IDFC FIRST WOW! Black Credit Card – Benefits, Fees & Eligibility

Introduction

The IDFC FIRST WOW! Black Credit Card, issued by IDFC FIRST Bank, is a premium FD-backed credit card designed for individuals seeking high-end features without a high budget, or those looking to build their credit score. It operates on the Mastercard network for its physical card and comes with a complimentary virtual RuPay UPI Credit Card. Positioned as an excellent starting point for new credit card users, it offers differentiating benefits such as zero foreign exchange markup, welcome benefits worth over ₹5,000, and complimentary domestic airport lounge access.

Welcome Benefits

• Welcome benefits are worth over ₹5,000 upon payment of the joining fee.
• Up to ₹1,500 instant discount on flight, hotel, and bus bookings via MakeMyTrip.
• Flat 10% discount on Mokobara purchases, applicable over and above existing offers.
• Complimentary 3-Month EazyDiner Prime Membership worth ₹1,095.
• Complimentary 1-Year Lenskart Gold Max Membership worth ₹800.
• 5% cashback up to ₹1,000 on the first EMI transaction within 30 days of card generation.
• ₹500 instant voucher on the first travel booking via the IDFC FIRST Bank Mobile App, on a minimum spend of ₹5,000.
• Discount coupons and vouchers for redemption are sent via email/SMS after the joining fee payment.

Fees & Charges Breakdown

• Joining Fee: ₹750 + GST
• Renewal Fee: ₹750 + GST
• Spend-Based Waiver: Annual charges are waived on total spends of ₹1.5 Lakhs or more in an anniversary year.
• Reward Redemption Fee: ₹99 + GST.
• Foreign Currency Markup: 0% on all international transactions, whether traveling abroad or making international purchases from India.
• Interest Rates: Monthly Rate - 3.99% (Annual Rate - 47.88%). IDFC FIRST Bank offers low interest rates starting from 8.5% to 46.2% per annum.
• Fuel Surcharge Waiver: 1% fuel surcharge waiver on fuel transactions between ₹200 and ₹5,000, capped at ₹200 per month.
• Cash Advance Charges: 0% interest for up to 45 days on ATM cash withdrawals. A cash advance fee of ₹199 + taxes is applicable per transaction, irrespective of the amount withdrawn.
• Add-on Card Fee: Add-on card facility is not available as this is an FD-backed credit card.

Rewards & Cashback Structure

• Earning Rate:
  • Earn 4 Reward Points for every ₹150 spent on regular online, offline, and international purchases.
  • Earn 1 Reward Point per ₹150 spent on insurance premiums, utility bill payments, railway spends, and FASTag recharges.
  • No reward points are given on fuel spends, EMI transactions, or cash withdrawals.
• UPI Spends (via complimentary virtual FIRST Digital RuPay Credit Card):
  • Earn 3 Reward Points per ₹150 on UPI transactions above ₹2,000.
  • Earn 1 Reward Point per ₹150 on UPI transactions below ₹2,000.
  • Earn 1 Reward Point per ₹150 on UPI transactions for insurance and utility bills.
  • No rewards on fuel, EMI transactions, or cash withdrawals via UPI.
• Bonus Reward Earnings for Travel Bookings (via 'FIRST Rewards Gallery' on IDFC FIRST Bank Mobile App):
  • Earn 50 Bonus Reward Points for every ₹150 spent on Hotel Bookings (equivalent to 16.7% bonus RPs or 8.3% value back when redeemed for travel).
  • Earn 30 Bonus Reward Points for every ₹150 spent on Flight Bookings (equivalent to 10% bonus RPs or 5% value back when redeemed for travel).
  • Monthly Reward Point Earning Capping: 8,000 Reward Points (combined for both hotel and flight bookings).
  • Bonus Reward Points are credited by the 5th of the next calendar month post completion of travel/check-in, provided the account is active.
• Reward Redemption:
  • 1 Reward Point = ₹0.50 when redeemed for flights and hotel bookings through the 'FIRST Rewards Gallery' section on the IDFC FIRST Bank Mobile App.
  • 1 Reward Point = ₹0.25 for all other redemptions.
  • Redemption at 1 RP = ₹0.50 is capped at 1,00,000 RPs per month and 2,00,000 RPs per year.
  • Reward points earned through the linked FIRST Digital Credit Card are also available for these redemption values.
• Point Expiry Rules: There is no expiry date on the Reward Points accrued on the card; they are evergreen.
• Reward Point Conditions: Reward points are earned only on spends up to your credit limit per billing cycle. If the Minimum Amount Due is not paid by the Payment Due Date, Reward Points will not be applicable for that billing cycle, and any already posted will be reversed.

