IDFC FIRST Select Credit Card
The IDFC First Select Credit Card is a great card that gives decent rewards and helpful features. You get a ₹500 welcome voucher on spending ₹5,000, up to 5% cashback on EMI transactions, and 10x reward points on regular spending. These points never expire and can be redeemed in multiple ways. The card also offers free lounge access at airports and railway stations, a 1+1 movie ticket offer on PayTM, dining discounts, insurance, roadside assistance, and a fuel surcharge waiver—all with no annual fee.
It’s a great option for frequent travelers and spenders, with free access to four railway lounges per quarter and a reward rate between 0.2% and 1.7%. The card also includes low forex fees and rewards for rent and utility payments. However, it requires a high annual income of ₹12 lakh, making it more suitable for those in the semi-premium segment.
Rewards and Benefits
Fees & Charges
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.
Do I have to pay a yearly fee for the IDFC FIRST Select Credit Card?
No, this card is lifetime free with no joining, membership, or annual fees.
What is the foreign currency markup fee for this card?
A 1.99% foreign markup fee is applied to the converted transaction amount.
Will I need to enter my credit card PIN for transactions?
Yes, you have to enter your PIN each time you make a payment in India. Internationally, it depends on whether the terminal supports PIN authentication.
Is there a charge for redeeming reward points?
You have to pay ₹99 plus taxes to use your reward points.
How can I contact IDFC FIRST Bank for support?
You can contact customer support anytime, day or night, by calling 18605001111 or emailing creditcard@idfcfirstbank.com.
Does this card offer zero liability protection in case of loss or theft?
Yes, you get zero liability protection of up to ₹50,000 for unauthorized transactions.
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