IDFC First Select Credit Card Review – CardExpert

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IDFC First Select Credit Card Review – CardExpert
IDFC Select Credit Card

IDFC First Select Credit Card is a semi-premium credit card issued on Visa Signature platform and is positioned above IDFC Classic Credit Card & below IDFC Wealth Credit Card.

While it used to be a wonderful product when it was initially launched, it lost it’s credibility post the decent devaluation, but it’s still a worthy card to hold for few reasons. Here’s everything you need to know,

Overview

Type Semi-Premium Credit Card
Reward Rate 0.6% – 2%
Annual Fee Lifetime Free
Best for Airport / Railway lounge access
USP Complimentary Roadside Assistance Service

While the card is portrayed as a premium card by the Bank, I wouldn’t call it so. It’s more of an entry-level card but with the ability to serve as a premium credit card if the spends are higher.

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Fees

Joining / Renewal Fee Lifetime Free
Welcome Benefit 500 INR voucher
  • Welcome voucher worth 500 INR on spending >=15,000 INR within 90 days of card generation.

The advantage of this card is obviously the “Lifetime Free” benefit which comes with all the privileges. But don’t forget the truth about lifetime free credit cards.

Design

IDFC First Bank Select Credit Card Design

It’s a neat & simple design in deep red colour, which is also the bank’s brand colour.

While it looks good, I wish they had a different design for the Select Credit card as it looks almost same as the IDFC Signature debit card with which I used to get confused once in a while.

Rewards

SPEND TYPE REWARDS REWARD RATE
Offline Spends 3 RP / 125 INR (3X) 0.6%
Online Spends 6 RP / 125 INR (6X) 1.2%
Spends >25K (per stmt) 10 RP / 125 INR (10X) 2%
Spends on Birthday 10 RP / 125 INR (10X) 2%
  • 1 Reward Point = 0.25 INR
  • Redemption Charges: 99 INR+GST (from 1st Oct 2022)
  • Rewards don’t expire

IDFC has added quite a lot of restrictions lately to the rewards program. Looking at the trend, they would probably add more to it in the coming months.

Terms & Conditions:

  1. Rewards not applicable on Fuel, Insurance & EMI transactions
  2. Rental txns will accrue 3X rewards (0.75%) only and will not be used for 10X calculations.

Meanwhile, this is not the card if you want to charge beyond your credit limit in a month, as that will lead to red flags.

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Lounge Access

ACCESS TYPE Access Via Limits
Domestic Airport Lounges Visa 4/Qtr
Domestic Railway Lounges Dreamfolks 4/Qtr
International Lounges Nil Nil

While airport lounge access is quite common, here with IDFC Select Credit Card you also get access to the Railway lounges.

Moreover, as these days HDFC entry-level & premium cards are no longer supported at most airport lounges except the metros, its better to have multiple credit cards in your wallet that gives lounge access.

Other Benefits

  • Complimentary Road Side Assistance(RSA) worth ₹1,399
  • Revolving Interest Rate: Relatively lower interest rate compared to other banks, usually 20% – 24% p.a. (I got 22% p.a. ROI)
  • Buy 1 Get 1 Movie Benefit: Upto Rs.250 per ticket via Paytm Movies.
  • Forex Markup Fee: 1.99% + GST

Complimentary roadside assistance is one of the unique feature on this credit card. It maybe useful at times, for ex, to jump start your car on breakdown.

Revolving interest rate is one of the key benefit of the issuer but I hardly see anyone taking advantage of it, maybe the reason is that those who need a low interest rate are not getting it.

Getting the Card

IDFC First Select Credit Card
  • Eligibility: IDFC Select Ac (or) Other bank credit card with ~1.5L limit
  • Apply online (Instant approval)

Fresh Card: If you’ve about ~1.5L credit limit on other bank credit cards, you can apply for the IDFC credit card online and you may likely be eligible for the select variant. If eligible, you can get the virtual card ready for use in matter of minutes.

If you’ve higher limits on other credit cards, you might get approved for the wealth credit card directly, which comes with lot more benefits.

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Upgrade: If you’ve IDFC Classic/Millennia Cards with a low limit, you’ll first need to increase your credit limit and then request for an upgrade.

If you’re looking for even more information, do check out the hands-on experience with IDFC select credit card article by Satish.

Bottomline

  • Cardexpert Rating: 4/5 (for this segment)

While the IDFC select credit card is of less use in 2022 as we’ve lucrative cashback cards around, it still makes sense to hold one for its benefits, as it gives complimentary access to airport & railway lounges.

Further, IDFC First Bank also runs very good targeted promotions like this one: 6000 bonus points on spends & this one: 10,000 bonus points on spends.

Overall you get a Lifetime Free Credit Card with ongoing benefits, targeted offers and decent rewards especially if you’ve high spends.

Do you have IDFC First Select Credit Card? Feel free to share your thoughts in the comments below.

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