Introduction
The IDFC FIRST Millennia Credit Card is tailored to meet the dynamic needs of millennials, combining style with substantial financial benefits. With a minimum eligibility criterion of an annual income of โน3 lakhs, this card offers a competitive rewards program, low interest rates, and a host of other privileges designed to enhance the userโs lifestyle. This review provides a detailed examination of the card's features, benefits, and overall value proposition.
Joining Benefits of IDFC Wealth Credit Card
Welcome Benefit:
Complimentary luxury gift voucher upon card activation.
Reward Points:
10x reward points on spends over โน20,000.
6x reward points on international spends.
3x reward points on online purchases.
2x reward points on all other spends.
Airport Lounge Access:
Unlimited complimentary access to domestic and international airport lounges.
Dining Privileges:
Up to 20% off at partner restaurants.
Golf Privileges:
Complimentary golf games and lessons at select courses.
Wellness Benefits:
Discounts and complimentary access to premium spas and wellness centers.
Fuel Surcharge Waiver:
1% waiver on fuel surcharge across all petrol pumps.
Comprehensive Insurance:
Complimentary personal accident cover and travel insurance.
Concierge Services:
24/7 global concierge service for travel, dining, and entertainment arrangements.
Annual Fee Waiver:
No annual fee, making it a lifetime free card.
Interest-Free Period:
Up to 48 days of interest-free credit.
Exclusive Offers:
Special discounts and offers on shopping, travel, and lifestyle through IDFC Bank's partnerships.
Card Features and Benefits
The IDFC FIRST Millennia Credit Card offers a range of features and benefits that cater to the diverse needs of modern consumers. Below are the key highlights:
Reward Program
- 10X Reward Points: Earn 10X reward points on incremental spends above โน20,000 per month and on spends made on your birthday.
- 3X Reward Points: Earn 3X reward points on all online and offline purchases up to โน20,000 per month.
- 1X Reward Points: Earn 1X reward point on insurance premium payments and utility bill payments.
- Unlimited Reward Points: Points never expire and can be used to pay for online or in-store purchases.
- Redemption Convenience: Reward points can be redeemed easily with a small convenience charge of โน99 + GST per redemption.
Joining and Welcome Benefits
- Welcome Voucher: Receive a voucher worth โน500 on spending โน5,000 or more within 30 days of card generation.
- 5% Cashback: Enjoy 5% cashback (up to โน1,000) on the first EMI transaction done within 30 days of card generation.
Privileges and Discounts
- Movie Ticket Discount: 25% discount on movie tickets up to โน100 on the Paytm mobile app (once per month).
- Complimentary Lounge Access: Four complimentary railway lounge visits per quarter.
- Roadside Assistance: Complimentary roadside assistance worth โน1,399.
- Fuel Surcharge Waiver: 1% waiver on fuel surcharge at all fuel stations across India, up to โน200 per month.
- Merchant Offers: Discounts up to 20% at over 1,500 restaurants and up to 15% at 3,000+ health and wellness outlets.
- Insurance Cover: Personal accident cover of โน2,00,000 and lost card liability cover of โน25,000.
Fees and Charges
- No Annual Fee: Lifetime free credit card with no joining or annual fees.
- Low Interest Rates: Interest rates starting from 0.75% per month (9% per annum).
- Interest-Free Cash Withdrawals: Up to 48 days of interest-free cash withdrawals from domestic and international ATMs (cash advance fee of โน199 + GST per transaction).
- Over Limit Charges: 2.5% of the over-limit amount, subject to a minimum charge of โน550.
- Late Payment Fee: 15% of the total amount due, subject to a minimum of โน100 and a maximum of โน1,300.
- Forex Markup: 3.5% for all international transactions.
- Utility Surcharge: 1% surcharge on utility spends above โน20,000 in a statement cycle.
- Reward Redemption Fee: โน99 + GST per redemption transaction.
User Experience
The IDFC FIRST Millennia Credit Card is designed with the user in mind, offering a seamless and convenient experience that integrates well with the lifestyle of millennials. Hereโs a closer look at what cardholders can expect:
Application and Onboarding
- Simple Application Process: The application process for the IDFC FIRST Millennia Credit Card is straightforward and can be completed online. Prospective cardholders need to meet the eligibility criterion of an annual income of โน3 lakhs.
- Instant Digital Card: Upon approval, users receive an instantly issued digital card linked to their account, allowing them to start using the card immediately while waiting for the physical card.
Daily Use and Convenience
- Contactless Payments: The card supports contactless payments, enabling quick and easy transactions without the need to enter a PIN for amounts up to โน5,000.
- UPI Integration: Cardholders can link their credit card with UPI for seamless payments, enhancing versatility and ease of use.
- EMI Conversion: All transactions above โน2,500 can be converted into EMIs directly from the mobile app or during online transactions on the bankโs OTP page.
