IDFC FIRST WoW Credit Card – Benefits, Fees & Eligibility

Introduction

The IDFC FIRST WOW! Credit Card, issued by IDFC FIRST Bank, is positioned as a lifetime-free, FD-backed premium credit card designed for individuals seeking an assured credit solution without the need for a credit history or income proof. It stands out with zero forex markup fees on international transactions, interest-free ATM cash withdrawals for up to 45 days, and a rewarding program that offers up to 4X Reward Points on various spends. An upgrade option, the FIRST WOW! Black Credit Card, is also available for enhanced travel and lifestyle privileges.

Welcome Benefits

• UPI-enabled FIRST Digital Credit Card: Limited Period Offer of 100% cashback up to ₹200, distributed as ₹50 each on the first 4 UPI transactions.

Fees

• Joining Fee: ₹0 (Lifetime-free)
• Annual Fee: ₹0 (Lifetime-free)
• Forex Markup: 0% on international transactions.
• Interest Rates (Annual Percentage Rate - APR): 8.5% - 46.2% per annum.
• Cash Advance Charges: ₹199 + GST per withdrawal.
• Cash Withdrawal Interest: 0% for up to 45 days across domestic and international ATMs.
• Rewards Redemption Fee: ₹99 + GST per redemption.
• Fuel Surcharge Waiver: 1% waiver on transactions between ₹200 and ₹5,000, with a maximum benefit of ₹200 per statement cycle.
• UPI-enabled FIRST Digital Credit Card Fees:
  • Joining Fee: ₹199 + GST.
  • Annual Fee (2nd year onwards): ₹199 + GST.

Rewards

• Base Reward Points:
  • 4X Reward Points on online, offline, and international spends.
  • 1X Reward Point on Insurance premium payments, Utility bill payments, FASTag recharges, and Railway spends.
  • 1X = 1 Reward Point per ₹200 spent.
  • Reward program is not applicable on Fuel, EMI transactions, and Cash withdrawals.
  • Reward Points are earned only on spends up to your credit limit per billing cycle; additional spends beyond this will not be eligible.
• Bonus Reward Points on Travel Bookings (via 'FIRST Rewards Gallery' on IDFC FIRST Bank Mobile App):
  • 10% Bonus Reward Points on hotel bookings (over and above Base Reward Points).
  • 5% Bonus Reward Points on flight bookings (over and above Base Reward Points).
• UPI Spends (for UPI-enabled FIRST Digital Credit Card): Up to 3X reward points on all UPI spends.
• Movie & Dining Benefits (Visa Infinite Platform):
  • 50% discount up to ₹300 on movie ticket bookings through BookMyShow.
  • Discounts on food and beverages up to ₹200 when using the card for movie bookings.
  • 50% discount up to ₹500 on non-movie ticket bookings.
• Insurance Benefits:
  • Personal Accident Cover: ₹2,00,000.
  • Card Liability Cover: ₹25,000.
  • Purchase Protection: ₹25,000.

Rewards Redemption Guide

• Redemption Options: Reward Points can be used to pay for online purchases, in-store shopping, or redeemed against attractive offers at https://firstrewards.in/. They can also be redeemed for flight and hotel bookings via the 'FIRST Rewards Gallery' section in the IDFC FIRST Bank Mobile App.
• Reward Point Value: 1 Reward Point = ₹0.25.
• Redemption Fee: A convenience charge of ₹99 plus GST is applicable per redemption.
• Validity: Reward Points are valid for 24 months from the date they are credited.
• Crediting Conditions: Reward points are credited upon statement generation. 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 points will be reversed.

Card Eligibility Criteria

• For Indian Residents:
  • Age Limit: 18 to 80 years.
  • Must be an Indian citizen with a permanent address in India.
  • Minimum Fixed Deposit (FD) amount of ₹20,000 required with IDFC FIRST Bank.
  • Fixed Deposits should be singly held and in cumulative/re-invest and auto-renewed mode.
• For NRIs:
  • Age Limit: 18 to 80 years.
  • Must have an NRE Savings Account with IDFC FIRST Bank.
  • NRE Fixed Deposit of minimum ₹25,000 required with IDFC FIRST Bank.
  • Fixed Deposits should be singly held NRE fixed deposits.
• General:
  • No credit history or income proof required.
  • Fixed Deposits opened/placed by HUFs, Partnership firms/society/trust, minors, or opened jointly by applicant/s, Tax Saver or Flexi-Deposits (Auto-sweep Fixed Deposits) are not eligible.
  • The Bank reserves the right to issue a Credit Card based on an assessment of credentials.

