IDFC Credit Cardsare well-designed to fulfil customers’ requirements. Across various categories, it offers four credit cards: Millennia, Classic, Select, and Wealth. IDFC Credit Cards come with extensive reward points programs and low-interest rates. They also provide benefits like fuel surcharge waiver, railway lounge access, movie ticket discounts, and discounts on dining at partner restaurants. All four credit cards fall under the Lifestyle & Rewards category. In this article, we will learn about the IDFC Wealth Credit Card.
Pros and Cons of IDFC Wealth Credit Card
Mentioned below are the Pros and Cons of the IDFC Wealth Credit Card:
| Pros | Cons |
| Lifetime free | No Priority Pass or complimentary hotel memberships |
| Up to 2.5% return rate, which is good for a zero-annual fee card | Redemption options are limited. |
| Low forex markup fee of 1.5% | No railway lounge access |
| Complimentary airport lounge access | Airport lounge access comprehensive travel insurance coverage |
| Multi-faceted discounts on travel, movie tickets, wellness centres, etc. | No milestone benefits |
Should You Consider this Card?
Mentioned below are the reasons that the IDFC Wealth card should be considered:
- If you desire to apply for a lifetime free credit card.
- If your spending is as high, they can easily increase the unlimited rewards offered by the card.
- If you are a frequent traveller and want to get benefits such as complimentary lounge access and low forex markup fees,
- To use your card for EMI purchases.
- To make a payment towards rent.
- In case your monthly spending exceeds INR 30,000 per month,
- In case the card is to be used to make cash withdrawals.
- If you frequently go out for movies, book them via Paytm.
- To get 2 golf rounds per month.
- In case you already don’t have a premium category card.
Other card options should be considered if:
- In case you desire better welcome benefits at the time of card activation,
- In case the benefits of EMI and rent payments are not used much.
- In case the monthly spending is up to INR 30,000 per month,
- If you want to have a simplified reward programme.
- In case you already have a card with travel and lounge benefits.
- In case you already have a card with low forex markup fees.
- In case you are not a frequent international traveller.
- If you want some complimentary concierge services while travelling,
- If you prefer other movie ticket booking portals than Paytm.
- If you want unlimited airport lounge and golf games,
- In case you already have a premium credit card.
Features & Benefits of IDFC Wealth Credit Card
Below mentioned are the features & benefits of the IDFC Wealth Credit Card:
- Up to 10X Rewards points on incremental spends above INR 30000 p.m. and that next expires. Reward programs are not applicable to fuel, insurance, EMI transactions, or cash withdrawals. Also, Rental and Property management transactions will not form a part of the 10X Reward program and 10X threshold calculations.
- You can earn 6X and 3X reward points on both online and offline purchases, respectively, when up to INR 30000 p.m. are spent.
- Get complimentary airport lounge access to Domestic and International Airports.
- Complimentary access to spa- 4 per quarter.
- Complimentary Railway Lounge access – 4 per quarter
- Low Forex markup at 1.5%
- Interest-free cash withdrawals up to 48 days.
- Roadside Assistance and Travel Insurance.
- Complimentary Golf Rounds every month.
- Lifetime Free Credit Card.
- Interest rate from 0.75% to 3.5% p.m. (9% to 42% p.a.).
- 5% cashback (up to INR 1000) on the transaction value of the first EMI done within 30 days of card generation.
- INR 500 worth of vouchers on INR 15000 spending within 90 days of generation of the card.
- Complimentary golf rounds are spent on every INR of 20,000 in a statement cycle of up to 2 rounds per cycle.
- Air Accident cover of INR 1 crore.
- Complimentary roadside assistance worth INR 1399.
- Get a waiver of up to INR 400 per month on fuel surcharge.
- Get BOGO on movie tickets booked through the Paytm mobile app for up to INR 500 (twice per month).
- Get 50+ In-App online discount offers.
- Enjoy up to 15% discount at 3000+ Health & Wellness outlets.
- Get discounts on dining of up to 20% across 1500 restaurants.
- Get discounts on Airport Fast Track immigration services on more than 450 destinations worldwide.
- Get lucrative discounts on airport transfer limousine service across over 3000 cities and 83 countries.
- Get premium benefits like automatic room upgrades, complimentary in-room Wi-Fi, complimentary breakfast, VIP Guest status, and 3 p.m., late check-out upon request in over 900 luxury hotels.
- Complimentary wine/ dessert, specially curated menus, and more at various luxury hotels all across countries.
- Convert all transactions of INR 2,500 and above into easy & convenient EMIs
- Get instant EMI converted for all online transactions above INR 2,500 on the bank’s OTP page.
- Get a welcome voucher worth INR 500 when INR 15,000 or above are spent within 90 days of the generation of the card.
- Get 5% cashback (up to INR 1000) on the transaction value of the first EMI done within 30 days of card generation
Fees and Charges
Mentioned below are the fees and charges to be incurred in order to apply for an IDFC Wealth Credit Card:
| Particulars | Fee/Charges |
| Joining Fee | NIL |
| Annual Fee | NIL |
| Cash Advance Fee | INR 199 per transaction |
| Over Limit Fee | 2.5% of the over-limit amount is subject to a minimum charge of INR500 |
| Finance Charges | 0.75% to 3.5% p.m. 9% to 42% per annum |
| Forex-Markup fee | 1.5% for all international transactions |
| Reward Redemption Fee | INR 99 |
| Late Payment Fee | Less than INR 100 = NIL INR 500 = INR 100 INR 5,000 = INR 750 INR 8,000 = INR 1,250 INR 10,000 and more = INR 1,250 |
Eligibility Criteria
Below-mentioned are the eligibility criteria to apply for an IDFC Wealth Credit Card:
- The minimum age of an applicant should be 21 years.
- An applicant should either be salaried or self-employed or have a good monthly income.
- There shall be no payment defaults in the applicant’s payment history.
- He/ she shall possess a decent credit score.
Documents Required
Below-mentioned is the list of documents required to apply for an IDFC Wealth Credit Card:
- Identity Proof – Aadhar Card, Voter’s ID, Driving License, PAN Card, Passport
- Address Proof – Latest monthly utility bills, Aadhar Card, or Passport
- Latest Salary Slips
- Latest Bank Statements or latest Audited ITR
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