IDFC FIRST Wealth Credit Card: A Detailed Review

The IDFC FIRST Wealth Credit Card is designed for individuals who value luxury and practicality in their financial transactions. This lifetime-free credit card comes with an impressive array of benefits, ranging from travel perks to exclusive dining offers. Below is a comprehensive review of its features, benefits, and potential drawbacks.

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Eligibility

To apply for the IDFC FIRST Wealth Credit Card, you must have an annual income of ₹36 Lacs or more.

Key Features at a Glance

• Lifetime-Free Card
  No joining or annual fees make it an attractive choice.

• Travel Benefits
  Complimentary domestic and international lounge access, low forex markup, and premium travel insurance coverage.

• Reward Points
  Earn up to 10X Reward Points on eligible spends, which never expire.

• Exclusive Offers
  Year-round discounts on over 300 brands, ‘Buy One Get One’ movie tickets, and premium dining deals.

Joining Benefits

• Welcome Voucher
  A ₹500 voucher is offered upon spending ₹5,000 within the first 30 days of card activation.

• Cashback on EMI
  Get 5% cashback (up to ₹1,000) on the first EMI transaction made within 30 days of card issuance.

Note: Joining benefits are not applicable for card upgrades or add-on cards.

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Privileges

Lifestyle & Entertainment Offers

• Movies: 'Buy One, Get One' offer on Paytm (up to ₹250, twice a month).
• Shopping & Dining: Up to 20% off at 1,500+ restaurants and 15% off at 3,000+ health & wellness outlets.

Premium Benefits

• Lounge Access:
  • 2 domestic lounge visits + 2 spa visits per quarter. (Check for List)
  • 2 international lounge visits per quarter.
  • Pre-book lounges via DreamFolks (Details).
  • Access is Activated after spending ₹20,000 monthly for Lounge & Spa.
• Golf Privileges:
  • 2 complimentary golf rounds per month post ₹20,000 monthly statement spends.
• Railway Lounges:
  • 4 complimentary visits per quarter, shared between primary and add-on cardholders.(Check for List)

Visa-Exclusive Benefits

• Airport Meet & Greet services.
• Discounts on airport transfers and limousine services.
• Luxury hotel collection privileges, including upgrades, late check-outs, and complimentary breakfast.

Insurance Coverage

• Roadside Assistance: Complimentary, up to 4 times a year (worth ₹1,399).
• Comprehensive Travel Insurance:
  • Loss of baggage: USD 500
  • Flight delay: USD 300
  • Passport/document loss: USD 300
• Air Accident Cover: ₹1 Crore.
• Personal Accident Cover: ₹10 Lacs.
• Cancellation Insurance: Hotel and flight booking cancellations covered up to ₹10,000 for two claims.

Note: Insurance is valid only with at least one transaction in the past 30 days.

Terms & Conditions

Rewards Program

• Earn Points:

  • 3X Reward Points on spends up to ₹20,000 per month.
  • 10X Reward Points on spends exceeding ₹20,000 or on your birthday.
  • 3X Reward Points on rental/property transactions.

• Exclusions: Fuel, EMI transactions, cash withdrawals, and specific categories (utility, insurance, government services, etc.).

• Value:

  • 1 Reward Point = ₹0.25.
  • Redeem directly for purchases or against vouchers at IDFC Rewards.

Additional Benefits

• UPI Integration:

  • Earn up to 3X Reward Points on UPI spends.
  • 100% cashback (up to ₹200) on the first four UPI transactions.

• Convenience:

  • Convert transactions over ₹2,500 into EMIs via the app.

• Forex Markup: A low 1.5% on international transactions.

Charges

• Reward Redemption Fee: ₹99 + GST.
• Late Payment Fee: 15% of the Total Due (min ₹100, max ₹1,300).
• Surcharge:
  • Rent Payments: 1% (min ₹249 + GST).
  • Utility Payments over ₹20,000/month: 1%.
• Interest-Free Cash Withdrawals: Up to 45 days with a fee of ₹199 + GST.

Pros & Cons

Final Thoughts

The IDFC FIRST Wealth Credit Card offers a robust package for those seeking lifestyle and travel benefits without hefty fees. While it lacks some luxury perks like Priority Pass or extensive redemption flexibility, its lifetime-free status, low forex markup, and rewards program make it a strong contender for high-income individuals.