IDFC FIRST Wealth Credit Card is a rare card that targets high-earning consumers (income eligibility is Rs 36 lakh), but is lifetime free. The card has 2 clear benefits – one that it’s lifetime free and its reward points do not expire – a feature usually available on premium cards. Other than that, the card’s benefits are mostly basic. Wealth is best-suited for high-earners who do not want to pay any annual fees and are satisfied with benefits akin to an entry level card. Otherwise one can get much higher value-back from credit cards like HDFC Diners Black, HDFC Regalia Gold and SBI Elite, albeit at an annual fee (ranging from Rs 2500 to Rs 10,000).
| IDFC FIRST Wealth Credit Card Overall Rating: ★★★ |
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| Reward Benefits |
★★★ | |
| Travel Benefits | ★★★ | |
| Lifestyle Benefits |
★★★ | |
Like most lifetime free cards, IDFC First Wealth’s initial offerings have been significantly downgraded with time. Post the May 2024 devaluation, benefits on online transactions have been halved, making its reward program clearly inferior to most cards on offer for high-earning individuals.
IDFC First Wealth has only a 2% earning rate (on accelerated spends) and 0.25 redemption rate. At an annual fee of as low as Rs 2500 for a card like HDFC Regalia Gold, you can get a much high reward rate (upto 8% for select spends) and better redemption value (0.65). For most consumers, the benefits would easily surpass this annual fee even through moderate use.
For those sticking with Wealth, may do it for benefits like no annual fees, low forex markup fee, domestic and international lounge access, golf access, and rewards (though lower) on categories that are excluded by many cards like utilities, insurance and rent.
Video: Quick Review of IDFC FIRST Wealth Credit Card
Note: Details mentioned in the video have been sourced from the issuer’s website as of June 2024. For updated information, refer to this page.
Welcome benefits:
- Gift vouchers worth Rs. 500 on spending Rs. 15,000 within 90 days of card set-up
- 5% cashback (up to Rs. 1,000) on your first EMI transaction within 90 days of card set-up
Rewards Program:
- 3x rewards on online and offline purchases for spends up to Rs. 20,000 per month
- 10x rewards on incremental spends above Rs. 20,000 per month
- 10x rewards on birthday spends
- 3x rewards on rental and property management transactions
- 3x rewards on education, wallet load & government services spends, (these spends are no longer considered for 10X reward points threshold calculation)
- 1x rewards on utility bill payments and insurance spends (1% transaction charge on utility bill payments above Rs. 20,000 in a billing cycle)
1x= 1 reward point per Rs. 150 | Fuel, Insurance, EMI transactions (only the first EMI transaction is valid for cashback benefit) & Cash withdrawals transactions are not eligible for reward points earning.
The card offers up to 10 reward points per Rs. 150 for monthly spends beyond Rs. 20,000. If you do not reach the Rs. 20,000 threshold, you earn just 3 points, a low earning ratio for a premium credit card. Prior to the May 2024 devaluation, users could earn 6x rewards on online spends, even without meeting the previous spend threshold criteria of Rs. 30,000.
Additionally, the accumulated rewards can be redeemed at the rate of 1 reward point = Rs. 0.25. For a ‘premium’ card, this redemption value is low, besides there are no noteworthy redemption options such as airmiles, travel partners or exclusive catalogs, that come handy with most credit cards in this league.
Travel benefits:
- Low forex markup fee of 1.5%
- 2 complimentary domestic airport spas & lounges visits per quarter
- 2 complimentary visits to international airport lounges per quarter, subject to spending Rs. 20,000 in the previous month
- Air Accident Cover of Rs. 1 crore, Personal Accident Cover of Rs. 10,00,000 and Lost Card Liability Cover of Rs. 50,000
- Comprehensive Travel Insurance Cover of USD 1200
- Cancellation for any reason (CFAR) insurance for 2 claims up to Rs. 10,000, available for hotel and flight booking cancellations
- Interest-free cash withdrawal anywhere in the world^
| ^While IDFC FIRST Wealth Credit Card offers you an interest-free cash withdrawal, you should consider using this facility only in emergencies, with no other option left. Withdrawing cash using a credit card is not advisable. Credit card cash withdrawals come with hefty charges, such as cash advance fees and interest rates. Also, these transactions are not eligible for interest free credit period, thus, the charges are implied from the date of withdrawal till full repayment. |
Other lifestyle benefits:
- ‘Buy one, get one’ offer on movie tickets up to Rs. 250 on Paytm mobile app (valid twice per month)
- 300+ offers from top merchants
- Up to 20% discount at 1500+ restaurants
- Up to 15% discount at 3000+ Health & Wellness outlets
- 2 complimentary golf rounds per month for every Rs. 20,000 of monthly statement spends
- Fuel surcharge waiver of 1%, at all fuel stations across India, up to Rs. 400 per month on transaction value between Rs. 200 to Rs. 5000
- EMI conversion facility for transactions above Rs. 2,500
On spending above Rs. 20,000 in a month, you can earn:
(i) 10X reward points
(ii) Complimentary domestic and international lounge access and domestic spa access
(iii) 2 complimentary golf rounds
These benefits are offered over and above the general non-spend based benefits like rewards on rent payments, rewards on utility bills and insurance, movie benefits, low forex markup fee, complimentary concierge service etc.
