IDFC Bank FIRST SWYP Credit Card – Benefits, Fees & Eligibility

Introduction

The FIRST SWYP Credit Card, issued by IDFC FIRST Bank, is positioned as an innovative offering for a digital-first lifestyle, particularly appealing to youngsters. It simplifies expense management by allowing instant conversion of big-ticket purchases into stress-free EMIs with a flat monthly fee instead of interest charges. Cardholders can enjoy benefits worth over ₹60,000 annually through year-round discounts on feature partners, a robust rewards program, and unique perks like complimentary railway lounge access.

Welcome Benefits

• Assured welcome benefits worth ₹5,000+ on payment of joining fee of ₹499 + GST.
• Gift Voucher worth ₹500 on spends of ₹5,000 and above in the first 30 days of joining fee payment.
• 1,000 Reward Points on your first EMI transaction done within 30 days (worth ₹250).
• Instant discount worth ₹1,500 on hotel and flight bookings from MakeMyTrip. This can be availed in 3 months.
  • ₹500 instant discount on domestic flights (one way) on spends of ₹5,000.
  • ₹700 instant discount on domestic flights (round trip) on spends of ₹7,000.
  • ₹800 instant discount on domestic hotels on spends of ₹8,000.
  • Offer available once on flight and hotel bookings within 90 days of card issuance.
• Complimentary discount coupons worth up to ₹2,100 from EaseMyTrip on flight and hotel bookings (₹700 per month for the first 3 months).
  • ₹500 off on a minimum booking amount of ₹5,000 for one-way domestic flights.
  • ₹700 off on a minimum booking amount of ₹7,000 for round trip domestic flights.
  • ₹700 off on a minimum booking amount of ₹4,000 for domestic hotel bookings.
• Complimentary Lenskart Gold Max Membership for 1 year.
• Flat 10% off on your first transaction on Mokobara.com within 90 days.

Fees

• Joining Fee: ₹499 + GST.
  • Welcome Offer: Amazon gift voucher worth ₹500 on spending ₹5,000 within 30 days of joining fee payment.
  • The Joining Fee gets waived off on the first successful FIRST SWYP referral by the customer.
• Annual Fee: ₹499 + GST (applicable from the second card anniversary year).
  • Annual Offer: Get 2,000 Reward Points worth ₹500 on spending ₹5,000 within 45 days of Annual Fee levy.
• Interest Rates: No interest rate applicable on FIRST SWYP Credit Cards for transaction/balance EMIs. Instead, a flat monthly EMI conversion fee + applicable GST is charged.
  • Merchant EMIs (at point of sale) will be converted at applicable interest rates and a one-time processing fee.
• Rewards Redemption Fee: ₹99 + GST per redemption transaction.
• Foreign Currency Markup: 3.5%.
• Fuel Surcharge Waiver: 1% waiver up to ₹200 per month on fuel transactions between ₹200 and ₹5,000.
• Cash Advance Charges: ₹199 + GST per transaction. Maximum cash withdrawal limit per transaction is ₹10,000.
• UPI Card Fee: Joining and Annual fee of ₹199 + GST for the FIRST Digital UPI Credit Card, levied separately.
• EMI Conversion Fee:
  • Flat monthly EMI conversion fee (starting from ₹49 + GST) for Transaction EMIs and Balance Conversion. This fee is dynamic and depends on the transaction amount and tenure.
  • Foreclosure fees are applicable for EMI cancellations.
  • Flat monthly EMI conversion fee is not applicable on Merchant EMIs, which are converted at applicable interest rates and a one-time processing fee.
• Late Payment Charges: Applicable if the Total Payable is not paid by the payment due date.

