In early August, IDFC First Bank introduced two new premium metal credit cards: the Mayura and the Ashva. Both target the paid premium segment, offering metal construction and a set of lifestyle and travel benefits. Below is a concise breakdown of what each card offers, how they compare, and whether they are worth the annual fee.
Table of Contents
- Mayura Credit Card Benefits
- Ashva Credit Card Benefits
- My Thoughts
- Is it worth it?
- Bottomline
Mayura Credit Card Benefits
| Joining / Annual Fee | ₹5,999 + GST |
| Welcome benefit | ₹1,000 cashback x 4 transactions; Special offer: 10,000 points (offer valid until 31 Aug 2024) |
| Renewal Benefit | 7,500 points on ₹8L annual spend; 15,000 points on ₹15L annual spend |
| Rewards | 0.83% up to ₹20K spend; 1.66% above ₹20K (category exclusions apply) |
| Lounge & Spa Access | 4 domestic lounge & spa visits per quarter (1 guest allowed once per quarter); 4 international lounge visits per quarter (unlocked on monthly spends of ₹20K) |
| Forex Markup Fee | 0% markup |
| Golf Benefit | Mastercard golf benefit plus up to 2 additional games/lessons per month based on spends |
| Hotel/Flight Cancellation | Up to ₹50K claim twice a year for bookings made on the card |
To earn the Mayura welcome cashback, cardholders must make four transactions above ₹1,000 each within the first 60 days. The card also includes BookMyShow BOGO offers (₹500 each). The standout feature is the 0% forex markup paired with a metal card, though other benefits feel modest given the near-₹6,000 fee.
Ashva Credit Card Benefits
| Joining / Annual Fee | ₹2,999 + GST |
| Welcome benefit | ₹500 cashback x 4 transactions; Special offer: 5,000 points (offer valid until 31 Aug 2024) |
| Renewal benefit | 7,500 points on ₹8L annual spend |
| Rewards | 0.83% up to ₹20K spend; 1.66% above ₹20K (category exclusions apply) |
| Lounge & Spa Access | 4 domestic lounge & spa visits per quarter; 2 international lounge visits per quarter (international access unlocked on monthly spends of ₹20K) |
| Hotel/Flight Cancellation | Up to ₹25K per booking, twice a year, for bookings made on the card |
To claim the Ashva welcome cashback, you must complete four transactions of over ₹500 each within 60 days. Compared with Mayura, Ashva carries a lower fee but fewer premium perks; its unique selling points are limited beyond the metal feel.
My Thoughts
After IDFC First Bank reduced rewards on its lifetime free cards, a shift toward paid premium products was predictable. These new launches deliver a metal feel and 0% forex markup, but many of the ongoing benefits feel underwhelming for paid cards—particularly the requirement to meet monthly spend thresholds to unlock lounge access.
Monthly thresholds add friction. A more reasonable approach would be a simple annual spend target that unlocks benefits for the year. Additionally, the reward rates are close to what the bank already offers on its free cards, which reduces the incentive to pay a substantial annual fee.
Is it worth it?
For some users, the cards can be worth it for the first year only while the special welcome offers are active (offers expire 31 Aug 2024). The application and onboarding experience from IDFC is excellent—among the smoothest in the industry—which is a positive for prospective applicants.
I ordered the Mayura primarily to experience the metal design and received it in three days. The card looks premium with an engraved metal finish and shares the existing credit limit across my IDFC accounts.
Bottomline
IDFC First Bank’s Mayura and Ashva cards mark the bank’s move into paid premium cards, offering metal construction and 0% forex markup. However, the rewards and benefit structure feel conservative for their price points. Unless the bank improves benefits or adjusts unlocking conditions, these cards may struggle to stand out long-term.
That said, taking advantage of the limited-time welcome offers could make the cards worthwhile for the first year, especially if a metal card with no forex markup is a priority. Compare alternatives and calculate likely annual value before paying the fee—there are other cards in the market that match some features for lower fees.
Overall, the design and onboarding are strong, but benefit economics and the conditional lounge access model leave room for improvement. If you already bank with IDFC and value metal construction plus zero forex markup, consider applying during the promotional window; otherwise, wait to see if the bank refines these products.
If you’re interested in either card, you may apply directly through IDFC First Bank’s website.