The IDFC WOW Credit Card Credit Card is a secured card (credit card issued against a fixed deposit) and a lifetime free credit card. Hence it is a good choice for those who value a free card, and those who are just starting their credit card journey.
Secured cards are cards issued against a fixed deposit, and a great choice for those who do have a good credit history, like students, first jobbers, homemakers, senior citizens, travellers, and self-employed individuals. Lifetime free cards are a good choice for those who do not want to evaluate in depth whether the annual fee of the credit card justifies the rewards associated with the card.
In this review, we will go through the different elements of the IDFC WOW Credit Card , from cost and fee details to rewards points and special offers ; to determine whether it would be a good fit for your credit card needs.
Brief Summary
Our View
The IDFC WOW Credit Card is a secured card backed by your fixed deposit, and is lifetime free.
Hence it is a good beginner card, especially for people who have no credit history or unsatisfactory credit history. The card helps you build/re-build your credit history, which helps you qualify for a wider range of credit products in times to come.
The card is also lifetime free, hence one does not need to do a detailed cost-benefit analysis before getting the card.
The downside of beginner cards is that you can get better rewards with other cards on your various shopping and spending needs. Based on your needs and preferences, you can decide whether this card is a good fit for you.
IDFC First WOW! Credit Card
Special Benefits
Lifetime free card
Other Benefits
Complimentary emergency roadside assistance package
Minimum Income
Not required, since card is issued against fixed deposit
Annual Fee
₹0
Annual Fee Offers
–
IDFC First WOW! Credit Card : Summary Table
| Guaranteed instant approval card against fixed deposit – no income proof, no credit score required | Minimum fixed deposit amount – ₹2,000 for IDFC First Bank customers, ₹5,000 for all others Minimum 100% credit limit against your fixed deposit. Only singly-held fixed deposits will be eligible for the FIRST WOW! Credit Card. |
| Lifetime free card – zero annual fee | No annual fee on your card |
| 0.66% benefit on all purchases | You earn 2.66 reward points worth 66 paise , on every ₹100 you spend on all purchases. Since 1 reward point = 25 paise. Exceptions : – No reward points are given on on fuel purchases, EMI transactions & cash withdrawals – 0.16% benefit on insurance spends & utility bill payments : You earn 0.66 points worth 16 paise , on every ₹100 you spend on insurance spends & utility bill payments. |
| Zero forex transaction fee | You enjoy zero fee on international transactions. Most other entry level cards charge around 3.50% forex fee, hence this is a valuable benefit for those who travel abroad frequently. |
| 1% fuel surcharge waiver | You get a 1% fuel surcharge waiver , at all fuel stations across India : – only on fuel purchases upto ₹20,000 per month (since the waiver amount is capped at ₹200 per monthly card statement cycle) |
| Complimentary emergency roadside assistance (RSA) package worth ₹1399 | – You get 24X7 assistance for flat tires & tire change, battery jump-start or alternate battery, fuel delivery, lost key replacement, minor repairs, vehicle towing (if required) – provided through Global Assure – You can avail this benefit up to 4 times a year – To know more details, visit here. |
| Various insurance covers – Lost card liability cover of ₹25,000 – Personal accident cover of ₹2 lakhs | ■ You get a ₹25,000 insurance cover for lost card liability, counterfeit/skimming/phishing and online fraud protection – for transactions on your IDFC FIRST Bank Credit Card. ■ You receive a ₹2,00,000 personal accident cover – in the unfortunate event of an accidental death or permanent disability due to a sudden, unforeseen and involuntary event. |
| Attractive program on cash advances – No interest charges on cash withdrawals – ATM Cash withdrawal limit : 100% of fixed deposit value | – Zero interest charges on cash withdrawals, but a cash withdrawal fee of ₹199 is charged on each cash withdrawal – 100% of fixed deposit amount is available as a cash withdrawal limit, in case you need emergency funds at any time |
Pros and Cons of IDFC First WOW! Credit Card
Pros
- This card is ideal for individuals who may not have regular income AND/OR for those who do not have a good credit history – like students, first jobbers, homemakers, gig economy workers, senior citizens, travellers, and self-employed individuals. Hence it is a good starter card for beginners who are starting or rebuilding their credit journey.
