IDFC FIRST WoW Credit Card
Gaurav
The FIRST WoW Credit Card is a secured credit card from IDFC Bank, backed by a Fixed Deposit, and offers many benefits for cardholders. To get this card, you need to make a Fixed Deposit of at least ₹10,000 with the bank. The card has no joining or renewal fees, making it a lifetime-free card. Plus, it has no foreign markup fee, which is usually charged by high-fee premium credit cards, so you won’t pay extra for international transactions.
The card gives you 4 Reward Points for every ₹150 spent, and the points never expire. You can use them for vouchers, deals, and more at any time. The card also offers easy EMI options for purchases above ₹2,500. Keep reading for a more detailed review of the card.
Rewards and Benefits
Movie & Dining
Get a 50% discount, up to Rs. 300, on movie ticket bookings (Visa Infinite).
Domestic Lounge Access
N/A
Rewards Rate
Earn 4X (4RP) Reward Points on every Rs. 150 spent
Golf
N/A
Travel
N/A
Insurance Benefits
Personal Accident, Card Liability cover and many more.
International Lounge Access
N/A
Reward Redemption
You can use your Reward Points to pay for online or in-store purchases instantly. 1 Reward point equals Rs. 0.25.
Fees & Charges
Interest Rates
0.75% - 3.5% p.m. (9% - 42% p.a.)
Spend-Based Waiver
N/A
Rewards Redemption Fee
Rs. 99 + GST
Cash Advance Charges
Rs. 199
Foreign Currency Markup
0.00 +GST
Fuel Surcharge
1% fuel surcharge waiver (up to Rs. 200 per statement cycle)
What should you consider before applying for a credit card in India?
Before applying for a credit card in India, consider the following factors:
- Eligibility Criteria: Check the age, income, credit score, and employment status requirements set by the bank or financial institution.
- Credit Score: A higher credit score increases your chances of approval and may result in better offers. Ensure your credit score is in good standing.
- Interest Rates and Fees: Compare annual percentage rates (APR), processing fees, late payment penalties, and foreign transaction fees. These can vary significantly between cards.
- Rewards and Benefits: Look for cards that offer rewards, cashback, discounts, or other perks that align with your spending habits.
- Credit Limit: Make sure the credit limit offered is in line with your financial needs. Avoid over-borrowing, which can lead to high-interest charges.
- Repayment Terms: Understand the repayment options, minimum payment amount, and due dates. Consider how easily you can manage timely payments to avoid interest accumulation.
- Card Type and Features: Choose a card type (e.g., standard, premium, travel, etc.) based on your requirements. Some cards offer more benefits for specific categories like travel, shopping, or dining.
- Bank’s Reputation: Opt for a bank with a good track record of customer service and transparency. Read reviews and consider their customer support accessibility.
- Hidden Charges: Be aware of any hidden fees, such as annual fees, balance transfer charges, and cash withdrawal fees.
- Credit Utilization: Ensure you can manage your spending within the credit limit to maintain a healthy credit utilization ratio, which impacts your credit score.
- Long-Term Financial Plans: Think about how the credit card will fit into your long-term financial goals and avoid accumulating unnecessary debt.
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