Travel, Lounge & Lifestyle Perks

• Domestic Lounge Access: Enjoy 4 complimentary domestic airport lounge accesses per year, with a maximum of one visit per calendar quarter. This benefit is unlocked by spending ₹20,000 or more in the previous calendar month.
• International Lounge Access: Not available.
• Trip Cancellation Cover: Get reimbursement of up to ₹10,000 per year for the non-refundable portion of cancelled hotel or flight bookings. This cover can be used for up to two claims in a year. Eligibility requires at least one transaction on the credit card in the calendar month preceding the start of the policy period, and both booking and cancellation must occur within the policy period. This benefit is included free of cost.
• Movie Offers: Get 25% off up to ₹100 on movie tickets once a month via District by Zomato. To avail the benefit in the next month, you need to have made at least one transaction in the current calendar month.
• Dining Discounts: Exclusive access and discounts across over 350 fine-dine restaurants in 16 cities as part of the Mastercard Culinary Club programme.
• Golf Benefits:
  • Enjoy 4 complimentary rounds of green fees per calendar year (1 round per calendar month).
  • Receive 12 complimentary golf lessons per calendar year (1 lesson per calendar month).
  • APAC Golf Program offers 50% off on golf rounds or lessons across Australia, Bangladesh, China, Hong Kong, Japan, Macao, New Zealand, South Korea, Sri Lanka, and Taiwan.
• Insurance Benefits:
  • Personal Accident Cover up to ₹2 Lakh.
  • ₹25,000 Lost Card Liability Protection: Report your lost card to the bank and enjoy zero liability on fraudulent transactions.
• Roadside Assistance: Complimentary Roadside Assistance worth ₹1,399.
• Little Emperors Hotel Club Membership: Complimentary 1-year Travel Tier membership worth £299, providing access to exclusive rates and benefits at over 5,000 luxury hotels worldwide. Membership renewal fees will be charged automatically if not cancelled within 48 hours of the renewal date.

Card Eligibility Criteria & Income Requirements

• Minimum Age: 18 years (up to 80 years).
• Citizenship: Must be an Indian citizen with a current and permanent residential address in India.
• Fixed Deposit Requirement: Must link an IDFC FIRST Bank Fixed Deposit of at least ₹20,000.
• Income/Credit History: No income proof or credit history is required to apply.
• Eligible Fixed Deposits: Only singly held Fixed Deposits are eligible. Jointly held FDs, or those opened by HUFs, partnership firms, societies, trusts, minors, Tax Saver FDs, and Flexi/Auto-Sweep Deposits are not eligible.
• The bank reserves the right to issue a Credit Card based on an assessment of credentials.

Credit Card Review

The IDFC FIRST WOW! Black Credit Card is a highly recommended option for beginners and those looking to build their credit score through a secured card. With a low joining and annual fee of ₹750 + GST, it offers substantial value, including welcome benefits worth over ₹5,000 in the first year.

Pros:

• Offers significant travel benefits, including zero foreign exchange charges, complimentary domestic airport lounge access, and trip cancellation cover up to ₹10,000, which are rare for secured cards.
• Affordable fees with a clear spend-based waiver condition.
• Comes with a complimentary virtual RuPay UPI Credit Card, enhancing payment flexibility.
• Strong rewards program with accelerated earnings on travel bookings and higher redemption value for travel.
• No credit history or income proof required, making it accessible.

Cons:

• Lacks international airport lounge access, which could enhance its value for frequent international travelers.

Overall, the WOW! Black is a solid upgrade from its predecessor, offering better rewards, enhanced travel perks, and improved everyday usability, making it one of the strongest FD-backed cards available today.

Important Product Details

• The IDFC FIRST WOW! Black Credit Card is a first-of-its-kind premium secured credit card.
• It comes with a complimentary virtual UPI-enabled FIRST Digital RuPay Credit Card, linked to the primary card.
• The physical card operates on the Mastercard network, while the virtual card operates on the RuPay network.
• The credit limit is a minimum of 100% of the fixed deposit amount and is shared between the physical and virtual cards.
• The credit limit can be increased instantly by opening a new Fixed Deposit or linking an existing FD through the IDFC FIRST Bank Mobile App.
• FD delinking is possible for customers with multiple linked FDs, subject to conditions: at least one FD must remain linked, the remaining FD value must be higher than ₹20,000, and outstanding credit card dues should not exceed the remaining FD balance.
• Both cards share one rewards pool, one statement, and one credit limit.
• The FIRST Digital RuPay Credit Card is a digital-only card; a physical card will not be issued for it.
• The FIRST Digital RuPay Credit Card is primarily for domestic transactions within India.

Other Details

• For questions regarding the credit card while traveling internationally, customers can contact IDFC customer support at +91 22 6248 5152.
• The credit card is issued against a Fixed Deposit (FD), and a lien is marked on 100% of the FD's value as security.
• Cardholders continue to earn interest on their fixed deposit while enjoying interest-free credit for up to 45 days.
• The 'FIRST Rewards Gallery' section on the IDFC FIRST Bank Mobile App is the designated platform for earning bonus travel rewards and redeeming points at a higher value for travel bookings.
• The card offers 300+ merchant offers throughout the year.
• Important documents like Most Important Terms & Conditions, Card Member Agreement, Product Usage Guide, and Privileges document are available for reference.