IDFC First Classic Credit Card is a lift-free credit card for those who want to earn some basic reward points on their daily expenses. There is no need to pay the annul fee and joining face with this card.
Card Type: Rewards
Key Features:
- Lifetime Free Card: No joining or annual fees,
- Reward Points:
- Earn 10 reward points for every Rs. 100 spent on online transactions and offline departmental stores, utility bill payments, and insurance payments.
- All other eligible spends (excluding fuel, insurance, EMI transactions, and cash withdrawals) earn 1 reward point per Rs. 100.
- Welcome Offer: Upon spending Rs. 5,000 within 30 days of card issuance, you will be entitled to receive a bonus of Rs. 500 in your IDFC FIRST Bank savings account.
- Enjoy a 5% cashback (up to Rs. 1000) on the transaction value of your initial EMI completed within 30 days of card generation.
- Movie Offer: Enjoy buy-one-get-one-free movie tickets on Wednesdays at participating theaters through BookMyShow. (T&Cs apply)
- Railway Lounge Access: Get complimentary access to railway lounges twice per quarter at select stations. (T&Cs apply)
- Roadside Assistance: Avail 24/7 roadside assistance services like towing, flat tire repair, and battery jumpstart. (T&Cs apply)
- Insurance Benefits:
- Accidental death insurance: Coverage of Rs. 2 lakhs in case of accidental death while using the card.
- Permanent total disability insurance: Coverage of Rs. 1 lakh is provided in the event of permanent total disability resulting from an accident.
Additional Points:
- Reward Points Redemption: Redeem your points for various options, including:
- Gift vouchers from popular brands
- Statement credit adjustments
- Flight and hotel bookings through the bank’s travel portal (redemption value may vary)
- Reward Points Expiry: Points not redeemed will expire 3 years from the credit issuance date.
- No Cost EMI: Not offered with this card.
- Fuel Surcharge Waiver: Not offered with this card.
- Limited Lounge Access: Access is restricted to railway lounges and not airport lounges.
Eligibility:
- Minimum age: 18 years
- Indian resident with a valid PAN card
- Good credit score (typically above 750)
How to Apply:
- Apply online through the IDFC FIRST Bank website or visit an IDFC FIRST Bank branch.
- Submit the required documents, including PAN card, address, and income proof.
- Await verification and approval from IDFC FIRST Bank.
Fees:
- Late Payment Fee: Up to Rs. 1,000 or 2.5% of the outstanding amount, whichever is higher.
- Annual Interest Rate: 13.99% – 24.99% (depending on your creditworthiness).
- Foreign Currency Markup: 3.50%.
- Balance Transfer Fee: 2.5% of the amount transferred (minimum Rs. 500).
- Cash Advance Fee: Rs. 250 or 2.5% of the amount withdrawn, whichever is higher.
- Join Fee: Nill
- Renewal Fee: Nill
Pros & Cons
Pros
- No annual fee: This is a lifetime free credit card, so you don’t have to worry about any annual charges.
- Decent reward rate: The card offers tiered rewards, with up to 10x reward points on spends above Rs. 20,000. This translates to a maximum cashback of 2.5%, which is decent for a no-fee card.
- Bonus rewards: You get 3x points for offline spending and 6x points for online spending, giving you an edge over the base rate.
- Birthday bonus: The card offers a special 10x reward points multiplier on all your birthday expenses.
- Interest-free period: You get an interest-free period of up to 48 days on purchases, which allows you to manage your credit efficiently.
- Low cash withdrawal fee: Compared to other cards, the withdrawal fee of Rs. 250 is on the lower side.
Cons
- Tiered rewards system: The high reward rate (10x) applies only to spends above Rs. 20,000, so you might end up earning less on smaller transactions.
- Lower base reward rate: The base reward rate for spends below Rs. 20,000 is 3x for offline and 6x for online purchases, which is lower than some other cards.
- Limited benefits: The card doesn’t offer any airport lounge access, travel insurance, or other premium benefits typically found in higher-end cards.
- Interest rates can be high: While the interest rates are not mentioned publicly, they could be on the higher side compared to premium cards. Make sure to check the interest rate applicable to you before applying.
IDFC First Classic Credit Card is a good option for those looking for a no-frills credit card with good rewards and no annual fee. If you spend a lot or are someone who values premium benefits, you may want to consider a card with a higher reward rate and more benefits.
Customer Service:
- Contact IDFC FIRST Bank customer care at 1800 103 8181 or visit their website for any questions or assistance.
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Disclaimer
To collect information about IDFC First Classic Credit Card, we have taken the help of internet and bank’s website. If there is any change in the status of the card in the future, CredBanking will not take any responsibility in this.
