IDFC HPCL FIRST Power Credit Card
Gaurav
IDFC Bank has launched its first co-branded credit card with HPCL, called the FIRST Power credit card. This RuPay card helps users save ₹7,000 and nearly 65 litres of fuel each year. Cardholders can earn fuel benefits by making payments at over 20,000 HPCL outlets using the HP Pay App, along with other lifestyle perks.
The card has no joining fee until 30th April 2023, and you can get welcome benefits worth up to ₹1,400. You can earn reward points on fuel, groceries, utilities, and other purchases, and these points never expire, so you can redeem them anytime. Additionally, the card offers interest rates starting at 9% per annum, and you can earn more reward points by referring a friend who gets the card.
Rewards and Benefits
Movie & Dining
N/A
Domestic Lounge Access
N/A
Rewards Rate
Save up to 5% on fuel purchases. Get 2.5% back on utility and grocery expenses, and 2.5% back on your IDFC FASTag recharge. Earn double rewards on all other retail purchases.
Golf
N/A
Travel
Complimentary roadside assistance worth ₹1,399
Insurance Benefits
Get personal accident cover of ₹2 Lakhs and lost card liability cover of ₹25,000.
International Lounge Access
N/A
Reward Redemption
You can use your Reward Points to pay instantly for online and offline transactions at select stores. You can also redeem your points for memberships, gift vouchers from your favorite brands, or products from IDFC Bank’s Reward Catalog.
Fees & Charges
Interest Rates
0.75 – 3.5% per month
Spend-Based Waiver
Renewal fee is waived on spending ₹50,000 in the card anniversary year
Rewards Redemption Fee
Rs. 99
Cash Advance Charges
Rs. 199 per withdrawal
Foreign Currency Markup
3.50 +GST
Fuel Surcharge
1% fuel surcharge waiver capped at a maximum of ₹100 per month.
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.
Add new comment