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.

Fees & Charges

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

The Joining and Renewal Fees are Nil, even if there are no over-limit fees 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 the IDFC FIRST Millennia Credit Card, other banks will also think waiver about waiver of over-limit fees.

Benefits

• Rs.20,000 spent: 10X Rewards Points on Rs.100 spent (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. For online and offline spending, the default rewards rates 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 has become famous among cardholder enthusiasts due to its IDFC First Visa Signature Debit card. You can get this Debit card if you have a 25K savings account. This saving account offers you a 7% interest rate on a saving account.

IDFC Bank will use the above Debit card strategy for market capture.

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 reward 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
• The 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 Conditions

How to Apply

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

Eligibility

The bank has no defined eligibility criteria for the 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 the IDFC Bank Serviceable area.

Bottom-line

MyCreditCardClub Rating: 4/5

The IDFC FIRST Millennia Credit Card looks set to shake up the entry-level credit card segment when it launches. With no annual or joining fees, nil over-limit charges, and a market-leading 2.5% rewards rate on spends above Rs. 20,000, this card packs a punch.

While it lacks some premium features like airport lounge access, the Millennia makes up for it with strong rewards on daily spending. For budget-conscious consumers seeking value, the Millennia Credit Card merits serious consideration.

Overall, I give this card 3 out of 5 stars for its innovative fee structure and rewards. It will be interesting to see if it can carve out a niche in the competitive Indian card market.

What is your take on the IDFC FIRST Millennia Credit Card? Feel free to share your thoughts in the comment box below.