- Credit card is lifetime free
- Zero forex conversion fee
Cons
- Low reward rate of 0.66%
Comparison With Other Credit Cards
| Features |
IDFC FIRST Millennia Credit Card
Our Rating
APPLY NOW
|
|---|---|
| Reward Rates | 0.75% – 2.5% |
| Other benefits | Fuel surcharge waiver of 1% |
| Annual Fee | Nil |
| Annual Fee Offers | Nil |
| Minimum Income | Not Specified |
Full Review of the IDFC First WOW! Credit Card
Features & Benefits of the IDFC First WOW! Credit Card
0.66% benefit on all credit card spends
Earning reward points : You earn 4 reward points , on every ₹150 you spend on your card = 2.66 reward points on every ₹100 you spend = ₹0.66 or 66 paise on every ₹100 you spend (since 1 reward point = ₹0.25 or 25 paise).
Exceptions :
– No reward points are given on on fuel purchases, EMI transactions & cash withdrawals
– 0.16% benefit on insurance spends & utility bill payments : You earn 0.66 points worth 16 paise , on every ₹100 you spend on insurance spends & utility bill payments.
Redeeming reward points :
– You can redeem these reward points on IDFC First Bank’s Rewards Platform, on a range of exciting offers, including merchandise, gift vouchers, travel bookings, and more.
– You can access the IDFC First Bank Rewards platform through the IDFC PoshVine Reward Portal, mobile app or Internet banking.
– 1 reward point = ₹0.25 or 25 paise.
Limits on reward points : There is no monthly cap on earning these benefits
Other important information :
– Each reward redemption transaction incurs a ₹99 convenience charge .
– Reward points are valid forever.
IDFC Bank First WOW! Credit Card Fees and Charges
Annual fee
| Annual fee | Annual fee offers | |
|---|---|---|
| 1st year joining fees | ₹0 | Welcome offer : You get 5% cashback (of up to ₹1,000) , on your first EMI transaction within 30 days of card issuance. Applicable for direct EMI purchases or transactions converted to EMI. |
| Renewal fees from 2nd year onwards | ₹0 | – |
Late payment fee
Late payment fee is charged if you do not pay even the minimum amount due on your card bill, before the bill due date. You will be charged 15% of the total amount due , with a minimum charge of ₹100 and a maximum charge of ₹1250.
Foreign currency markup fee
Zero. This fee is charged when you use your card outside India.
Finance charges
0.75% – 3.5% per month
Important Note
– GST/ other applicable taxes as per current laws, will be applicable on all fees and charges
– To view all/updated fees & charges on this card, please click here – IDFC WOW Credit Card Fees & Charges
Eligibility Criteria
| Minimum fixed deposit amount | Existing IDFC Bank customers : ₹2,000 All other customers : ₹5,000 |
| Minimum age | 18 years |
| Occupation | Salaried, self-employed, home makers, students, freshers |
| Income requirements | Not required (since it is a card issued against fixed deposit). Only singly-held fixed deposits will be eligible for the FIRST WOW! Credit Card. |
| Credit score | Not required (since it is a card issued against fixed deposit) |
| Residential status | – The individual should be a resident of India. – NRIs are also eligible to apply for FIRST WOW! Credit Card, if they have an NRE Savings account relationship with the Bank. |
Note :
– No existing IDFC Bank Credit Card holders are eligible to apply for this card.
– The final decision is at the Bank’s sole discretion, in line with internal policies, and notwithstanding the applicant meeting above credit card criteria.
Application Process & Tracking Your Application Status
Step-by-step guide
| WOW Credit Card online application process | The easiest way is to click here – APPLY NOW , you shall be taken to the card application page on the IDFC First Bank website. You can also visit official website of the bank and fill out the application form. Steps – – Fill out the online application form with basic personal details – Fill out additional details along with basic documents details – Verification and opening of card – For successful applicants, the process takes 15-20 minutes, as per the IDFC website. |
| Offline (face to face) application process | You can visit any of the nearest branches of the bank and talk to an executive regarding the process. |
| Approval timeline and process | In most cases, the credit card decision would be communicated within 2-7 working days. In certain cases, it could take longer, especially if the bank wants more information and documents from you. Click here to track the status of your IDFC Credit Card application. |
Necessary documents and verification
| Required documents | – PAN Card – Copy of Aadhaar card (with first 8 digits masked) or any valid government address proof – Proof of fixed deposit with IDFC First Bank – In addition to these, you may be asked to provide additional documents. |
Other Benefits for Cardholders
| 1% fuel surcharge waiver | You get a 1% fuel surcharge waiver , at all fuel stations across India – on fuel purchases upto ₹20,000 per month (since the waiver amount is capped at ₹200 per monthly card statement cycle) |
| Zero forex transaction fee | You enjoy zero fee on international transactions. Most other entry level cards charge around 3.50% forex transaction fee, hence this is a valuable benefit for those who travel abroad frequently |
| Complimentary emergency roadside assistance (RSA) package worth ₹1399 | – You get 24X7 assistance for flat tires & tire change, battery jump-start or alternate battery, fuel delivery, lost key replacement, minor repairs, vehicle towing (if required) – provided through Global Assure – You can avail this benefit up to 4 times a year – To know more details, visit here. |