Card Review

The IDFC FIRST WOW! Credit Card is an excellent choice for individuals seeking a secured credit card, especially those without a credit history or income proof, including first jobbers, students, homemakers, and senior citizens. Its lifetime-free status, coupled with zero forex markup fees, makes it highly attractive for international travelers. The card offers a competitive reward rate with up to 4X points on various spends and specific bonus rewards on travel bookings. While it lacks traditional travel benefits like complimentary lounge access (available on its Black variant), it provides essential insurance covers and a fuel surcharge waiver. The ability to earn interest on the fixed deposit while building a credit score adds significant value.

• Pros:
  • Lifetime-free with zero joining and annual fees.
  • Zero Forex Markup Fees on international transactions.
  • 100% credit limit against the Fixed Deposit amount.
  • No credit history or income proof required for application.
  • Interest-free ATM cash withdrawals for up to 45 days.
  • Earns interest on the linked Fixed Deposit.
  • Helps in building a credit score.
  • Instant card issuance and fully digital online application process.
  • Includes insurance benefits like personal accident cover, card liability cover, and purchase protection.
  • Offers movie and dining discounts via the Visa Infinite platform.
• Cons:
  • No add-on card facility is available.
  • Reward points are not applicable on Fuel, EMI transactions, and Cash withdrawals.
  • A reward redemption fee of ₹99 + GST applies.
  • Reward points have a validity of 24 months.

Important Product Details

• Lifetime-Free Card: No joining or annual fees.
• FD-Backed Security: Assured credit card issued against a Fixed Deposit, requiring a minimum FD of ₹20,000 (₹25,000 for NRIs).
• Zero Forex Markup: Enjoy 0% forex markup on all international transactions.
• Interest-Free Cash Withdrawals: Withdraw cash from ATMs worldwide with 0% interest for up to 45 days (cash advance fee of ₹199 + GST applies).
• Earn Interest on FD: Your Fixed Deposit continues to earn interest while securing your credit limit.
• No Credit History/Income Proof: Ideal for first-time credit card users, students, homemakers, and self-employed individuals.
• High Reward Rate: Earn up to 4X Reward Points on online, offline, and international spends, with bonus points on travel bookings.
• Global Acceptance: Powered by the Visa Infinite Platform for seamless transactions and 24/7 premium customer support.
• Comprehensive Insurance: Includes ₹2 lakh personal accident insurance, ₹25,000 card liability cover, and ₹25,000 purchase protection.
• Instant Credit Limit Increase: Instantly increase your credit limit by linking an existing FD or booking a new FD via the mobile app.
• UPI-Enabled Digital Card: Option to get a UPI-enabled FIRST Digital Credit Card with shared limit and up to 3X reward points on UPI spends (separate fees apply).

Other Details

• Target Audience: Suitable for Travellers, First Jobbers, Students, Self Employed, NRIs, Homemakers, and Senior Citizens.
• Credit Limit: 100% of your Fixed Deposit value.
• FD Interest Rate: Earns 6.3% p.a. on your Fixed Deposit (Terms & Conditions Apply).
• Maximum Credit Limit for NRI: ₹10,00,000.
• Payment for NRI Customers: NRI Card members must make payments against their credit card bills via auto-pay through an NRE Account maintained with IDFC FIRST Bank only.
• FD Delinking: Customers with multiple FDs linked to their card can delink one or more FDs to reduce their credit limit, provided at least one FD remains linked, the remaining FD value is higher than ₹20,000, and outstanding dues do not exceed the remaining FD balance.
• PIN Generation: PIN can be generated via Net Banking, Mobile Banking App (pre-login or login), or Customer Care.
• POS Terminal Usage: PIN is required for all transactions in India. Outside India, PIN is required only if the POS terminal is enabled for PIN authentication.
• International Helpline: For queries while abroad, contact +91 22 6248 5152.
• Roadside Assistance: The card offers roadside assistance benefits.
• Upgrade Option - FIRST WOW! Black Credit Card:
  • Offers Zero Forex Markup.
  • Up to 4 Reward Points per ₹150 spend on international and domestic spends.
  • Complimentary UPI-enabled FIRST Digital Credit Card.
  • Up to 16.7% bonus rewards on travel bookings.
  • 4 lounge access per year.
• Legal Disclaimers: All benefits and features are subject to the bank's internal policies and terms and conditions, which are available in the Most Important Terms & Conditions (MITC) document, Card Member Agreement, and Product Usage Guide.