Credit Card: IDFC First Private Credit card [My Review]

IDFC First Private Credit Card

Did you worried about High Credit card interest rates?
Is your Credit Card charged you fees, when overdrawn?

If Yes, then, you should know about a New Super premium credit card launched by the IDFC First bank i.e. IDFC First Private Credit card. This card comes up with some unique features. But you cannot get this card directly as it will be available only to the people who are invited by the IDFC first bank. i.e. Invite -only Card.

This IDFC First Private card is suitable only for High Net-worth individuals with exclusive benefits on Travel, Entertainment, Reward Points and lot more.

Before you contact bank for this Credit card, I request you to read this post completely, so that you can easily understand about this Credit card.

Without a further ado let’s see What are the Features, Charges and also I will share my Genuine opinion on this Credit card by discussing about its Drawbacks as well.

Let’s get Started..!!

IDFC First Private Credit Card Overview

What Benefits you get from IDFC First Private Credit
Card ?

IDFC First Private Credit card Benefits:
Let me go through 10 Top benefits offering this Credit Card [Incl. My Analysis]

1. Karma Points

– IDFC First bank introduced a new word under the benefits category i.e. Karma points.

– The word “Karma” as per Cambridge University definition “It is a situation in which things happened to someone as a result of their previous action or force that makes things happen”.

Here, the IDFC bank contributes Karma points for every rupee you spent beyond Rs.30,000/- in a monthly billing cycle.

It means, on above Rs.30,000/- spendings on this Credit card, this bank contributes Karma points to you as a result of your previous action of spending more than Rs.30,000/- rupees.

The customers can earn 1 Karma point for every Rs.100/- you spend above Rs.30,000/-

My Analysis:
If you spend Rs.50,000 in a month, then, for the spend above Rs.30,000/- i.e. for the spend of Rs.20,000/- rupees spends, you will get 200 Karma points.

What you can do with the Karma points?
Karma Points equals to Reward Points.
Here, 1 Karma Point = Rs. 0.25/- paisa.

If you accumulated 100 or 200 or 500 Karma points, you cannot donate it.

– If you want to donate anything in the form of Karma points, then this credit card holders should accumulate at least 20,000 Karma points.

– If you want to accumulate 20,000 Karma points on this Credit card, you must have been spent Rs.20,00,000/- rupees with this Credit card.

The value of 20,000 Karma points is equal to Rs.5000/- rupees only. Again i.e. 0.25%. only. Simply Peanuts.

All your earned Karma points can be donated to CRY foundation by default.

And you cannot earn any Karma points on your credit cards spends on
– Fuel transactions ,
– Insurance transactions
– Cash Withdrawals
– Rentals and Property transactions etc., i.e. Zero Karma Points

My Analysis
Personally, Karma Points are not a true benefit to the Card holders and it’s totally disappointing. Upto Rs.30,000/- spends on this credit card, you won’t get any karma points. But above Rs.30,000/- spends, for every Rs.100 you spend, you can earn 1 Karma Point is just a name sake benefit.

2.Reward Points

If your monthly spends are below Rs.30,000/- rupees, you will get 6 reward points on your online spends.

If you spend on Rentals & on Offline spends for an amount below Rs.30,000/-, then, you will get 3 reward points

To get 10 Reward points on this card, you should spend at least Rs.30,000/- in a month and also on your birthday spends.

3. Birthday Donation

This credit card holders are eligible to Opt-in for the birthday donation feature once in every year. But you must opt for this feature prior to your birthday.

If you have opted into this feature, then, 10% of your spends you make on your birthday by using this credit card, will be eligible to the charity chosen on your name in the form of Karma points.

= Rs.1,00,000*10%
= Rs.10,000/100
= 100 Karma points

The Maximum donation for the birthday assessed only is Rs.25,000/- rupees per year.

And you wont earn any Karma points, on your credit cards on the day of your birthday on
– Fuel transactions ,
– Insurance transactions
– Cash Withdrawals
– Rentals and Property transactions etc., i.e. Zero Karma Points

4.Travel benefits

– If you travel by flight, you will get Unlimited complimentary access at all Domestic and International lounges and spa’s in India. To avail this benefit, you should swipe your credit card at the reception of the airport lounges and you will be charged to Rs.2/- rupees to this card account to track your lounge facility.

For certain lounges, you need to pre-book by calling to this number of 1800-1234-109 or by mailing to help desk.

– If you are a Spa lover, then you can get 4 spa free sessions every quarter i.e. also 16 times per annum

– You can also get 2 complementary Golf rounds or lessons per month i.e. 24 per annum but to avail this gold benefit, the card holder should spend at least Rs.40,000/- in a month

5. Are you a Frequent Train Traveller ?

If you travel more on Trains, You can use this card to avail the Complimentary Railway Lounge benefits for 4 times for every 3 months period. i.e. 12 times per year.

My analysis
Some major Railway Stations offer Free Wifi, Free Food, Free AC but your IDFC First Milleania Credit card will have to be swiped through the Point of Sale (POS) machine in that lounge. Then, an amount of Rs.2/- will be deducted from your card account as a Confirmation.

By using this Railway Lounge Facility, you can avail the stay only for up to 2 hours only. The Major drawback is that this Lounge benefit is being provided only in the 8 stations only across India.

