FIRST WOW! Black Credit Card offers zero forex markup, lounge access & travel rewards – Should you apply?

We are in the midst of the busy travel season. Credit cards with good travel benefits can enhance your travel experience. Keeping a customer’s travel preferences in mind, IDFC FIRST Bank has launched the FRIST WOW! Black Credit Card. In this article, we will explore the features and benefits of this card, including its fees, and discuss whether you should take it.

Rewards structure

The FIRST WOW! Black Credit Card has the following rewards structure:

1. 4 reward points for every Rs. 150 spent online, offline and international spends
2. 1 reward point for every Rs. 150 spent on utility bill payments and insurance premium payments
3. 3 reward points for every Rs. 150 spent on UPI transactions valued above Rs. 2,000
4. 1 reward point for every Rs. 150 spent on UPI transactions valued up to Rs. 2,000

The following transactions will not earn any reward points:

1. Fuel transactions
2. Transactions converted into EMI
3. Cash withdrawal transactions
4. Transactions whose value is below Rs. 150

Benefits

The card offers several benefits, some of which include the following

Joining benefits

On payment of the joining fees, the cardholder receives:

1. A voucher that entitles a Rs. 500 discount on the first flight booking done through the IDFC FIRST Bank Mobile App on a Rs. 5,000 minimum spend.
2. Up to Rs. 1,600 instant discounts on flights, hotels, and bus bookings on MakeMyTrip
3. Complimentary 3-month EazyDiner Prime Membership worth Rs. 1,095
4. A flat 10% instant discount on the Mokobara website
5. Complimentary one-year Lenskart Gold Max Membership worth Rs. 800
6. 5% cashback up to Rs. 1,000 on 1st EMI transaction

Discount on movie tickets: If you are a movie buff, you can enjoy a 25% discount, up to Rs. 100, on movie tickets booked through the District App. The offer can be availed of once every calendar month. The offer applies to booking a minimum of one or more movie ticket.

Airport lounge access: If you have reached the airport far earlier than your scheduled flight departure or your flight has been delayed, you can relax at the airport lounge. The card provides one complimentary visit per calendar quarter to specified airport lounges within India. The cardholder must spend Rs. 20,000 with the card in the previous calendar month to unlock airport lounge access in the current month.

Zero forex markup: The card comes with zero forex markup. So, whether you spend abroad during your international trip or make international purchases from India, you pay zero forex markup fees on all international transactions.

Trip cancellation cover insurance: The trip cancellation cover insurance provides reimbursement for flight/hotel cancellations that were booked using the IDFC FIRST WOW! Black Credit Card. The reimbursement is for the non-refundable amount of the flight/hotel booking. The insurance coverage is for Rs. 10,000 for flight and hotel booking, and is fungible between the two.

The cover amount can be used across a maximum of two transactions during the policy period. The insurance coverage will be available on cancellations made at least 24 hours before the flight or hotel stay date.

Fuel surcharge waiver: The card provides a waiver for the 1% fuel surcharge at all fuel stations across India on transactions between Rs. 200 and Rs. 5,000. The maximum waiver in a statement cycle is Rs. 200.

Bonus reward points: One of the highlights of this credit card is the bonus reward points earned on travel bookings made through the ‘Travel & Shop’ section on the IDFC FIRST Bank Mobile App, as follows.

1. 30 bonus reward points for every Rs. 150 spent on flight bookings
2. 50 bonus reward points for every Rs. 150 spent on hotel bookings

When a cardholder spends Rs. 150 on a hotel booking through the ‘Travel & Shop’ portal, they get a total of 54 reward points as follows:

1. Base earn of 4 reward points, and
2. Bonus 50 reward points

Similarly, a cardholder gets 34 reward points for every Rs. 150 spent on a flight booking through the ‘Travel & Shop’ portal.

A cardholder can earn a maximum of 8,000 bonus reward points in a calendar month. The bonus reward points will be credited by the 5th of the next calendar month, post completion of flight travel or hotel check-in.

Redemption of reward points: A cardholder can redeem their reward points for travel bookings (flights and hotels) done through the ‘Travel & Shop’ portal within the IDFC FIRST Bank Mobile App. The redemption value per point is Rs. 0.50.

In the earlier section, we understood how a cardholder can earn 54 reward points for every Rs. 150 spent on a hotel booking through the ‘Travel & Shop’ portal. It translates into 36 reward points for every Rs. 100 spent. When these 36 reward points are redeemed at a rate of Rs. 0.50/reward point, the cardholder gets a value back of 18%.

Similarly, the cardholder earns 34 reward points on every Rs. 150 spent on a flight booking through the ‘Travel & Shop’ portal. It translates into 22.67 reward points for every Rs. 100 spent. When these 22.67 reward points are redeemed at a rate of Rs. 0.50/reward point, the cardholder gets a value back of 11.33%.

A cardholder can utilise reward points to pay up to 70% of the transaction value while booking a flight/hotel through the ‘Travel & Spend’ portal. The balance amount must be paid with the FIRST WOW! Black Credit Card.

The redemption of reward points on the ‘Travel & Shop’ portal is capped at a maximum of 1,00,000 points per calendar month and 2,00,000 points in a calendar year.

The redemption value of one reward point, outside of the ‘Travel & Shop’ portal, is Rs. 0.25.

Eligibility criteria: To apply for the FIRST WOW! Black Credit Card, the applicant’s age must be between 18 to 80 years. They must be an Indian resident with a current and permanent residential address in India. The applicant must start a new fixed deposit or link an existing IDFC FIRST Bank fixed deposit of at least Rs. 20,000.

As the card is secured (linked to a fixed deposit), you can get it even without a credit score or an income source. The credit limit on the card will depend on the amount of the fixed deposit.

Fees: The joining and annual renewal fee on the FIRST WOW! Black Credit Card is Rs. 750 + Taxes. On the payment of the joining fees, the cardholder receives joining benefits worth Rs. 5,000, details of which have been explained earlier. The annual renewal fee is waived on spending Rs. 1.5 lakhs in the previous year.

Should you take this credit card?

If you are someone who doesn’t have a credit score, the FIRST WOW! Black Credit Card can be your gateway to building and maintaining a good credit score and history. If you are a student, homemaker, senior citizen, etc., without an income source, you can still get the FIRST WOW! Black Credit Card against the security of a fixed deposit.

Even for those who have a good credit score and a stable income source, the FIRST WOW! Black Credit Card can provide a lot of value. With benefits such as bonus reward points and higher redemption value on travel bookings, zero forex markup, airport lounge access, discount on movie tickets, etc., the card can find a place in many people’s wallets.

Gopal Gidwani is a freelance personal finance content writer with 15+ years of experience. He can be reached on LinkedIn.

For all personal finance updates, visit here.

Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards, and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks, such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.