IDFC FIRST Millennia Credit Card Review

IDFC FIRST Millennia Credit Card will be launched by IDFC Bank. I will review this credit card before launch after analyzing Rewards & benefits. This will be a Lifetime Free Credit Card with a 2.5% rewards rate on above Rs.20k Transaction. Here is everything you need to know.

IDFC Bank had launched OneCard –the best metal credit card in association with FPL Technologies in the previous year. But now IDFC Bank will issue credit independently to disrupt the entry-level segment.

Table of Contents

1. Fees & Charges
2. Benefits
3. Features-Super Saver Benefits
4. Railway-Lounge Access
5. Pros and Cons
6. How to Apply
7. Eligibility
8. Bottom-line

Fees & Charges

• Joining Fees: Nil
• Renewal Fees: Nil
• Forex Mark Fees: 3.5%

The Joining and Renewal Fees are Nil, even there are no over-limit fees are on the card. You only need to pay finance charges on outstanding balances. Till now premium credit has a concept of Over limit Fees. But after the introduction of IDFC FIRST Millennia Credit Card, another bank will also think waiver about waiver of over-limit fees.

Benefits

• Rs.20,000 spends : 10X Rewards Points on Rs.100 spends (2.5%)
• Online Spends : 6X Rewards Points on Rs.100 spends.(1.5%)
• Offline Spends :3X Rewards Points on Rs.100 spends. (0.75%)
• Birthday Spends : 10X rewards Points on all spends(2.5%)
• 1 Reward Point = Rs.0.25

The default rewards rate has been divided into two parts. Online and offline spending, the default rewards rate are 1.5% and 0.75%, respectively. However, if you spend Rs.20K or above per transaction, the rewards rate will increase to 2.5%.

IDFC Bank becomes famous among cardholder enthusiasts due to its IDFC First Visa Signature Debit card. You can get this Debit card if you have a 25K saving account. This saving account offers you a 7% interest rate on a saving account.

IDFC Bank will use above Debit card strategy for market captures.

10X Reward Points not applicable for Fuel, EMI, Insurance transactions and Cash Withdrawals

Features-Super Saver Benefits

• NIL Over-limit fees
• NIL Addon charges
• NIL Reward redemption fees
• Low-Interest Rate (9%)
• 25% discount on movie tickets up to Rs.100, once a month
• 20% discount on 1500+ restaurants across India
• 15% discount on 3000+ Health & Wellness Outlets
• 50+ In-App discount offers
• No Expiry of reward points

The main features of the IDFC FIRST Millennia Credit Card are that rewards points will never expire. Most Bank credit rewards points are time-bounded, which means you need to redeem rewards points within the time given by banks otherwise rewards points will expire.

Railway-Lounge Access

• 4 complimentary Railway lounge visits every quarter

Fuel surcharge waiver

• Fuel surcharge waiver at all fuel stations across India
• Waiver is limited to Rs.200 per month

Insurance

• Personal Accident Cover: Rs.2 Lakh
• Complimentary lost card liability cover: Rs.25K
• Check other terms and Condition

How to Apply

This credit card are yet not available for applications, however you may show your interest in this credit card on IDFC Bank website. As tradition, Existing bank customers will get first priority for credit card.

Eligibility

The bank has no defined eligibility criteria for IDFC FIRST Millennia Credit Card, however, this may be eligibility for this card.

• Age: Your age should be between a minimum of 21 years to a maximum of 60 years
• Income: Net Salary of INR 25,000 per month or Income Tax Return of Rs. 5 Lacs and above
• You should be a resident of India.
• Your address should be in IDFC Bank Servicable area.

Bottom-line

What your take on IDFC FIRST Millennia Credit Card. Feel free to share your thought in comment box below.