IDFC FIRST Quantum+ Credit Card
Card Overview
IDFC FIRST Quantum+ Credit Card is a lifetime-free secured credit card that you can get by opening a fixed deposit (FD) of just ₹10,000. It is a good choice for people who want to start their credit journey or improve their credit score. The card offers up to 2% cashback on online spends, 1% on UPI Scan & Pay through the IDFC FIRST Bank app, an extra 1% on travel bookings through the app and 0.5% on selected categories like utility bills, rent and insurance.
This card is suitable for students, homemakers, freelancers, young professionals and people with no credit history or regular income proof. Since it is backed by an FD, you do not need an existing credit score to apply. Your fixed deposit also continues to earn interest while you use the card, making it a simple way to build credit history and earn cashback without paying any joining or annual fee.
Card Details
- Lifetime Free: No joining fee or annual fee.
- FD Requirement: Get the card against a minimum fixed deposit of ₹10,000.
- Online Cashback: Earn 2% cashback on online spends above ₹10,000 per month and 1% on spends below ₹10,000.
- UPI & Offline Cashback: Get 1% cashback on eligible UPI Scan & Pay transactions and in-store purchases.
- Travel Cashback: Earn an extra 1% cashback on eligible travel bookings through the IDFC FIRST Bank Mobile App.
- Other Categories: Get 0.5% cashback on utility bills, rent, jewellery, wallet, insurance and government services.
- Cashback Limit: Earn up to ₹500 cashback per statement cycle across all spending categories.
- FD Returns: Continue earning up to 6.5% annual interest on your fixed deposit.
- Zero Forex Markup: No additional forex markup fee on international transactions.
- Insurance Benefits: Get personal accident cover of ₹2 lakh and lost card liability cover of ₹25,000.
Features & Benefits
IDFC FIRST Quantum+ Credit Card: Benefits, Cashback & Fees
The IDFC FIRST Quantum+ Credit Card is a lifetime-free, FD-backed credit card for people who want to build or improve their credit history. You can apply for this secured credit card by opening a fixed deposit (FD) of ₹10,000. It is also suitable for people who do not have an existing credit score. The card offers cashback on online shopping, offline purchases and eligible UPI payments, making it a useful option for first-time credit card users.
IDFC FIRST Quantum+ Credit Card: Key Highlights
| Particulars | Details |
|---|---|
| Card Type | Secured Credit Card |
| Minimum FD | ₹10,000 |
| Joining Fee | Nil |
| Annual Fee | Nil |
| Online Cashback | 1% up to ₹10,000 and 2% on additional spending |
| Offline Cashback | 1% |
| UPI Cashback | 1% through IDFC FIRST Bank app |
| Selected Categories | 0.5% |
| Travel Cashback | Additional 1% |
| Maximum Cashback | ₹500 per statement cycle |
| Forex Markup | Nil |
IDFC FIRST Quantum+ Credit Card Benefits
1. Cashback on Online Shopping
Earn 1% cashback on eligible online spending up to ₹10,000 and 2% on additional spending above ₹10,000 in a statement cycle.
2. Cashback on Offline Purchases
Get 1% cashback on eligible purchases made at retail stores. This makes the card useful for everyday shopping.
3. Cashback on UPI Payments
Earn 1% cashback on eligible UPI Scan & Pay transactions made through the IDFC FIRST Bank mobile app. UPI payments through third-party apps such as Google Pay and PhonePe are not eligible for this cashback.
4. Additional Cashback on Travel Bookings
Get an additional 1% cashback on eligible flight and hotel bookings made through the IDFC FIRST Bank mobile app.
5. Cashback on Selected Categories
Earn 0.5% cashback on selected spending categories, including:
- Utility bill payments
- Rent payments
- Insurance premiums
- Jewellery purchases
- Wallet loads
- Government service payments
6. Zero Forex Markup
The card offers zero forex markup on eligible international transactions, helping you save on additional currency conversion charges.
7. Insurance Benefits
The card provides personal accident cover of ₹2 lakh and lost card liability cover of up to ₹25,000, subject to the bank's terms and conditions.
Cashback Rates and Limits
| Spending Category | Cashback |
|---|---|
| Online spending up to ₹10,000 | 1% |
| Additional online spending above ₹10,000 | 2% |
| Offline purchases | 1% |
| Eligible UPI payments through bank app | 1% |
| Selected spending categories | 0.5% |
| Eligible travel bookings through bank app | Additional 1% |
Maximum Cashback: You can earn a maximum of ₹500 cashback per statement cycle across all eligible spending categories.
For example, if you spend ₹15,000 online in one statement cycle, you earn ₹100 on the first ₹10,000 and ₹100 on the remaining ₹5,000. Your total cashback will be ₹200.
