IDFC FIRST Select Credit Card

Introduction – IDFC First Select Credit Card Review

Its premium, popular, and lifetime free. What more can credit card enthusiasts desire? IDFC First Bank has introduced the IDFC FIRST Select Credit Card with a zero annual and joining fee. This credit card has gained popularity due to its generous reward program and travel benefits, making it a rare find among lifetime-free credit cards that offer such advantages.

IDFC has promoted the First Select Credit Card as one of its premium credit card offerings. We conducted research to understand if this card delivers what it takes to be considered a “Premium Credit Card”, especially by comparing its benefits to other premium credit cards. A big highlight for IDFC Select is being lifetime free whereas other issuers’ premium cards entail substantial joining and annual fees.

What is IDFC First Select credit card?

The IDFC First Select credit card is a premium credit card designed for working professionals with a decent income (at least 12+ LPA). The card provides a range of exclusive offers and benefits, including dining discounts, a buy-one-get-one offer on movie tickets, welcome vouchers, cashbacks on EMI transactions, and various travel benefits.

Furthermore, you can earn up to 10 times the reward points on your everyday expenditures, which can be redeemed for various options according to your preferences.

IDFC First Select Credit Card Benefits

• If you purchase a movie ticket through Paytm, and the ticket’s total cost is less than ₹250, you will receive an additional ticket free of charge (Buy 1, Get 1). You can avail of this offer twice a month.
• 300+ Merchant offers, All year long! | Up to 20% discount at 1500+ restaurants |
  Up to 15% discount at 3000+ Health & Wellness outlets
• Complimentary Roadside Assistance worth ₹1,399, 
• Fuel surcharge waiver of 1%, at all fuel stations across India, up to ₹300/month

A detailed PDF outlining the details of these privileges can be found here on IDFC First Bank Website – FIRST-Select-Privileges (idfcfirstbank.com)

Our Analysis of the benefits offered on this card –

• The Paytm movie discount is indeed attractive; however, there is a catch: ticket prices sometimes cost more than ₹250 these days. In such rare circumstances, this offer becomes inapplicable. Yet for most situations it is an above average discount.
• The card offers various online shopping benefits for shopping, dining, and health & wellness outlets, which, in my opinion, makes it a valuable option for a lifetime free card.
• Rest of the benefits are pretty standard and average.

Welcome Benefits for IDFC FIRST Select Credit Card

• If you spend ₹15000 within 90 days of getting this card you will get a ₹500 voucher that you can redeem.
• If you spend more than ₹2500 then you can convert it into 3 EMI and repay them monthly and additional benefit of it is you can get 5% cashback on the EMIs aslo if you make an EMI within 90 Days of receiving this and then you will get the 5% cashback.

Example – if you spent ₹3000 you will get ₹150 cashback and the limit of cashback is ₹1000 on 5% rate.

IDFC First Select Credit Card Lounge Access

If you are a frequent traveler who prefers utilizing the two primary and well-known modes of transportation, the IDFC first select credit card lounge access benefits include 4 complimentary visits to domestic airport lounges per quarter when you achieve a minimum monthly spend of ₹5000 on Limited Lounges. Additionally, it offers four complimentary visits to railway lounges per quarter.

List of eligible Lounges:
Click here

Analysis – If a card is lifetime free, it is very rare for them to provide unconditional lounge access benefits. As we can see despite the fact that IDFC select offers 4 airport lounge access every quarter, you can only avail if you have had an avg. monthly spend of ₹5000. In such situation, I’d rather prefer a credit card that charges ₹499 every year but offers 1 airport lounge access per quarter guaranteed without any spend conditions, for example the AXIS Flipkart Credit Card.

How to Apply for for IDFC First Bank Select Credit Card

You have the option to apply for the IDFC First Select Credit Card according to your convenience. For offline application, kindly visit your nearest IDFC First Bank branch, equipped with all the requisite documents, and complete the application process by filling out the physical application form. For online application, please proceed by following the straightforward steps outlined below:

• Visit the IDFC First Bank’s official website.
• Click on the option ‘Credit Cards.’
• Click on the option ‘Select.’
• Now, click on Apply Now and proceed further by filling in all the required details.

IDFC FIRST Select Credit Card Eligibility

• Should be 20+ to apply for this card.
• The Applicant should have a decent income, as the minimum requirement for applying for this card is an annual income of ₹12 lakhs or more.
• The applicant should have a good credit score.

Documents Required for IDFC FIRST Select Credit Card

• Address Proof– Driving License, Aadhar Card, Passport, Utility bills, Voter ID Card of the applicant.
• Identity Proof – PAN Card, Aadhar Card, Voter ID Card, or Driving License of the applicant
• Income Proof – Applicant’s salary slips for the latest three months or Bank Statement for the last three months, and latest audited ITR in case of self-employed people.

Above shown is a Comparison of the IDFC first select credit card with other similar segment cards that are also lifetime free and have a good reward program.

Conclusion

As per our review, the IDFC First Select Credit Card appears to be a suitable choice for employed individuals with a decent income. However, it’s worth noting that the eligibility requirement of an annual income exceeding 12 lakhs might seem somewhat steep, particularly when we consider the card’s reward offerings. Aside from 1+1 movie discount every month, even the complimentary domestic lounge access benefits are conditional on avg. monthly spend.

The card does not offer any reward points for travel bookings nor does it provide supplementary travel-related perks. Furthermore, a notable drawback of this premium-tier card is the card does not provide any international lounge access privileges. The IDFC select card is lacking some of the basic features a premium-tier credit card should have.