IDFC Millennia Credit Card

Introduction – IDFC Millennia Credit Card Review

Are you someone who just experienced the sweet taste of your first salary. Now that you have an income source, it is time to start building a credit history already. A good way to do just that is to get a credit card. And one of our suggested cards in the entry level segment is lifetime free IDFC First Millennia Credit Card with zero joining and annual fee.

The most important highlight of this cool looking IDFC First Millennia Credit Card as per our analysis is the rewards program. The card offers ₹0.16 – ₹1.60 as non-expiring reward points on spend of ₹100 wherein the amount of reward depends on the type of spend as per their rewards program. The card does not offer Airport Lounge Access but offers Railway Lounge Access. A few notable benefits among the host of other benefits are movie discounts on paytm, complimentary roadside assistance & personal accident cover.

The card is targeted to millennials and their lifestyle, let us delve into the details of this card and find out if the features, charges & benefits of this card are as cool as the looks of it.

What is IDFC First Millennia Credit Card?

IDFC Millennia Credit Card is an entry level lifetime free credit card targeted at millennials and intend to serve as a credit card suitable for the millennial lifestyle. The card offers certain benefits around that very idea of millennial lifestyle such as movie discounts, complimentary roadside assistance, personal accident cover & non-expiring rewards points with a good enough rewards rate of ₹0.16 – ₹1.60 per ₹100 spend.

IDFC FIRST Millennia Credit Card Benefits

• 25% discount on movie tickets up to ₹100 on Paytm mobile app (valid once per month)
• Complimentary Roadside Assistance worth ₹1,399
• 300+ Merchant offers, All year long! | Up to 20% discount at 1500+ restaurants |
  Up to 15% discount at 3000+ Health & Wellness outlets
• Personal Accident Cover of ₹2,00,000* and Lost Card Liability Cover of ₹25,000
• Fuel surcharge waiver of 1%, at all fuel stations across India, up to ₹200/month – *Applicable only on transaction values between ₹200 & ₹5000

A detailed PDF outlining the details of these privileges can be found here on IDFC First Bank Website – FIRST-Millennia-Privileges 27-03-23 (idfcfirstbank.com)

Our Analysis of the benefits offered on this card –

1. The PAYTM movie ticket discounts offered might not be able to get you a free movie ticket, but it is enough to save you the convenience fee for two tickets at most times. And for a lifetime free card, I would say it is not bad at all.
2. IDFC First Bank has partnered with Global Assure – 4 times a year you can call 24×7 Toll-free Number 1800 572 3860 to avail Emergency Roadside Assistance.
3. Fuel surcharge waiver up to ₹200/month is an okayish benefit. But I always recommend everyone to always carry a fuel centric credit card. And the best rewards rate in any fuel centric credit card is offered by SBI BPCL Octane.
4. Rest of the benefits are pretty standard and average.

Welcome Benefits for IDFC Millennia Credit Card

• Welcome voucher worth ₹500 on spending ₹15,000 or more within 90 days of card generation
• 5% cashback (up to ₹1000) on the transaction value of first EMI done within 30 days of card generation

If you are mindful about using your credit cards instead of UPI a spend of ₹15,000 within 90 days of card generation is not actually that difficult, and that way you would get the welcome voucher of ₹500. The other benefit is kind of redundant as only a fraction of users would opt for EMI within 30 days of card generation.

IDFC Millennia Credit Card Airport Lounge Access

No Lounge Access: IDFC Millenia does not offer airport lounge access, which is a big downside given the fact that the card is trying to appeal the millennials. Given the rise in air travel, the adoption of credit card witnessed a surge owing its popularity to complimentary airport lounge access which usually comes with a lot of credit cards.

However, to make up for the missing airport lounge access, the IDFC Millenia credit card offers 4 complimentary Railway lounge access per quarter.

How to Apply for IDFC FIRST Millennia Credit Card

You can apply for the IDFC First Millennia Credit Card online or offline as per your comfort. To apply offline, visit the IDFC First Bank branch nearest to you with all the necessary documents and apply for the card by filling out the offline application form. You can also apply online by following a few simple steps as follows:

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

IDFC FIRST Millennia Credit Card Eligibility

For the issuance of the IDFC First Millennia Credit Card, there are certain basic eligibility criteria that need to be fulfilled-
⦁ Age of the applicant should be at least 21 years.
⦁ Stable source of Income is required in the case of salaried as well as self-employed individuals.
⦁ The applicant should have a decent credit score with no payment defaults (Preferably above 700).

Annual income of ₹ 3 Lacs or more

A key point to note regarding the IDFC FIRST Millennia Credit Card Eligibility is that in case you do not meet the eligibility requirements in terms of annual income or credit score, the bank might offer you to get the card against a Fixed Deposit, making your card an FD secured credit card.

If you are someone who is struggling to get approved for any credit card and you have some savings that you could put down in a fixed deposit, we totally suggest going for it. As it becomes a way for you to get into building a credit history and eventually a decent credit score.

Documents Required for IDFC FIRST Millennia Credit Card

The documents required for this card are pretty standard just like any other credit card. It is as follows –

• Proof of Address– Driving License, Aadhar Card, Passport, Utility bills, Voter ID Card of the applicant.
• Proof of Identity – PAN Card, Aadhar Card, Voter ID Card, or Driving License of the applicant
• Proof of Income – 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.

IDFC FIRST Millennia Credit Card Rewards Program

IDFC Rewards Program are one of the most straightforward rewards programs. And when it comes to the millennia card, the rewards are generous enough considering that it is a lifetime free card. The best part about the points are that they never expire and the redemption process is very convenient and smooth.

Here is a breakdown on what kind of spend will earn you how many reward points –

• 1X = 1 Reward point per ₹150 spent
• The value of 1 Reward point is equal to ₹0.25
• 10X Reward Points on incremental spends above ₹20,000 per month and spends done on your birthday
• 6X & 3X Reward Points on online & offline purchases respectively for spends up to ₹20,000 per month
• Reward program not applicable on Fuel, EMI transactions & Cash withdrawals.
• Rental and Property management transactions will earn 3X rewards. But, will not be a part of 10X even after threshold.
• Insurance premium & utility bill payments will earn 1x rewards but not part of 10X even after threshold.

Analysis on rewards – if you break this reward structure in simple understandable figure. For every ₹100 that you spend on this card you will earn ₹0.16 – ₹1.60* as rewards.

As shown above, when we compared this lifetime free card to other entry level cards in the segment, we realise that this card stands apart only with it is lifetime free feature. When it comes to benefits and rewards, it is pretty average.

Conclusion – IDFC Millennia Credit Card Review

As per our review, we believe that IDFC millennia is a good credit card for beginners and indviduals looking for an entry level card. The value for money aspect is good enough considering the host of benefits being offered without any annual fee or joining fee. But, there are tons of other lifetime free credit cards available in the market that offer significantly larger number of benefits. One card that comes to mind which can be a better alternative than this card is – Amazon Pay ICICI Credit Card or Federal Bank Scapia Credit Card.