| Various insurance covers – Lost Card Liability Cover of ₹25,000 – Personal Accident Cover of ₹2 lakhs | You get a ₹25,000 insurance cover for Lost Card Liability, Counterfeit/Skimming/Phishing and Online Fraud Protection – for transactions on your IDFC FIRST Bank Credit Card. You receive a ₹2,00,000 Personal Accident Cover, in the unfortunate event of an accidental death or permanent disability due to a sudden, unforeseen and involuntary event caused by external, visible and violent means. – Claim under this cover is payable only once, irrespective of the number of cards held by the cardholder. To qualify for the above insurance covers, you must have an active card and have made a recent transaction with your card. For details, visit here. |
| Attractive program on cash advances – No interest charges on cash withdrawals – ATM cash withdrawal limit : 100% of fixed deposit value | Zero interest charges on cash withdrawals, but a cash withdrawal fee of ₹199 is charged on each cash withdrawal 100% of fixed deposit amount is available as a cash withdrawal limit, in case you need emergency funds at any time |
| Merchant offers, health, wellness & dining benefits | You can access 50+ In-App online discount offers , for various products and services. You enjoy dining discounts of up to 20%, at a wide selection of 1,500 restaurants. You can avail up to a 15% discount at over 3,000+ Health and Wellness outlets. You enjoy savings on spa treatments, gym memberships, beauty services, and more. |
| EMI & balance transfer options | You have an EMI option for online and eligible transactions – you can instantly convert transactions above ₹2,500 into convenient EMIs. (The EMI option is not available for jewellery purchases). You can pay off balances from other bank credit cards through balance transfer privileges. |
| Security features | Chip and PIN technology – security for offline transactions : In the past, credit cards typically used a magnetic stripe located on the back of the card to store and transact data. However, the latest generation of credit cards includes a CHIP and PIN feature, which provides enhanced security. Only you know your PIN, so even if your credit card is lost, it is unlikely to be misused since BOTH the physical card and the PIN is required to spend on the credit card. Two-factor authentication – security for online transactions : When making an online transaction, you approve your online transaction by using a One-time Password (OTP) you get on your mobile phone. Since only you know the OTP, the card is unlikely to be misused unless someone has access to BOTH your card details AND your mobile phone. This ensures a safe online purchase experience. SMS alerts and notifications – for both offline and online transactions : For your peace of mind, you get free SMS alerts and notifications for all your credit card transactions. Hence you will know about all transactions on your credit card. In the unlikely scenario of misusing your credit card, you would still get these alerts and notifications – which will help you immediately block your credit card. |
Conclusion
Lifetime free secured cards typically do not have a very attractive rewards program. These cards are ideal for those who are beginning their credit journey, and/or those who like the simplicity of a lifetime free credit card. Hence such cards are good beginner cards.
IDFC First WOW! Credit Card does offer some attractive benefits like zero forex conversion fee, various insurance covers and some good partner programs described above. In case you have good income & credit scores, then you may want to take a look at credit cards which offer better rewards for most of your spending needs like shopping, travel, fuel, utility bill payments etc.
Hence your personal circumstances would decide whether the IDFC First WOW! Credit Card is a good choice for you.
Apply Nowon IDFC First Bank website
Frequently Asked Questions
Can I apply for the IDFC First WOW! Credit Card without having a fixed deposit with IDFC First Bank?
No, the IDFC First WOW! Credit Card is available ONLY to customers with a fixed deposit/s with IDFC First Bank. The fixed deposit serves as a security for the credit card.
Is there a specific minimum amount required for the fixed deposit, to be eligible for the IDFC First WOW! Credit Card?
Yes, the minimum fixed deposit amount is ₹2,000 for existing IDFC First Bank customers and ₹5,000 for all other customers.
Can I withdraw cash against the fixed deposit amount using the IDFC First WOW! Credit Card?
Yes, you can withdraw cash upto 100% of the fixed deposit value using your IDFC First WOW! Credit Card. This provides instant liquidity and access to funds when needed.
Are there any income proof requirements for obtaining the IDFC First WOW! Credit Card?
No, providing income proof for the IDFC First WOW! Credit Card is not required since the card is issued against the security of a fixed deposit. This makes it accessible to various customer segments, including self-employed individuals, students, and homemakers.
On this page
- Brief overview
- Pros and cons
- Detailed look at the card
- Features & benefits
- Card fees & charges
- Eligibility criteria
- Application process
- Other cardholder benefits
- Frequently asked questions
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