ATM withdrawals and EMI transactions do not earn cashback. UPI transactions made through third-party apps are also not eligible for the UPI cashback benefit. All cashback is subject to the bank's terms and eligible transaction rules.
Fees and Charges
| Fee Type | Charges |
|---|---|
| Joining Fee | Nil |
| Annual Fee | Nil |
| Finance Charges | 3.99% per month |
| Forex Markup | Nil |
Late payment fees and other applicable charges may apply as per the bank's latest schedule of charges.
Eligibility and FD Requirement
The IDFC FIRST Quantum+ Credit Card is suitable for people who do not have an established credit history. You need a minimum fixed deposit of ₹10,000 to apply. The bank uses this FD as security for your credit card.
Students, homemakers, freelancers and first-time credit card users can consider this card, subject to the bank's eligibility and KYC requirements. Your fixed deposit also continues to earn interest at the applicable bank rate while it is linked to the card.
Is the IDFC FIRST Quantum+ Credit Card worth getting?
The IDFC FIRST Quantum+ Credit Card is a good option for beginners who want to build their credit history and earn cashback without paying joining or annual fees. It offers cashback on online shopping, offline purchases and eligible UPI payments, making it useful for everyday spending.
However, the total cashback is limited to ₹500 per statement cycle, which may not be enough for people with high monthly spending. The card also does not offer complimentary airport lounge access.
Pros/Cons
Reality Check Feedback
What should you consider before applying for a credit card in India?
Key Considerations Before Applying for a Credit Card in India:
- Eligibility Criteria: Ensure you meet the eligibility requirements, which typically include age, income, credit score, and employment status as defined by the issuing bank or financial institution.
- Credit Score: A strong credit score can significantly improve your chances of approval and result in more favorable terms, such as lower interest rates or higher credit limits. Verify that your credit score is healthy before applying.
- Interest Rates and Fees: Compare the annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction charges associated with various cards. These costs can vary widely and impact the overall value of the card.
- Rewards and Benefits: Evaluate the rewards, cashback, discounts, or other perks offered by the card to ensure they align with your spending patterns. Some cards may provide better benefits in specific categories, such as travel, shopping, or dining.
- Credit Limit: Review the credit limit offered by the card to ensure it meets your financial needs. Avoid applying for cards with excessive limits if you are concerned about managing debt, as this can lead to higher interest charges.
- Repayment Terms: Understand the repayment structure, including the minimum payment amount, payment due dates, and any associated penalties. Being clear about these terms can help you manage payments effectively and avoid interest buildup.
- Card Type and Features: Choose a card type that matches your specific needs—whether standard, premium, or specialized cards like those offering travel rewards or dining privileges. Ensure the features of the card align with your lifestyle and spending habits.
- Bank’s Reputation: Opt for a financial institution with a proven reputation for customer service and transparency. Consider researching customer reviews and assessing their support channels to ensure reliable service.
- Hidden Charges: Be aware of any hidden fees, including annual fees, balance transfer charges, foreign transaction fees, or cash withdrawal charges. These can add up over time and affect the overall cost-effectiveness of the card.
- Credit Utilization: Maintain a balance within your credit limit to avoid high credit utilization ratios, which can negatively impact your credit score. Responsible use of credit is essential for maintaining financial health.
- Long-Term Financial Plans: Consider how the credit card fits into your overall financial strategy. Avoid accumulating unnecessary debt and choose a card that supports your long-term financial goals without adding financial strain.
- What is the minimum FD amount required to get this credit card?
You need a fixed deposit of at least ₹10,000 to apply for the card.
- Can I apply for this credit card without a credit score or income proof?
Yes, people with no credit history can apply as the card is issued against a fixed deposit. Approval depends on the bank's eligibility rules.
- Is the IDFC FIRST Quantum+ Credit Card free for life?
Yes, it comes with no joining fee or annual fee.
- How much cashback can I earn, and is there any monthly limit?
The card offers cashback on eligible purchases, with a maximum total cashback of ₹500 per statement cycle.
- Which transactions earn 0.5% cashback?
Payments for utility bills, rent, insurance, jewellery, wallet loads and government services earn 0.5% cashback.
- Does my fixed deposit earn interest while it is linked to the credit card?
Yes, your FD continues to earn interest at the bank's applicable rate.
- What insurance coverage comes with this credit card?
The card offers personal accident insurance of ₹2 lakh and lost card liability cover of up to ₹25,000, subject to the bank's terms.
- What charges apply if I miss my credit card bill payment?
The bank charges 3.99% interest per month (47.88% annually) on unpaid balances. A late payment fee may also apply based on the outstanding amount.
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