6. If Cardholder met with Accident

IDFC First Bank also provides a Comprehensive Travel and Air Accident insurance cover benefit to their Card holders. It’s coverage is up to Rs. 1,00,00,000/- (i.e. Rs.1 Crore)

Travel insurance coverage include

7. Zero Forex markup fees

The IDFC first Private credit card comes with Zero Foreign Markup fees.

If you pay for any International spends, then, you will be charged with 0% Forex markup fees. i.e. Simply Zero charges are applicable on International transactions done using this IDFC credit card.

It’s really an advantage since the other credit card companies usually charge between 1.00%-3.50% as a foreign markup fees on all international transactions.

8. For Movie Lovers

Do you have the the habit of going to the Theatre to watch Movies..!

If yes, Keep on reading..!

This card holder will get upto Rs.750/- discount on a Movie / Non-Movie ticket bookings and
Food and beverages through Book My Show app or Website.
This benefit can be availed twice every month i.e. 24 times a year.

My Analysis
As this card is meant for Big spenders, I think this feature is not at all a benefit to the card holders.

9. Roadside Assistance

With this IDFC First Private Credit Card, you will get 4 Complimentary Roadside assistance worth of Rs.1,399/- included with the benefits of Towing of Vehicle, Alternate Battery, Tyre change, Breakdown support, Taxi benefit, Arrangement of Fuel and a lot more.

10. Fuel Surcharge Waiver

By using this Credit Card If you spend on Petrol/Diesel between in any fuel stations, then, a Fuel Surcharge will be charged. It may be around 1-3% of your Fuel Cost. In case you paid it through this card, you will be eligible for 1% of Fuel Surcharge Waiver.

Also Read: How I Lost Money by paying Fuel bills with Credit Cards

IDFC First bank Private Credit Card Charges [Must Read]

1. Cash Withdrawal charges

One of the major benefit of using this IDFC First Private Credit Card, is that “Interest Free Cash Withdrawal“. Read this point little carefully My dear Friends.

“Interest Free Cash Withdrawal” means no interest will be charged up to 48 days if you withdraw Cash anywhere either in Domestic or in International ATM’s. But you need to pay Cash Advance Fee of Rs.250/- per transaction excluding GST.

If for any reason whatsoever you are unable to pay the withdrawn amount within 48 days, you will have to pay huge interest. That is also covered in this article, so Keep on reading till the end.

2. Joining & Renewal Fees

IDFC First Private Credit card Fees

This IDFC First Private Credit Card is not a Free Credit Card. To avail this card, you should pay a Joining fees of Rs.50,000+GST.

On a Commencement fees payment, the Cardholder will get 2,00,000 bonus reward points and Curated Taj Epicure membership.

IDFC First Private Credit card Annual fee

If the card holder wants to enjoy this Card features, then, he/she should pay yearly Renewal Fees of Rs.50,000+GST.i.e. IDFC First Private Credit card Annual fee.

On a Annual fees payment, the Cardholder will get 1,00,000 bonus reward points and Curated Taj Epicure membership.

3. Interest charges / Finance Charges ?

IDFC First Private Credit card Interest rate :
You have used this IDFC First Private Credit card and bought all the stuff you need. But you don’t have enough money to pay the Credit Card Outstanding amount.

One of the best thing about this card is that the Rate of interest this credit card holder will be charged with 9.00% p.a. only.

My Analysis
If you see any other credit cards, it will be charged with 43% p.a. It’s a real benefit and I appreciate IDFC First bank for this torch bearer initiative of reduced interest rate on this Private Credit card. Even though top players like SBI, HDFC, ICICI banks also not offering at this rate.

4. Limit ?

Under Finest forever, the Minimum Credit card limit for this card starts from Rs.20 lakh rupees.

This card is truly meant for High Net-worth individuals who can make big spends only. This IDFC First Private Credit card is not designed for small spenders.

5. Late payment & Over the Limit charges

Not only that in case if you have missed to pay this credit card dues, you won’t be charged with late penalty charges and one more good thing is that there are no over limit charges.

My Analysis
These are the first of these types of credit cards. I honestly overwhelmed with Zero charges. Credit card companies makes money on these charges only but coming with Zero Late payment & Over the Limit charges is highly appreciable and beneficial to the customer.

IDFC First Private Credit card Eligibility

IDFC first Private Credit card comes with Invitation only. So, if you need a credit card with a Minimum Credit limit of Rs.20 Lakhs, then, you can visit IDFC First bank with your Identity and Address proofs. Based on the eligibility, the bank will issue the card for you.

IDFC First Private Credit Card Review

Coming to the benefits, Karma points cannot give the customer a true benefit as the spend limit is more and the real benefit is 0.25% only. If you are a regular Air traveller, then, you have complimentary lounge benefit to the card holder it is beneficial to them and also providing up to Rs. 1,00,00,000/- Comprehensive Travel and Air Accident insurance coverage is also true advantage.

I personally felt that having 9% Interest charges on this credit card and also charging Zero charges on Late Payment and Over the limit charges are truly advantageous to the Customer.

As this credit card spend limit starts from Rs.20 Lakhs, this credit card is beneficial to such type of big spenders only.

Thanks for your time 🙂