Rewards

• Monthly Milestone Rewards: Earn Reward Points based on monthly spends in a billing cycle. Milestone rewards are not incremental.
  • On monthly spends of ₹5,000 or more: 200 Reward Points.
  • On monthly spends of ₹10,000 or more: Total of 500 Reward Points.
  • On monthly spends of ₹15,000 or more: Total of 1,000 Reward Points.
  • On monthly spends of ₹30,000 or more: Total of 2,000 Reward Points.
  • On monthly spends of ₹60,000 or more: Total of 4,000 Reward Points.
• Reward Point Value: 1 Reward Point = ₹0.25.
• Exclusions for Monthly Milestone Rewards: Education spends, FASTag Recharges, Cash Withdrawal, Fuel & Railway Spends, and UPI transactions are not counted towards calculating eligible spends.
• Special Category Rewards:
  • 400 Reward Points on minimum spends of ₹20,000 on Education Spends, FASTag Recharges & Railway Spends per billing cycle.
  • 800 Total Reward Points on minimum spends of ₹40,000 on Education Spends, FASTag Recharges & Railway Spends per billing cycle.
• UPI Rewards (with FIRST Digital UPI Credit Card enabled):
  • 100 Reward Points on every ₹5,000 UPI spends per statement month.
  • UPI Reward Points are not applicable on Fuel and Rental UPI transactions.
  • UPI transactions are excluded from the FIRST SWYP Monthly Milestone Rewards Program.
• Accelerated Rewards on Travel (via 'FIRST Rewards Gallery' in IDFC FIRST Bank Mobile App):
  • 25% Bonus Reward Points on hotel bookings over & above base Reward Points.
  • 12% Bonus Reward Points on flight bookings over & above base Reward Points.
• Movie & Dining Benefits:
  • 25% discount on movie tickets up to ₹100 on District By Zomato mobile App once a month. This benefit is unlocked by spending ₹20,000 or more in the previous month.
  • Buy 1 Get 1 Coffee Free with Café at Mall offer. This benefit is unlocked by spending ₹20,000 or more in the previous month.
• Travel Benefits:
  • 4 complimentary railway lounge access per quarter (total 16 visits annually). This benefit is unlocked by spending ₹20,000 or more in the previous month.
    • Benefits include unlimited tea and coffee, 2 hours of lounge stay, comfortable sitting area with AC, free WIFI, and one free buffet meal.
  • 4 complimentary Domestic Airport Lounge access on achieving 10 successful referrals.
• Insurance Benefits:
  • Personal Accident Cover of up to ₹2,00,000.
  • 24/7 roadside assistance for any emergencies while traveling worth ₹1,399 (4 times a year).
  • Lost Card Liability protection of up to ₹25,000.
• Lifestyle & Shopping Discounts (Year-round discounts on feature partners):
  • Zomato: 10% off up to ₹100 on orders above ₹299, twice a month.
  • Dominos: 20% discount up to ₹80 on orders above ₹299, twice a month.
  • Zepto: 10% instant discount of up to ₹50 on orders over ₹499, once a month.
  • Nykaa: 10% off up to ₹500 on orders above ₹3,000, once a month (available separately on Nykaa Fashion, Beauty, and Men).
  • Tata CLiQ Fashion: Instant 10% discount up to ₹100 on purchases above ₹999, once a month.
  • Goibibo: Up to 20% off on domestic hotels and flights, once per category each month.
  • EaseMyTrip: 10% discount up to ₹500 on flight and hotel bookings above ₹5,000, once a quarter.
  • Access to additional 300+ merchant offers across various categories.
• Referral Program (SWYP Tribe Benefits): Earn benefits worth ₹11,299+ for successful referrals.
  • 1 Successful Referral: Cashback of ₹499, worth your joining fee (Annual Subscription Fee Waived off).
  • 3 Successful Referrals: Get 4,000 Reward Points worth ₹1,000.
  • 5 Successful Referrals: EMI fee waiver up to ₹1,500.
  • 7 Successful Referrals: Movie Ticket voucher worth ₹2,000.
  • 9 Successful Referrals: Cash back of ₹2,500.
  • 10 Successful Referrals: 4 complimentary Domestic Airport Lounge access (perceived value ₹3,800).
  • Benefits are credited within 30-45 days of achieving respective milestones. Referred cards must be active and in good standing. Benefits are for the first 10 successful referrals within one year of the referrer's card issuance date.

Rewards Redemption Guide

• Reward Points can be redeemed at IDFC FIRST Rewards.
• "Pay With Points" facility is available.
• Reward Points can be redeemed for flight & hotel bookings via the 'FIRST Rewards Gallery' section on the IDFC FIRST Bank Mobile App.
• Reward redemption through any channel will attract a convenience charge of ₹99 (+ applicable taxes) per redemption transaction.
• There is no expiry date for the reward points accrued on your FIRST SWYP Credit Card.

Card Review

The IDFC FIRST SWYP Credit Card is an innovative and interesting offering, particularly well-suited for young individuals, students, and frequent railway travelers who prefer managing expenses through EMIs rather than traditional revolving credit with interest.

Pros

• Affordable Fees: Comes with a reasonable joining and annual fee of ₹499 + GST.
• Extensive Welcome Benefits: Offers numerous perks including a ₹500 Amazon Gift Voucher, 1,000 Reward Points, EaseMyTrip and MakeMyTrip discount coupons (up to ₹2,100 and ₹1,500 respectively), a 1-year Lenskart Gold Max Membership, and a 10% discount on Mokobara.
• Unique EMI Model: Eliminates traditional interest rates by allowing conversion of eligible spends and statement balances into easy EMIs with a flat monthly fee (starting from ₹49 + GST), providing financial flexibility without hefty interest charges.
• Complimentary Railway Lounge Access: Provides 4 free railway lounge accesses per quarter (16 annually), a significant benefit for railway commuters, unlocked by spending ₹20,000 in the previous month.
• Robust Rewards Program: Earns up to 4,000 Reward Points monthly on milestone spends, with special bonus points for education, FASTag, and railway spends, and accelerated points on travel bookings.
• Year-Round Discounts: Offers attractive instant discounts of up to 20% on popular brands like Zomato, Dominos, Zepto, Nykaa, Tata CLiQ Fashion, Goibibo, and EaseMyTrip.
• Referral Benefits: A generous referral program allows cardholders to earn benefits worth over ₹11,000, including fee waivers, bonus Reward Points, EMI fee waivers, movie vouchers, cashback, and even complimentary domestic airport lounge access.
• Comprehensive Insurance: Includes Personal Accident Cover, 24/7 roadside assistance, and Lost Card Liability protection.
• UPI Enabled: Can be linked to UPI apps for transactions, with additional reward points for UPI spends (requires an additional annual fee).

