Equitas Small Finance Bank Selfe Credit Card – Benefits, Fees & Eligibility

Introduction

The Equitas Selfe Credit Card, issued by Equitas Bank, is a digital-first credit card designed for customers seeking a seamless and rewarding experience. Positioned as a customizable and feature-rich option, it stands out with its interest-free periods, attractive 5X rewards on chosen spending categories, and extensive online management capabilities. This card offers significant personalization, allowing users to select their preferred benefits, card design, and payment network.

Welcome Benefits

• Limited Period Offer: Get your first year free, excluding GST.
• Complimentary Memberships: Choose 2 complimentary memberships from top platforms such as Amazon Prime, Jio Hotstar, Sony Liv, Zee5, or Discovery+.
  • These memberships become available for claim after the card is activated.
  • Memberships must be claimed within 90 days from the card issuance date.
  • They are non-transferable and cannot be exchanged for cash or any other benefit.

Fees

• Joining Fee: The first year is free as part of a limited period offer (excluding GST).
• Renewal Fee: Waived if a total spend of ₹2,40,000 is achieved in the preceding anniversary year of the card.
• Rewards Redemption Fee: A fee of ₹99 will be charged per transaction whenever reward points are redeemed.
• Foreign Currency Markup: A 3.5% foreign currency mark-up fee is applicable on all overseas transactions, in addition to applicable GST and currency conversion charges based on network rates.
• Interest Rates: Enjoy up to 50 days of interest-free credit on your spending.
• Fuel Surcharge Waiver: A 1% waiver on fuel transactions across India, capped at ₹250 per statement cycle. This waiver applies to transactions between ₹500 and ₹3,000.

Rewards

• Accelerated Rewards: Earn 5X reward points on 2 out of 5 categories that you choose:
  • Apparel: Transactions falling under MCCs 5311, 5611, 5621, 5641, 5651, 5691, 5655, 5631, or 5699.
  • Dining: Transactions falling under MCCs 5462, 5812, or 5814.
  • Grocery: Transactions falling under MCCs 5399, 5411, 5441, 5499, 5311, 5331, 5422, or 5451.
  • Utility: Transactions falling under MCCs 4814 or 4900.
  • Taxi: Transactions falling under MCC 4121.
• Base Rewards: Earn 2 Reward Points for every ₹100 spent on all other eligible transactions.
• Reward Point Value:
  • 1 Reward Point = ₹0.35 when redeemed for travel bookings, gift vouchers, and catalogue purchases.
  • 1 Reward Point = ₹0.15 when redeemed for cashback against your card statement or instant redemption at partner merchants.
• Reward Point Expiry: Reward points expire after 24 months from the date they are earned if not redeemed within this period.
• Reward Exclusions: Transactions such as fuel, rent, wallet loads, government payments, cash advances, and EMI conversions are excluded from earning reward points.
• Domestic Lounge Access: Enjoy one complimentary domestic lounge access per calendar quarter.
  • Unused lounge visits cannot be carried forward to the next quarter.
  • Lounge access is subject to successful authorization and lounge partner conditions, including availability.
  • Complimentary guest access is not provided; guests will be charged as per applicable rates.
  • You can avail up to 4 complimentary domestic lounge visits in a year.

Rewards Redemption Guide

• Redemption Portal: Reward points and memberships can be claimed via the Xchange portal at xchange.equitas.bank.in.
• Redemption Options:
  • Travel bookings
  • Gift vouchers
  • Catalogue purchases
  • Cashback against your card statement
  • Instant redemption at partner merchants
• Minimum Redemption: A minimum of 500 reward points is required for redeeming points as cashback against your card statement.
• Redemption Process: Log into the Xchange portal, select your eligible membership or redemption option, and complete the process in a few simple steps.
• Irreversibility: Once reward points are redeemed, they cannot be reversed, cancelled, or reissued.
• Membership Claim Timeline: Selected memberships will be available for claim after your card is activated (within T+3 working days) and must be claimed within 90 days from the card issuance date. Failure to claim within this timeline will result in expiration.

