Both cards come with no joining or renewal fees and offer enticing features such as rewarding points, low-interest rates, and premium travel benefits.
  • The standout features of these cards include accelerated reward points and low foreign currency markup fees.
  • Despite their apparent similarities, there are distinct differences between the IDFC FIRST Wealth Credit Card and the IDFC FIRST Select Credit Card.
  • The Wealth Credit Card holds an advantage over the Select Credit Card in terms of rewards and benefits.
  • Eligibility criteria may vary between the two cards, with the more premium Wealth Credit Card potentially requiring a higher annual income and credit score compared to the Select Credit Card.

Frequently Asked Questions (FAQs)

1. Q: What are the main differences between the IDFC FIRST Select Credit Card and the IDFC FIRST Wealth Credit Card?

A: The IDFC FIRST Select Credit Card and the IDFC FIRST Wealth Credit Card differ in terms of rewards, benefits, and potentially eligibility criteria. The Wealth Credit Card offers superior rewards and benefits.

2. Q: Do both credit cards have joining and renewal fees?

A: No, both cards come with zero joining and renewal fees, making them attractive options for users.

3. Q: What features make these credit cards competitive in the market?

A: Both cards provide attractive features such as rewarding points, low-interest rates, and premium travel benefits, contributing to their competitiveness in the market.

4. Q: What are the standout features of these credit cards?

A: Accelerated reward points and low foreign currency markup fees are the standout features of the IDFC FIRST Select Credit Card and the IDFC FIRST Wealth Credit Card.

5. Q: Is there a significant difference in eligibility criteria between the two cards?

A: Yes, the IDFC FIRST Wealth Credit Card, being more premium, may have higher requirements for annual income and credit score compared to the IDFC FIRST Select Credit Card.

6. Q: How do these credit cards compete with others in the market?

A: Both cards are designed to give tough competition in the market due to their appealing features and benefits in line with industry standards.

7. Q: Can you elaborate on the rewards and benefits offered by the IDFC FIRST Wealth Credit Card?

A: The Wealth Credit Card offers enhanced rewards and benefits compared to the Select Credit Card, making it a more attractive option for those seeking premium perks.

8. Q: Are there any additional fees associated with these credit cards?

A: No, apart from joining and renewal fees being zero, there are no additional fees mentioned, but it’s always recommended to check the latest terms and conditions.

9. Q: How can I choose between the IDFC FIRST Select Credit Card and the IDFC FIRST Wealth Credit Card?

A: Consider your preferences, spending habits, and the specific rewards and benefits you desire. Additionally, check the eligibility criteria and choose the one that aligns better with your financial profile.

10. Q: Are there any exclusive offers or promotions associated with these credit cards?

A: Specific promotions and offers may vary, so it’s advisable to check the official website or contact IDFC FIRST Bank for the most up-to-date information on any exclusive deals related to these credit cards.

Leave a Reply

Your email address will not be published. Required fields are marked *