- Balance Transfer: Users can conveniently transfer balances from other bank credit cards, benefiting from the low interest rates offered by IDFC FIRST.
Digital Management
- Mobile App: The IDFC FIRST Bank mobile app provides a comprehensive platform for managing the credit card. Users can view transactions, convert purchases into EMIs, redeem reward points, and more.
- Net Banking: Similar functionalities are available through the bankโs net banking portal, ensuring flexibility in managing the credit card account.
- Customer Support: The bank offers robust customer support through various channels, including a toll-free helpline, email support, and in-app chat, ensuring that users can resolve issues promptly.
Additional Security
- PIN Authentication: For transactions within India, cardholders are required to enter their PIN, adding an extra layer of security. International transactions may require PIN authentication if supported by the merchant's POS terminal.
- Lost Card Protection: In case of loss or theft, the card can be blocked immediately via the mobile app, net banking, SMS, or customer care helpline. The card also offers lost card liability cover of โน25,000.
Rewards and Redemption
- Never Expiring Reward Points: One of the standout features is that reward points never expire, allowing users to accumulate and redeem points at their convenience.
- Easy Redemption: Points can be redeemed instantly for online or in-store purchases, with a small convenience charge, making the reward program highly user-friendly.
Additional Perks and Benefits
The IDFC FIRST Millennia Credit Card comes packed with additional perks and benefits that enhance its value proposition, making it an attractive option for cardholders. Hereโs an in-depth look at the extras that come with this card:
Welcome Benefits
- Welcome Voucher: New cardholders receive a voucher worth โน500 upon spending โน5,000 or more within 30 days of card generation.
- 5% Cashback on EMI: Enjoy 5% cashback (up to โน1,000) on the first EMI transaction done within 30 days of card generation.
Lifestyle and Entertainment
- Movie Ticket Discount: Cardholders get a 25% discount on movie tickets up to โน100 on the Paytm mobile app, available once per month. This benefit is ideal for regular movie-goers, providing significant savings over time.
- Dining Discounts: Enjoy up to 20% discount at over 1,500 restaurants, adding value to dining experiences and encouraging card usage in day-to-day spending.
Travel and Mobility
- Complimentary Lounge Access: Four complimentary railway lounge visits per quarter enhance travel comfort for frequent travelers.
- Roadside Assistance: Complimentary roadside assistance worth โน1,399 ensures peace of mind during road trips and commutes, offering help in case of vehicle breakdowns or emergencies.
Insurance and Protection
- Personal Accident Cover: Cardholders receive a personal accident cover of โน2,00,000, providing financial security in case of unforeseen accidents.
- Lost Card Liability Cover: Protection against fraudulent transactions up to โน25,000 if the card is lost or stolen, provided a transaction is made on the card within the last 30 days.
Fuel and Utility Benefits
- Fuel Surcharge Waiver: A 1% waiver on fuel surcharge at all fuel stations across India, up to โน200 per month, helps mitigate additional costs associated with fuel purchases.
- Utility Bill Payments: While reward points are earned on utility bill payments, itโs important to note the 1% surcharge on utility spends above โน20,000 in a statement cycle.
Merchant Offers and Discounts
- Extensive Merchant Network: Cardholders can take advantage of discounts up to 15% at over 3,000 health and wellness outlets, and benefit from over 300 merchant offers throughout the year. This extensive network ensures that users can enjoy savings across various categories, from shopping to wellness services.
Referral Program
- Bonus Reward Points: Existing cardholders can refer family and friends and earn 2,000 bonus reward points for each successful referral. The referred person also earns 2,000 bonus reward points by making a minimum transaction of โน500 within 30 days of card setup.
Comparative Analysis
In this section, we will compare the IDFC FIRST Millennia Credit Card with two other popular credit cards in the Indian market: the HDFC Millennia Credit Card and the SBI SimplyCLICK Credit Card. This comparison will focus on various aspects such as rewards, fees, interest rates, and additional benefits.
