IDFC First SWYP credit card launched

[blaze]

Just saw this offer on zomato. Any one has any info on this IDFC SWYP credit card?

 

[coolguy1]

This seems useless. I mean people can get better IDFC Core CC, or if not that, then even Wow seems a better alternative IMO

Exactly and even the One Card, metal card absolutely free and had so many better offers at launch.

 

[dadofjohnwick]

IFDC has launched a new credit card - First Swyp

On the first look, the design looks very funky and modern and that's a good start in a market filled with dull cards.

View attachment 37074

What do you get with the card?

- ₹49 monthly conversion fee for turning your >₹2500 transactions into EMIs(no interest or other fees).
- TimesPrime annual membership on spending ₹30,000
- 4 Complimentary Railway Lounge Access
- 1% fuel surcharge waiver up to ₹200 p.m.

And it comes with a bunch of offers like:

- Dominos: 20% off up to ₹80 on orders above ₹299 twice in a month
- Easemytrip: 10% instant discount up to ₹500 on flight or hotel bookings above ₹5,000 once a quarter
- TataCLIQ: 10% instant discount up to ₹100 on purchases above ₹999 once on a month
- Zomato: Get 10% off up to ₹100 on orders above ₹299 twice in a month

You also get points for hitting monthly milestones,

200 reward points on 5k monthly spends.
500 reward points on 10k monthly spends.
1000 reward points on 15k monthly spends.

Annual fee: ₹499 + GST

It's not free or LTF as users these days would expect from new entry-level cards but the bunch of offers and rewards it offers could be worth the price tag it comes with. There is an additional annual ₹199+GST charge for activating UPI on the card which has never been seen in any other cards. Also, UPI transactions won't count towards the milestones and the value of reward points is also uncertain but should get clear as more people start receiving it.

Also, there is no credit revolve feature which means you can't take the remaining balances on your card towards next month, you either pay in full or convert them into EMI which might people doubt if this even is a real card or another BNPL scheme in the making.

How will stand the stiff competition from the other banks and rising Rupay cards, we will have to wait and see.
What do you guys think about it?

seems like this is a way to trap millennials / Gen Y/Z ppl who have little financial knowledge and pull them into EMI traps by making funky looking card, but no significant actual benefits.

P.S.: no offense to anyone, just my personal opinion.

 

[coolguy1]

seems like this is a way to trap millennials / Gen Y/Z ppl who have little financial knowledge and pull them into EMI traps by making funky looking card, but no significant actual benefits.

P.S.: no offense to anyone, just my personal opinion.

That's true, and what's up with the 149+GST for using UPI?

While other Rupay credit cards offer you rewards for using UPI, this is such a hilarious term to add.

 

[Random123]

Well wouldn't want anyone to apply for this card but just putting the link here for records 😛

Apply for FIRST SWYP EMI Credit Card Online | IDFC FIRST Bank

Get the FIRST SWYP Credit Card from IDFC FIRST Bank for unmatched rewards, flexible spending, and exclusive perks. Apply now by paying joining fees ₹499 + GST and instant approval.

www.idfcfirstbank.com

https://www.idfcfirstbank.com/content/dam/idfcfirstbank/pdf/credit-card/Swyp-privileges-document.pdf

 

[hariselio]

IDFC sent a SWYP card without requesting for it for a salary account which is four months old. This happened with my nephew and i suggested him to not activate and as per the RBI, it will get closed automatically after a month. IDFC keep sending messages, this is not activated and call a number to activate, but we never did that. Today they sent a message saying statement generated and balance is Rs.588 🙁

Is it normal they can generate a statement with annual fee if the card is inactive? Does RBI allows this?

 

[blaze]

IDFC sent a SWYP card without requesting for it for a salary account which is four months old. This happened with my nephew and i suggested him to not activate and as per the RBI, it will get closed automatically after a month. IDFC keep sending messages, this is not activated and call a number to activate, but we never did that. Today they sent a message saying statement generated and balance is Rs.588 🙁

Is it normal they can generate a statement with annual fee if the card is inactive? Does RBI allows this?

According to them opening app is registration. Request for cancellation and say that i never activated the card. If its been 30 days since card was received, mail pno