Recently, IDFC FIRST Bank launched two new metal credit cards: the IDFC First Mayura and the IDFC First Ashva Credit Card. According to IDFC FIRST Bank, the Mayura is their super premium credit card. Let’s dive in and see if this card truly lives up to that title.
Fees:
Reward Points Value:
Annual income of ₹25 lakhs for fresh applications. Existing IDFC Credit Card holders will be approved based on a profile check. The card is open to apply via the link below.
Click Here
TechnoFino Opinion:
Guys, remember that not all metal credit cards are super premium. The IDFC First Mayura credit card doesn’t offer any significant benefits, nor does it have an outstanding reward system to justify calling it a super premium credit card. It’s essentially a standard credit card that comes in a metal variant, much like the OneCard.
This card has a very limited number of airport lounge accesses, and even those come with spending conditions. Add-on cards aren’t free, there’s a card replacement fee, and the reward rate is very low compared to other cards in its category and price point. The only notable benefit is the zero markup fees on foreign transactions, but is that worth spending ₹7,000? For a much lower fee, you can get the RBL World Safari credit card, which also offers zero markup fees and international travel insurance for the first three trips of a calendar year. Alternatively, the secured IDFC First WOW credit card is a lifetime free (LTF) card that also offers zero markup fees.
The IDFC First Mayura card offers trip cancellation coverage of up to Rs. 50,000 per year with a maximum of two claims. However, to be eligible for the claim, tickets must be booked using the IDFC First Mayura credit card. While many find this benefit useful, it’s particularly beneficial for those who are unsure of their plans but still choose to book tickets. In most cases, though, we plan ahead and book tickets with credit cards that offer the best value or discounts. So, I don’t see this as a feature that would sway my decision.
The IDFC First Mayura doesn’t provide sufficient benefits or rewards to justify its annual fee. Plus, there’s no option to have the annual fee waived, and you won’t receive any renewal benefits either. That’s a rare and unimpressive combination.
Currently, IDFC FIRST Bank is running an introductory offer, valid until August 31st, 2024. Under this offer, you can get an extra ₹2,500 value back after paying the joining fee. Combining this with the welcome benefits, you’ll almost break even with your joining fee. However, this is only for the first year. From the second year onwards, you won’t receive any renewal benefits. So, while you might consider this card for the first year, be sure to cancel it before the renewal date to avoid paying ₹7,000 for what is essentially just a regular metal card.
In conclusion, this card is not a value-for-money option and is not recommended.
Fees:
- Joining Fee: ₹5,999 + GST = ₹7,078.82
- Annual Fee: ₹5,999 + GST = ₹7,078.82 (No Annual Benefits)
- Add-On Card Charges:
- Joining Fee:
- Metal Variant: ₹4,000
- Plastic Variant: ₹3,000
- Annual Fee: ₹2,000 for both variants
- Card Replacement Fee: ₹3,500 for the metal variant
- Joining Fee:
- Earn ₹4,000 Cashback:Make transactions of ₹1,000 or above and get ₹1,000 cashback, up to four times within 60 days of virtual card generation.
- Excluded Transactions: Cash withdrawals, fees, charges, GST, and transactions made via the FIRST Digital Credit Card associated with the Mayura Credit Card.
- Limited Time Joining Benefit: 10,000 points (value: ₹2,500) on joining fee payment. Offer valid until
August 31st, 2024. Offer extended till 30th September, 2024.
- Forex Markup Fee: 0% on international transactions.
- Movie Offer: Buy One Get One (BOGO) on BookMyShow up to 2 tickets with a capping of ₹500 per ticket.
- Airport Benefits:
- 4 complimentary visits per quarter to lounges and spas at Indian airport terminals with 1 guest visit per quarter.
- 4 complimentary visits per quarter to lounges at overseas airport lounges.
- Condition: Lounge benefits can be availed in the next calendar month by spending ₹20,000 or more in the current calendar month.
- Fuel Surcharge Waiver: Avail 1% waiver up to ₹500 per statement cycle at all fuel stations across India on transactions between ₹200 & ₹5,000.
- Free Trip Cancellation Cover: Up to ₹50,000 for up to 2 claims on hotel and flight bookings in a year.
- Railway Lounge Access: 4 complimentary visits per quarter to select Indian railway terminals.
- Golf Benefit: Up to 2 complimentary golf rounds/lessons per month.
- Condition: Each round/lesson is unlocked by spending ₹20,000 and ₹40,000 in the previous statement cycle.
- Roadside Assistance (RSA) Cover: Get complimentary roadside assistance cover worth of is Rs. 1399.
- Interest-Free Cash Withdrawal: Interest-free ATM cash withdrawal for up to 45 days (cash advance fees applicable).
- 5 Reward Points: For every ₹150 spent up to ₹20,000 in a statement cycle.
- 10 Reward Points: For every ₹150 spent for incremental spends above ₹20,000 in a statement cycle and on your birthday.
- 3 Reward Points: For every ₹150 spent on education, wallet loads, government, rent, and property management/purchase transactions.
- 1 Reward Point: For every ₹150 spent on utilities and insurance transactions.
Reward Points Value:
- 1 Reward Point: ₹0.25
- 10X Reward Rate: 1.67%
- 5X Reward Rate: 0.83%
- 3X Reward Rate: 0.50%
- 1X Reward Rate: 0.17%
Annual income of ₹25 lakhs for fresh applications. Existing IDFC Credit Card holders will be approved based on a profile check. The card is open to apply via the link below.
Click Here
TechnoFino Opinion:
Guys, remember that not all metal credit cards are super premium. The IDFC First Mayura credit card doesn’t offer any significant benefits, nor does it have an outstanding reward system to justify calling it a super premium credit card. It’s essentially a standard credit card that comes in a metal variant, much like the OneCard.
This card has a very limited number of airport lounge accesses, and even those come with spending conditions. Add-on cards aren’t free, there’s a card replacement fee, and the reward rate is very low compared to other cards in its category and price point. The only notable benefit is the zero markup fees on foreign transactions, but is that worth spending ₹7,000? For a much lower fee, you can get the RBL World Safari credit card, which also offers zero markup fees and international travel insurance for the first three trips of a calendar year. Alternatively, the secured IDFC First WOW credit card is a lifetime free (LTF) card that also offers zero markup fees.
The IDFC First Mayura card offers trip cancellation coverage of up to Rs. 50,000 per year with a maximum of two claims. However, to be eligible for the claim, tickets must be booked using the IDFC First Mayura credit card. While many find this benefit useful, it’s particularly beneficial for those who are unsure of their plans but still choose to book tickets. In most cases, though, we plan ahead and book tickets with credit cards that offer the best value or discounts. So, I don’t see this as a feature that would sway my decision.
The IDFC First Mayura doesn’t provide sufficient benefits or rewards to justify its annual fee. Plus, there’s no option to have the annual fee waived, and you won’t receive any renewal benefits either. That’s a rare and unimpressive combination.
Currently, IDFC FIRST Bank is running an introductory offer, valid until August 31st, 2024. Under this offer, you can get an extra ₹2,500 value back after paying the joining fee. Combining this with the welcome benefits, you’ll almost break even with your joining fee. However, this is only for the first year. From the second year onwards, you won’t receive any renewal benefits. So, while you might consider this card for the first year, be sure to cancel it before the renewal date to avoid paying ₹7,000 for what is essentially just a regular metal card.
In conclusion, this card is not a value-for-money option and is not recommended.
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