IDFC FIRST Millennia Credit Card vs. HDFC Millennia Credit Card vs. SBI SimplyCLICK Credit Card
| Feature | IDFC FIRST Millennia Credit Card | HDFC Millennia Credit Card | SBI SimplyCLICK Credit Card |
|---|---|---|---|
| Eligibility | Annual income of ?3 lakhs or more | Salaried: ?3 lakhs, Self-employed: ?4 lakhs | Salaried: ?3 lakhs |
| Annual Fee | No annual fee | ?1,000 + GST (waived on annual spends of ?1 lakh) | ?499 + GST (waived on annual spends of ?1 lakh) |
| Reward Points | 10X on spends >?20,000/month and on birthday, 3X on spends up to ?20,000/month, 1X on insurance and utility payments | 5% cashback on Amazon, Flipkart, flight and hotel bookings through PayZapp/SmartBuy; 1% cashback on other spends | 10X on online spends at exclusive partners (Amazon, BookMyShow, Cleartrip, etc.), 5X on other online spends |
| Reward Redemption | 1 reward point = ?0.25; Convenience charge of ?99 + GST | 1 reward point = ?0.30; Various redemption options | 1 reward point = ?0.25; Can be redeemed for gifts, vouchers |
| Interest Rate | 9% per annum | 18%-42% per annum | 3.50% per month (42% per annum) |
| Welcome Benefits | ?500 voucher on spends of ?5,000 in 30 days, 5% cashback on first EMI (up to ?1,000) | 1,000 reward points on first transaction; 2,500 points on spends of ?1 lakh in first 90 days | ?500 Amazon voucher on spends of ?2,000 in 60 days |
| Movie Benefits | 25% discount on Paytm, up to ?100/month | 25% off on movie tickets through BookMyShow | N/A |
| Travel Benefits | 4 complimentary railway lounge visits per quarter | 8 complimentary domestic airport lounge visits per year | N/A |
| Fuel Surcharge Waiver | 1% up to ?200/month | 1% up to ?250/month | 1% up to ?100/month |
| Additional Benefits | Roadside assistance worth ?1,399, extensive merchant offers | Dining discounts, airport lounge access | Online shopping benefits with exclusive partners |
| Insurance Coverage | Personal accident cover of ?2,00,000, lost card liability cover of ?25,000 | Air accident cover of ?1 crore, emergency medical cover | N/A |
| Fees and Charges | No joining fee, low interest rates, interest-free cash withdrawals up to 48 days | Joining fee of ?1,000 + GST, interest rates vary, cash advance fee of 2.5% or ?500 (whichever is higher) | Joining fee of ?499 + GST, interest rates of 42% per annum, cash advance fee of 2.5% or ?300 (whichever is higher) |
Pros and Cons
To provide a balanced view of the IDFC FIRST Millennia Credit Card, here is a detailed list of its pros and cons:
Pros
- No Annual Fee: Lifetime free credit card with no joining or annual fees, making it a cost-effective option.
- Low Interest Rates: Among the lowest interest rates in the market, starting from 9% per annum, beneficial for those who may carry a balance.
- Comprehensive Rewards Program:
- 10X reward points on incremental spends above โน20,000 per month and on birthdays.
- 3X reward points on spends up to โน20,000 per month.
- 1X reward points on insurance premiums and utility bill payments.
- Reward points never expire.
- Multiple Benefits:
- โน500 welcome voucher and 5% cashback on the first EMI transaction.
- 25% discount on movie tickets via Paytm.
- Four complimentary railway lounge visits per quarter.
- Complimentary roadside assistance worth โน1,399.
- User-Friendly Features:
- Contactless payments and UPI integration.
- Easy EMI conversions for transactions above โน2,500.
- Instant digital card issuance.
- Insurance and Protection:
- Personal accident cover of โน2,00,000.
- Lost card liability cover of โน25,000.
- Fuel Surcharge Waiver: 1% waiver at all fuel stations across India, up to โน200 per month.
- Merchant Offers: Extensive discounts and offers at various restaurants, health and wellness outlets, and more.
Cons
- Reward Redemption Fee: โน99 + GST per redemption transaction could be a deterrent for frequent reward redemptions.
- Limited 10X Categories: High reward rate categories are limited to spends above โน20,000 per month and birthday spends, which may not be attainable for all users.
- Utility Surcharge: 1% surcharge on utility spends above โน20,000 in a statement cycle can be a drawback for those with high utility bills.
- Forex Markup: A relatively high forex markup of 3.5% on international transactions.
- Overlimit Charges: 2.5% of the over-limit amount, subject to a minimum charge of โน550, which can add up if users frequently exceed their credit limit.
- Cash Advance Fee: โน199 + GST per cash withdrawal, which, while lower than some competitors, is still a cost to consider.
Conclusion and Overall Rating
The IDFC FIRST Millennia Credit Card is a well-rounded offering tailored to the needs of millennials. It combines a robust rewards program, extensive benefits, and low costs, making it a highly attractive option for those seeking a versatile and cost-effective credit card. The cardโs reward points, which never expire, and the absence of annual fees, provide significant value. Additionally, the low interest rates and extensive merchant offers enhance its appeal.
With features such as complimentary railway lounge access, roadside assistance, and movie ticket discounts, the card offers substantial perks that cater to a modern lifestyle. The seamless integration with UPI and the convenience of converting transactions into EMIs further add to its usability.
The IDFC FIRST Millennia Credit Card scores highly across various parameters, making it a competitive choice in the Indian credit card market. It stands out for its user-friendly features, extensive benefits, and overall value proposition.