Pros and Cons of IDFC FIRST Wealth Credit Card
| Pros | Cons |
| Lifetime free | No Priority Pass or complimentary hotel memberships |
| Incremental rewards at zero annual fee |
Redemption options are limited |
| Low forex markup fee of 1.5% | No milestone benefits |
| Complimentary airport lounge access | Airport lounge access and comprehensive travel insurance cover are condition-based |
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Compare IDFC FIRST Wealth with Similar Cards
SBI Card PRIME
Joining fee: ₹2999
Annual/Renewal Fee: ₹2999
5X reward points on dining, groceries, departmental stores, and movies
8 international Priority Pass & 4 domestic airport lounge visits per year
Product Details
- 10X reward points on birthday spends; 2 reward points per Rs. 100 on other retail purchases
- Complimentary Club Vistara Silver membership
- E-gift vouchers worth Rs. 3,000 of popular brands, such as Yatra, Pantaloons, etc., as welcome benefits
- Pizza-hut gift voucher worth Rs. 1,000 on quarterly spend of Rs. 50,000
- Yatra/ Pantaloons gift voucher worth Rs. 7,000 on spending Rs. 5 lakh in a year
HDFC Regalia Gold Credit Card
Joining fee: ₹2500
Annual/Renewal Fee: ₹2500
5X reward points on Nykaa, Myntra, Marks & Spencer and Reliance Digital
4 reward points per Rs. 150 across all retail spends
Product Details
- Complimentary Swiggy One & MMT Black Elite Memberships
- Gift voucher worth Rs. 2,500 on the payment of joining fee
- 6 complimentary international lounge visits & 12 complimentary domestic airport lounge visits per year
- Marks & Spencer, Reliance Digital, Myntra or Marriott vouchers worth Rs. 1,500 on Rs. 1.5 Lakh quarterly spends
- Flight vouchers worth Rs. 5,000 on annual spends of Rs. 5 Lakh
Axis Bank SELECT Credit Card
Joining fee: ₹3000
Annual/Renewal Fee: ₹3000
2X EDGE Reward Points acrosss all retail transactions
10,000 EDGE Reward Points worth Rs. 2,000 as welcome benefit
Product Details
- 10 EDGE Reward Points on every Rs. 200 spent
- Flat Rs. 500 off per month on BigBasket on minimum spend of Rs. 3,000
- Rs. 200 off on Swiggy, twice a month, on minimum spend of Rs. 1,000
- Up to 12 complimentary international lounge visits in a year & 2 domestic lounge visits per quarter
- Up to 12 complimentary golf rounds in a year
IDFC FIRST Select Credit Card
Joining fee: ₹0
Annual/Renewal Fee: ₹0
10X reward points on incremental monthly spends above Rs. 20,000
3X reward points on purchases of up to Rs. 20,000 in a month
Product Details
- 1 reward point per Rs. 150 on utility, insurance and other offline spends
- Gift vouchers worth Rs. 500 on spending Rs. 5,000 within 30 days of card setup
- 5% cashback on first EMI transaction done within 90 days of card setup
- 2 complimentary domestic airport lounge access in a quarter on spending Rs. 20,000 in a month
- Buy 1 Get 1 offer on movie tickets, twice a month on Paytm mobile app
Axis Bank Privilege Credit Card
Joining fee: ₹1500
Annual/Renewal Fee: ₹1500
Multibrand vouchers worth Rs. 2,500 as welcome benefit
10 EDGE reward points on every Rs. 200 spent
Product Details
- Welcome benefits worth Rs. 5,000
- 10 EDGE reward points on every Rs. 200 spent
- 10,000 EDGE Reward Points worth Rs. 2,000 on spending Rs. 2.5 Lakh in a year
- Up to Rs. 1,000 off on dining under Dining Delights Program with EazyDiner
- 1% fuel surcharge waiver of up to Rs. 400 per cycle on all fuel transactions worth Rs. 400 to Rs. 4,000
HDFC Diners Club Privilege Credit Card
Joining fee: ₹2500
Annual/Renewal Fee: ₹2500
Up to 10X reward points on Smartbuy travel bookings
20 reward points per Rs. 150 spent on Swiggy and Zomato
Product Details
- 4 reward points per Rs. 150 spent on other categories; Up to 20% off on dining via Swiggy Dineout
- Buy 1 Get 1 Free, up to Rs. 250 off per ticket, on BookMyShow weekend shows for max. 2 free tickets/month
- Marriott/ Decathlon/ O2 Spa/ Barbeque Nation/ Lakme Salon Rs. 1,500 voucher on Rs. 1.5 lakh quarterly spends
- Swiggy One & Times Prime annual memberships on Rs. 75,000 spends within the first 90 days
- 2 complimentary airport lounge access worldwide per quarter on Rs. 15,000 quarterly spends
IDFC FIRST Wealth Credit Card Fees and Charges
| Particulars | Fee/Charges |
| Joining Fee | NIL |
| Annual Fee | NIL |
| Cash Advance Fee | Rs. 199 per transaction |
| Over Limit Fee | 2.5% of overlimit amount, subject to min. charge of Rs. 550 |
| Finance Charges |
0.75% to 3.65% per month, or 9% to 43.8% p.a |
| Forex Markup fee | 1.5% for all international transactions |
| Reward Redemption Fee | Rs. 99 |
| Late Payment Fee | 15% of the unpaid dues, subject to min. of Rs. 100 & max. of Rs. 1,300 |
IDFC FIRST Wealth Credit Card – Frequently Asked Questions
How can I redeem the reward points I earned on my IDFC Wealth card?
You can directly use the rewards points to pay for your online purchases or while shopping at a store. To pay directly with points, you can choose the option ‘pay with points’. Additionally, you can also redeem your reward points against vouchers at idfcfirstrewards.poshvine.com.
How do I contact the IDFC Wealth Credit Card customer care?
In case of any issues with your IDFC FIRST Wealth Credit Card, you can contact the customer care at 18605001111.
Can I convert my outstanding balance into EMI?
Yes, you can convert the outstanding balance on your IDFC FIRST Credit Card in EMIs for tenure ranging between 3 to 18 months. To proceed further, click here.
