IDFC First Bank Credit Cards: Complete Guide to Features & Fees

Update: Kindly refer IDFC First Bank Credit Card Review (All Variants) for a detailed review or Hands-on Experience with IDFC First Select Credit Card for application process and more.

The start of 2021 brought two pieces of good news related to IDFC First Bank. My IDFC shares finally turned positive after nearly three years, and the bank announced a new lineup of proprietary credit cards.

Although these are the bank’s own credit cards, remember OneCard — the popular metal credit card that also runs on IDFC’s banking platform.

The USP

Before diving into details, here’s a quick summary of what IDFC First Bank aims to offer in a competitive credit card market:

1. Lower interest on revolving credit (as low as 9% p.a. for eligible customers)
2. Lifetime free credit cards
3. Reward points with no expiry
4. No finance charges on cash withdrawals (standard cash withdrawal fee of Rs.250 applies)
5. Railway lounge access across card variants

IDFC First has recently gained attention for its premium Visa Signature debit card and high-yield savings accounts that offer attractive interest rates relative to other banks. The bank appears to be leveraging these strengths to gain traction in credit cards as well, with a competitive revolving interest rate that could change consumer behavior around carrying balances.

The lowest interest rate will be available to creditworthy customers based on a range of factors. If adopted broadly, this could shift expectations at the entry level and encourage more responsible use of revolving credit.

Credit Card Variants

Reward structures across the variants are similar: 1.5% back on most online spends and 2.5% on transactions above Rs.20,000 and on birthday spends. Differences lie mainly in lifestyle benefits like movies, lounge access and premium privileges.

A brief overview:

1. Millennia/Classic: A strong entry-level option — earn 10X rewards when monthly spends exceed Rs.20,000, which effectively gives up to 2.5% back.
2. Select: Offers Visa Signature benefits such as Buy1Get1 movie offers and enhanced lounge access, catering to lifestyle-focused cardholders.
3. Wealth: Targets affluent customers with premium features and a Visa Infinite variant that can be lifetime free. It includes competitive forex terms, but may not dislodge top-tier premium cardholders from other banks.

Some premium services such as airport meet-and-greet or transfers are not highlighted in the current lineup. Which variant fits you will depend on your spending habits and the lifestyle benefits you value.

Eligibility Criteria

With lifetime-free cards, eligibility criteria become important. The bank will likely assess applications using a combination of income tax returns, savings balances, debit card spending patterns, and credit reports.

Known eligibility guidelines so far:

• Millennia: Age 21–35; income under ₹12 lakh
• Classic: Age over 35; ITR above ₹12 lakh
• Select: Age over 35; ITR between ₹15 lakh and ₹35 lakh
• Wealth: ITR above ₹35 lakh or high-net-worth relationship with the bank (for example, balances above ₹10 lakh)

Card upgrades based on spending behaviour are likely and may be introduced over time.

When will they be launched?

Existing IDFC First Bank customers have already started receiving these credit cards. General public availability was expected around March–April 2021. The bank had also issued employee variants in advance.

How to Apply?

You can register interest on the bank’s website for the card you prefer, and applicants could expect a response within a few weeks. Holding a savings account with IDFC First is not mandatory, but bank customers are commonly prioritized.

Opening a savings account with IDFC First can be quick and largely online. The process can be completed via Aadhaar authentication in a matter of minutes, followed by app setup and optional Video KYC to lift account limits. The onboarding experience for savings accounts has been smooth for many users.

Is It worth Applying?

Based on the attractive offers and rewards being targeted toward debit and credit customers, applying for an IDFC First credit card could be worthwhile for 2021. The bank has run compelling targeted offers for debit card users, and similar incentives for credit cardholders may follow.

That said, some important details remain to be seen — points redemption options, customer service quality, and how benefits are delivered in practice will shape the long-term value of these cards.

What are your thoughts on the upcoming IDFC First Bank credit cards? Feel free to share your views in the comments below.