IDFC First Bank recently launched its top most flagship credit card, IDFC First Private Credit Card. Lets check it's benefits first.
Airport Lounge Access Benefits:-
Domestic Lounge Access - Unlimited
International Lounge Access - Unlimited using dreamfolks card
Domestic Spa at airport- Unlimited using dreamfolks card
However, there is a catch. IDFC First Bank appears to be confused about the benefits, and maybe they have incorrectly advertised them as unlimited on their website. Upon reviewing the terms and conditions, it is clear that there is a quarterly cap of 4 visits for both lounges and spas.
Here is the screenshot-
I mean, seriously??? You want to charge your customer Rs. 50,000 + GST for this??
This is disappointing, especially considering the high cost of the card at 50K + GST. In comparison, my respect for the ICICI Emeralde credit card (which is actually a useless piss of plastic) has increased significantly.
Golf Benefits-
Avail One Complimentary Golf Round/Lesson for fresh monthly statement spends of ₹20k
Avail Two Complimentary Golf Round/Lesson for fresh monthly statement spends of ₹40k and above
[ can't stop laughing 😂🤣]
Movie Benefits:-
Book My Show Offer - Get ₹750 off on Movies, non-movies & food combos twice in a month.
Zero Markup Fees - Enjoy 0% markup fees benefit while making payments in foreign currencies.
Now lets talk about it's reward system:-
You'll earn 6 reward points for every Rs. 100 spent online. [Reward rate- 1.5%]
You'll earn 3 reward points for every Rs. 100 spent offline. [Reward rate- 0.75%]
Get 10X Reward Points on incremental spends above ₹30,000 per month and spends done on your birthday. [Reward Rate- 2.5%]
1 Reward Point = Rs. 0.25
Reward Points can be redeemed on any online or offline transactions and also for gift vouchers of preferred Brands.
Karma Points:-
Karma Points get accumulated on monthly spends above ₹30,000 for every statement cycle.
Customers earn 1 Karma Point per ₹100 on spends above ₹30,000 for every statement cycle.
1 Karma point = ₹0.25
Karma points are not accrued on transactions such as Fuel, EMI, Insurance transactions, Cash withdrawals, rental and property transactions.
When Karma points pool crosses 20,000 (₹5000 in value), the entire available Karma points get donated to the chosen Charity.
If applicable, customers will receive a tax certificate against the donation amount.
Credit Limit:- You'll get minimum 20 Lakhs credit limit.
Eligibility:- Invite only credit card, you can show interest for this piece of metal on IDFC First bank website.
My Opinion:-
The IDFC First Private Credit Card is a highly overpriced credit card that does not offer enough benefits to justify its high cost. Compared to other premium credit cards like Axis Magnus and HDFC Infinia, the benefits provided by this card are not at par.
The annual fee of INR 50,000 + GST for the IDFC First Private Credit Card is quite steep, and the rewards and benefits offered are not as attractive as those provided by its competitors.
Furthermore, the IDFC First Private Credit Card cannot stand up to the competition offered by Axis Magnus [Annual Fees- INR 10,000] and HDFC Infinia Credit Card [Annual Fees- INR 12500]. These cards offer a wider range of benefits, including lounge access, golf privileges, travel benefits and higher reward point earning rates. The IDFC First Private Credit Card simply cannot compete with these superior offerings.
I decided not to compare this piece of metal with the Axis Reserve Card [same annual fees]. Comparing the Axis Reserve Card with the IDFC FIRST Private Credit Card would be insulting to the Axis Reserve Card, which is the pinnacle of super premium credit cards.
In conclusion, if you are looking for a premium credit card that provides value for money, the IDFC First Private Credit Card is not the right choice. The high annual fee and lack of lucrative benefits compared to other premium credit cards in the market make it a poor investment for discerning customers.
Edit/Update:-
It seems like IDFC First Bank updated some of their benefit lists. They have added two welcome benefits,
Welcome Benefits:
Get 2L bonus reward points worth 50K after paying joining fees of 50K+GST
Taj Epicure Membership
Renewal Benefits:
Get 1L bonus reward points worth 25K after paying annual fees of 50K+GST
Taj Epicure Membership renewal
They have fixed Lounge access T&C also, Primary and Add-on card holders will get unlimited domestic and international lounge access and domestic airport spa access.
