IDFC First Bank early this august launched two new credit cards: the Ashva and Mayura, under the premium credit card segment. Are they worth the fee and the hype of the metal form factor? Here’s everything you need to know about IDFC First Bank’s newly launched metal credit cards.
Mayura Credit Card Benefits
Joining / Annual Fee5,999 INR+GSTWelcome benefit– 1000 INR Cashback * 4 times– Special Offer: 10,000 Points(special offer ends by 31st Aug 2024)Renewal Benefit– 7.5K points on 8L Spend– 15K points on 15L SpendRewards– 0.83% (upto 20K INR)– 1.66% (>20K INR)Category exclusions applyLounge & Spa Access– 4/Qtr to domestic lounges & Spa(1/Qtr for guest lounge access)– 4/Qtr international lounge access(unlocked on spends of 20K INR/m )Forex Markup Fee0% markupGolf Benefit– Mastercard Golf benefit– Additional 2 games/lessons a month based on spendsHotel/Flight CancellationClaim upto 50K INR twice a year, has to be booked on the card
To qualify for the welcome benefit, you must spend more than ₹1,000 four times within the first 60 days of card issuance.
Apart from the benefits listed above, there are Bookmyshow BOGO offers, 500 INR each.
The USP of the card is the 0% markup fee with the metal form factor. Unfortunately, the other benefits are below average for a card with an annual fee of ₹6,000.
Ashva Credit Card Benefits
Joining / Annual Fee2,999 INR+GSTWelcome benefit– 500 INR Cashback * 4 times– Special Offer: 5,000 Points(special offer ends by 31st Aug 2024)Renewal benefit7.5K points on 8L SpendRewards– 0.83% (upto 20K INR)– 1.66% (>20K INR)Category exclusions applyLounge & Spa Access– 4/Qtr to domestic lounges & Spa– 2/Qtr international lounge access(unlocked on spends of 20K INR/m )Hotel/Flight CancellationClaim upto 25K INR per booking, twice a year, has to be booked on card
To avail the welcome benefit, you’ll need to spend >500K INR 4 times each within 60 days of card issuance.
The USP of the card is, well, nothing much that I can say.
If you’re interested in either of the cards, You may apply on IDFC First bank’s website directly.
My Thoughts
Ever since IDFC First Bank devalued their credit card reward rate on their lifetime free credit cards, I suspected they were working on paid cards—after all, it’s not sustainable to offer Lifetime Free cards indefinitely.
So, I’ve been waiting for these new launches, but after reviewing the features and benefits of these cards, all I can say is:
I’m extremely disappointed!
Why is the Bank complicating lounge access benefits with monthly spend requirements on PAID cards, especially at a ₹6,000 price point? This needs to change!
A more reasonable approach would be to set an “annual spend criteria” to unlock lounge access for the rest of the year, rather than imposing monthly requirements. Nobody wants to constantly monitor monthly spending.
As for the rewards, they are equally disappointing. It’s hard to believe the bank offers the same reward rate for both their Lifetime Free and paid cards.
Is it worth it?
Yes for some, for 1st year only, with the special offers that are valid till 31st Aug 2024.
That being said, one fantastic aspect of IDFC First Bank credit cards is their smooth application process – one of the best in the industry, on par with American Express.
I applied for the IDFC Mayura Credit Card (primarily to experience the design) and received it within three days. It looks good & feels premium with it’s engraved design on the metal.
Just incase if you’re wondering, it shares the existing credit limit with my other IDFC First credit cards. Here’s a quick look at the card:
Bottomline
IDFC First Bank has introduced a new set of credit cards as part of its growth into the premium paid credit cards segment. However, given the mediocre rewards and limited benefits, I doubt these cards will have a name in the history unless the bank decides to “fine-tune” them.
That said, it might still be worth getting the card during the special offer period, which ends on August 31, 2024 – especially if you’re looking for a Metal card with 0% foreign currency markup fees.
Keep in mind that the RBL World safari Credit Card offers similar benefits (0% markup fee + one year of overseas travel insurance) for just ₹3,000. And for airport lounge access benefit for self & add-on, you may go for the HDFC Regalia Gold Credit Card.
That’s 2 cards with combined fees lesser than IDFC Mayura Credit Card. Hmm!
I think for most existing IDFC First cardholders, the IDFC LTF cards are just good, especially the IDFC Wealth Credit Card.
With its cutting edge onboarding tech, IDFC Bank could do a lot better than what they’re doing at the moment.
Let’s hope they come up with some good cards in 10K/20K fee range as their invite only Private card is again not so impressive.
So overall, I’m disappointed to see what IDFC Bank has come up with. How about you? Do let me know in the comments below.