Card Review

The Equitas Selfe Credit Card is an excellent choice for individuals who value personalization and want to maximize rewards on their everyday spending. Its unique customization options, including choice of reward categories, memberships, card design, and billing date, cater to diverse user preferences. The 5X accelerated rewards on chosen categories, coupled with complimentary domestic lounge access and a first-year free offer, provide significant value. However, users should be aware of the ₹99 rewards redemption fee and the 3.5% foreign currency markup. The spend-based annual fee waiver of ₹2,40,000 is reasonable for a mid-range card, making it a sustainable option for consistent spenders. Overall, it's a rewarding card for those who actively manage their benefits and align their spending with the chosen categories.

Important Product Details

• Positive Highlights:
  • High Customization: Choose 2 out of 5 accelerated reward categories (Apparel, Dining, Grocery, Utility, Taxi), 2 complimentary memberships, card style (Regular, Green, Metal), payment network (Visa/RuPay), and preferred billing date.
  • Accelerated Rewards: Earn 5X reward points on selected categories and 2 Reward Points per ₹100 on others.
  • Complimentary Memberships: Select 2 from popular OTT platforms (Amazon Prime, Jio Hotstar, Sony Liv, Zee5, Discovery+).
  • Domestic Lounge Access: 1 complimentary visit per calendar quarter.
  • Interest-Free Credit: Up to 50 days.
  • Fuel Surcharge Waiver: 1% waiver up to ₹250 per statement cycle.
  • Lost Card Liability: Coverage up to ₹10 lakhs.
  • First Year Free: Limited period offer, excluding GST.
• Negative Highlights:
  • Rewards Redemption Fee: A charge of ₹99 per redemption transaction.
  • Foreign Currency Markup: A 3.5% fee on international transactions.
  • Reward Point Expiry: Points expire after 24 months if not redeemed.
  • MCC-Based Rewards: Accelerated rewards are strictly based on Merchant Category Codes (MCCs), which may not always match the perceived category of a transaction.
  • Membership Claim Deadline: Complimentary memberships must be claimed within 90 days of card issuance.

Other Details

• Card Variants:
  • Regular Card: A classic blue plastic credit card with a sleek, minimalist design and no additional fees.
  • Green Card: An eco-friendly option made from recycled plastic, reducing plastic usage.
  • Metal Card: A premium metal credit card offering all the features of the Selfe Credit Card with a metallic finish.
• Billing Cycle Customization:
  • You can change your billing cycle once per credit card.
  • Available billing cycle dates for selection include the 5th, 12th, 13th, 14th, 15th, 16th, 18th, 20th, and 25th of the month.
  • Requests for a billing cycle change can be made through the Mobile Banking App or by contacting the Customer Care Centre.
  • The revised billing cycle will typically be implemented in the next billing period.
  • Your payment due date will change accordingly with the updated billing cycle.
  • Currently, no specific fee is mentioned for changing the billing cycle.
• Lost Card Liability:
  • The credit card offers a Lost Card Liability cover of up to ₹10 lakhs, protecting against unauthorized transactions if the card is lost or stolen.
  • This benefit is applicable only to the primary cardholder.
  • The insurance coverage becomes active only after completing your first card transaction, PIN setup, or card activation.
  • In case of a lost or stolen card, you should immediately block your card and follow the claim process as per the policy.
• Application Processing:
  • Application forms complete in all respects will be processed within 30 days from the date of receipt.
  • If additional information or documentation is required, the customer will be intimated within 30 days from the date of receipt of the application form.
• Default Options (if no preferences are selected during application):
  • Billing Cycle: 12th
  • Card Design: Regular
  • Memberships: Amazon Prime and Jio Hotstar
  • 5X Reward Categories: Apparel and Dining
  • Card Network: RuPay
• General Terms & Conditions: Customers are advised to refer to the detailed policy documents and terms and conditions provided by the bank for comprehensive information on coverage, exclusions, claim processes, and specific brand policies regarding voucher usage.