IDFC FIRST BankIDFC Bank FIRST SWYP Credit Card – Benefits, Fees & Eligibility
Is the IDFC Bank FIRST SWYP Credit Card Right for You?
The IDFC Bank FIRST SWYP Credit Card is best suited for users who prioritize Shopping, Movies, Utilities. With a joining fee of ₹499 + GST and a renewal fee of ₹499 + GST, this card is positioned for cardholders who can maximize its benefits to justify the cost. It offers Reward Points as its primary reward mechanism, with a rewards rate of Earn 1 Reward Point for every ₹100 spent on online and offline transactions..
Key Card Details
₹499 + GST
₹499 + GST
Reward Points
3.5%
Notable Perks
Domestic Lounge Access
Complimentary railway lounge access.
Spend-Based Waiver
100% cashback up to ₹499 on the first successful FIRST SWYP referral.
Movie Benefits
Instant discounts of up to 20% on featured partners.
Things to Consider
A reward redemption fee of ₹116.82 is charged per transaction on the FIRST SWYP card.
The foreign currency markup of 3.5% can be high for international spends.
Cash advance transactions incur a fee of ₹234.82, which can add up quickly.
Benefits & Features
Welcome Offer
100% cashback up to ₹499 on the first successful FIRST SWYP referral.
Rewards Rate
Earn 1 Reward Point for every ₹100 spent on online and offline transactions.
Reward Type
Reward Points
Reward Redemption
Reward Points can be redeemed for various options, subject to a redemption fee.
Domestic Lounge Access
Complimentary railway lounge access.
Movie Benefits
Instant discounts of up to 20% on featured partners.
Dining Benefits
Instant discounts of up to 20% on featured partners.
Travel Benefits
Complimentary railway lounge access.
Fees & Charges
Joining Fee
₹499 + GST
Renewal Fee
₹499 + GST
Spend-Based Waiver
100% cashback up to ₹499 on the first successful FIRST SWYP referral.
Foreign Currency Markup
3.5%
Interest Rates
Not applicable; flat monthly EMI conversion fee is charged.
Fuel Surcharge Waiver
1% waiver up to ₹200 per month on fuel transactions between ₹200 and ₹5,000.
Cash Advance Charges
₹199 + 18% GST = ₹234.82 per transaction.
Rewards Redemption Fee
₹99 + 18% GST = ₹116.82 per redemption transaction.
Pros & Cons
Pros
Key benefits and features of this card.
The FIRST SWYP Credit Card offers flexible expense management with flat EMI conversion fees.
Enjoy instant discounts of up to 20% with featured partners, enhancing your savings.
Benefit from complimentary railway lounge access, adding comfort to your travels.
The card provides a 100% joining fee cashback on your first successful referral.
It's ideal for a digital-first lifestyle, especially for youngsters and students.
Cons
Key drawbacks and limitations of this card.
A reward redemption fee of ₹116.82 is charged per transaction on the FIRST SWYP card.
The foreign currency markup of 3.5% can be high for international spends.
Cash advance transactions incur a fee of ₹234.82, which can add up quickly.
Rental transactions are subject to a surcharge of 1% + GST, with a minimum of ₹249 + GST.
The card has a separate joining and annual fee for its UPI variant.
Product Details
Designed for individuals embracing a digital-first lifestyle, especially youngsters and students.
Eliminates traditional interest charges in favor of flat monthly EMI conversion fees.
Offers a UPI Card variant with separate joining and annual fees.
Provides instant discounts of up to 20% on featured partners.
Features complimentary railway lounge access.
Allows flexible expense management through EMI conversions.
Potential annual benefits exceeding ₹60,000.
Benefits & Features
Welcome Offer
100% cashback up to ₹499 on the first successful FIRST SWYP referral.
Rewards Rate
Earn 1 Reward Point for every ₹100 spent on online and offline transactions.
Reward Type
Reward Points
Reward Redemption
Reward Points can be redeemed for various options, subject to a redemption fee.
Domestic Lounge Access
Complimentary railway lounge access.
Movie Benefits
Instant discounts of up to 20% on featured partners.
Dining Benefits
Instant discounts of up to 20% on featured partners.
Travel Benefits
Complimentary railway lounge access.
What matters, explained clearly
1. Introduction
The FIRST SWYP Credit Card, issued by IDFC FIRST Bank, is designed for individuals embracing a digital-first lifestyle, particularly appealing to youngsters and students. This card offers a unique value proposition by eliminating traditional interest charges in favor of flat monthly EMI conversion fees, making expense management flexible. Key highlights include potential annual benefits exceeding ₹60,000 (Explicit), instant discounts of up to 20% on featured partners (Explicit), and complimentary railway lounge access (Explicit).
2. Fees & Waiver Math
Fees
- Joining Fee: ₹499 + 18% GST = ₹588.82 (Derived)
- Annual Fee: ₹499 + 18% GST = ₹588.82 (Derived)
- UPI Card Joining Fee: ₹199 + 18% GST = ₹234.82 (Derived)
- UPI Card Annual Fee: ₹199 + 18% GST = ₹234.82 (Derived)
Waiver Logic
- Joining Fee Waiver: 100% cashback up to ₹499 on the first successful FIRST SWYP referral (Explicit).
Charges
- Interest Rate: Not applicable; instead, a flat monthly EMI conversion fee is charged (Explicit).
- Foreign Currency Markup: 3.5% (Explicit)
- Cash Advance Fee: ₹199 + 18% GST = ₹234.82 (Derived) per transaction (Explicit). Maximum cash withdrawal limit of ₹10,000 per transaction (Explicit).
- Fuel Surcharge: 1% waiver up to ₹200 per month on fuel transactions between ₹200 and ₹5,000 (Explicit).
- Reward Redemption Fee: ₹99 + 18% GST = ₹116.82 (Derived) per redemption transaction (Explicit).
- Rental Transaction Surcharge: 1% + GST on the transaction value (Explicit). Subject to a minimum of ₹249 + GST starting May 1, 2024 (Explicit).
- EMI Conversion Fee (Transaction/Balance): Dynamic flat monthly fee, starting from ₹49 + GST (Explicit). Foreclosure fees are applicable (Explicit).
- Merchant EMI: Applicable interest rates and a one-time processing fee (Explicit). Foreclosure fee is applicable (Explicit).
Late Payment Charges
| Amount Due | Charge |
|---|---|
No data available from input
3. Rewards & Milestone Matrix
Reward Earning Structure
| Category | Spend Required | Reward Rate | Cap