Cons

• No Minimum Amount Due Option: Cardholders must either pay the total amount due in full or convert the eligible balance into EMIs. Paying only a minimum amount due is not an option, which might require careful financial planning.
• Conditional Airport Lounge Access: While railway lounge access is complimentary, domestic airport lounge access is only available as a benefit for achieving 10 successful referrals, not as a standard feature.
• Benefit Unlocking Conditions: Several key benefits, such as movie discounts, coffee offers, and railway lounge access, require a minimum spend of ₹20,000 in the previous month to be unlocked.

Who Should Apply

This card is an excellent choice for individuals seeking a credit card that offers flexibility in repayment through EMIs without incurring high interest rates. It's particularly beneficial for those with a digital-first lifestyle who frequently shop online, use food delivery services, travel by train, and appreciate a wide array of discounts and rewards on everyday spending. Students and young professionals looking for a card with transparent fees and a strong value proposition will find this card highly appealing.

Important Product Details

• Reasonable joining fee of ₹499 + GST and annual fee of ₹499 + GST.
• No interest rate applicable; instead, a flat monthly EMI conversion fee is charged for transaction and balance EMIs.
• Easily convert eligible purchases or statement balances into EMIs via the mobile app.
• Complimentary railway lounge access (4 per quarter), unlocked by monthly spend.
• Extensive welcome benefits worth ₹5,000+, including gift vouchers, memberships, and travel discounts.
• Earn up to 4,000 Reward Points monthly on milestone spends, with 1 Reward Point = ₹0.25.
• Accelerated Reward Points on travel bookings made through the 'FIRST Rewards Gallery'.
• 1% fuel surcharge waiver up to ₹200 per month.
• Cash advance facility available with a fee of ₹199 + GST per transaction.
• Includes Personal Accident Cover of up to ₹2,00,000, 24/7 roadside assistance (4 times a year), and Lost Card Liability protection of up to ₹25,000.
• Offers year-round instant discounts of up to 20% on various partner brands for dining, shopping, and travel.
• Referral program provides benefits worth over ₹11,000, including fee waivers, bonus RPs, and domestic airport lounge access.
• UPI enabled with an additional annual fee of ₹199 + GST, offering specific UPI rewards.
• Reward points have no expiry date.
• Reward redemption incurs a convenience charge of ₹99 + GST.
• Foreign currency markup of 3.5%.
• Mandatory to pay the total amount due or convert it into EMIs; no minimum amount due option.

Other Details

• Repayment Options:
  • Merchant EMI: Split purchases into EMIs at the merchant’s point of sale with applicable interest rates.
  • Transaction EMI: Convert eligible purchases into easy EMIs after the transaction with a flat monthly fee via the Bank mobile app.
  • Balance Conversion: Convert eligible statement balance into affordable EMIs with a flat monthly fee via the Bank mobile app.
  • Pay in Full: Pay the entire balance by the due date to avoid any charges.
• The digital card is visible in the mobile banking app upon approval, but requires upfront Joining Fee payment for activation and online transaction capability.
• Physical credit card is dispatched within 5 working days after the Joining Fee payment.
• The statement generation date is accessible in the IDFC FIRST card section on the mobile app.
• "Total Amount Due (TAD)" is the total amount to be paid by the due date to avoid additional charges.
• "Eligible Balance" is the Total Amount Due from the current statement that can be converted into EMIs, calculated by deducting existing EMIs, fees & charges.
• Carrying over monthly balances to the subsequent statement is not possible. Failure to pay the Total Payable by the payment due date will attract late payment charges.
• Limited period offer for UPI card: 100% cashback up to ₹200 (₹50 each on the first 4 UPI transactions).
• Effective 20th February 2025, a spend of ₹20,000 within the current calendar month is required to access railway lounge benefits in the following month.
• Detailed terms and conditions for the card, rewards, and referral program are available in the Most Important Terms & Conditions (MITC) document, Card Member Agreement, Product Usage Guide, and various Privilege and Referral Privilege documents.