Airport Lounge Access Benefits:-
Domestic Lounge Access - Unlimited
International Lounge Access - Unlimited using dreamfolks card
Domestic Spa at airport- Unlimited using dreamfolks card
However, there is a catch. IDFC First Bank appears to be confused about the benefits, and maybe they have incorrectly advertised them as unlimited on their website. Upon reviewing the terms and conditions, it is clear that there is a quarterly cap of 4 visits for both lounges and spas.
Here is the screenshot-
I mean, seriously??? You want to charge your customer Rs. 50,000 + GST for this??
This is disappointing, especially considering the high cost of the card at 50K + GST. In comparison, my respect for the ICICI Emeralde credit card (which is actually a useless piss of plastic) has increased significantly.
Golf Benefits-
Avail One Complimentary Golf Round/Lesson for fresh monthly statement spends of ₹20k
Avail Two Complimentary Golf Round/Lesson for fresh monthly statement spends of ₹40k and above
[ can't stop laughing 😂🤣]
Movie Benefits:-
Book My Show Offer - Get ₹750 off on Movies, non-movies & food combos twice in a month.
Zero Markup Fees - Enjoy 0% markup fees benefit while making payments in foreign currencies.
Now lets talk about it's reward system:-
You'll earn 6 reward points for every Rs. 100 spent online. [Reward rate- 1.5%]
You'll earn 3 reward points for every Rs. 100 spent offline. [Reward rate- 0.75%]
Get 10X Reward Points on incremental spends above ₹30,000 per month and spends done on your birthday. [Reward Rate- 2.5%]
1 Reward Point = Rs. 0.25
- You'll not earn reward points on Fuel, Insurance, EMI transactions & Cash. Rental and Property management transactions will not be a part of 10X reward program and 10X threshold calculations.
- Rental transactions accrue 3X Reward Points and are not considered for 10X calculations
Reward Points can be redeemed on any online or offline transactions and also for gift vouchers of preferred Brands.
Karma Points:-
Karma Points get accumulated on monthly spends above ₹30,000 for every statement cycle.
Customers earn 1 Karma Point per ₹100 on spends above ₹30,000 for every statement cycle.
1 Karma point = ₹0.25
Karma points are not accrued on transactions such as Fuel, EMI, Insurance transactions, Cash withdrawals, rental and property transactions.
When Karma points pool crosses 20,000 (₹5000 in value), the entire available Karma points get donated to the chosen Charity.
If applicable, customers will receive a tax certificate against the donation amount.
Credit Limit:- You'll get minimum 20 Lakhs credit limit.
Eligibility:- Invite only credit card, you can show interest for this piece of metal on IDFC First bank website.
My Opinion:-
The IDFC First Private Credit Card is a highly overpriced credit card that does not offer enough benefits to justify its high cost. Compared to other premium credit cards like Axis Magnus and HDFC Infinia, the benefits provided by this card are not at par.
The annual fee of INR 50,000 + GST for the IDFC First Private Credit Card is quite steep, and the rewards and benefits offered are not as attractive as those provided by its competitors.
Furthermore, the IDFC First Private Credit Card cannot stand up to the competition offered by Axis Magnus [Annual Fees- INR 10,000] and HDFC Infinia Credit Card [Annual Fees- INR 12500]. These cards offer a wider range of benefits, including lounge access, golf privileges, travel benefits and higher reward point earning rates. The IDFC First Private Credit Card simply cannot compete with these superior offerings.
I decided not to compare this piece of metal with the Axis Reserve Card [same annual fees]. Comparing the Axis Reserve Card with the IDFC FIRST Private Credit Card would be insulting to the Axis Reserve Card, which is the pinnacle of super premium credit cards.
In conclusion, if you are looking for a premium credit card that provides value for money, the IDFC First Private Credit Card is not the right choice. The high annual fee and lack of lucrative benefits compared to other premium credit cards in the market make it a poor investment for discerning customers.
Edit/Update:-
It seems like IDFC First Bank updated some of their benefit lists. They have added two welcome benefits,
Welcome Benefits:
Get 2L bonus reward points worth 50K after paying joining fees of 50K+GST
Taj Epicure Membership
Renewal Benefits:
Get 1L bonus reward points worth 25K after paying annual fees of 50K+GST
Taj Epicure Membership renewal
They have fixed Lounge access T&C also, Primary and Add-on card holders will get unlimited domestic and international lounge access and domestic airport spa access.
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