IDFC First Financial institution launched its First Wealth debit card on Visa Infinite platform about an yr in the past. It’s a lifetime free debit card designed particularly for purchasers who’re a part of the Financial institution’s First Wealth Program. Right here’s my expertise with the IDFC First Wealth banking and it’s debit card product.
Eligibility Standards
IDFC First Financial institution requires you to hitch its First Wealth Program by sustaining minimal NRV (Financial savings ac stability/ FD/ Investments and so forth.) within the vary of 10 Lacs as a way to be eligible for this card. This may occasionally fluctuate a bit with location & time. If opening a brand new account with Wealth standing in thoughts, its higher to all the time make clear all doubts with the native RM/ BM earlier than continuing.
Observe: It’s also learnt that First Wealth Program has been provided to few previous n loyal clients of the financial institution at decrease NRV.
This system entitles you to numerous way of life advantages viz. 1 free locker (topic to availability) and a few extra.
Options & Advantages
There are some business first options embedded on this debit card. Will attempt to record out as many as potential right here–
- Very excessive per day ATM withdrawal and Buy restrict of seven & 12 lacs respectively
- 3 home airport lounge entry together with a companion (thereby making it 3+3) every quarter, charged INR 2 everytime
- 2 worldwide airport lounge entry per quarter (charged 32$ and reversed inside 10 days). The entry is given immediately by swiping the debit card.
- Register your card by making a LoungeKey account
- Complimentary ID Sentry membership (Protects your playing cards from ID theft). Choose debit card additionally gives this profit
- Good insurance coverage cowl for cardholder — Air Accident Insurance coverage cover- 2.5 Cr, Private Accident cover- 1 Cr, Misplaced Card Legal responsibility cover- 12 Lacs, Buy Safety cover- 1 Lac (Minimal 1 POS transaction >= 500 in every of the earlier 3 months instantly previous the month of incident)
- Complimentary Street Facet Help (RSA)
- Complimentary Golf entry of 1 per thirty days at associate Golf golf equipment throughout India
- Upto 10X accelerated reward factors program on debit card, delayed an excessive amount of already (At present beneath Beta testing)
- Visa Infinite privileges
Welcome Package Unboxing
Throughout preliminary onboarding section, IDFC First financial institution Wealth debit card used to return in a very good field containing a pretend leather-based folder as nicely (just like Sure First package). Sadly the financial institution downgraded the welcome package fairly quick, which now is available in a easy envelope. Doesn’t look n really feel premium for that NRV stage.
By the seems of it, IDFC First financial institution has a behavior of downgrading its playing cards fairly quickly after launch (Just like their bank cards vary).
Card look & really feel
The cardboard seems good in plastic Black combined with financial institution’s signature Maroon color. Identify is in entrance whereas card quantity is on the again.
Drawbacks
Worldwide eCom or POS transaction markup charge at 2% (thus competes poorly being a brand new financial institution). Even Indusind financial institution Unique debit card (requires simply 1 or 2 lacs AMB relying upon location) offers with NIL markup charge.
No EazyDiner gives, which has turn out to be fundamental requirement of even Semi-Premium/ Common playing cards now a days.
No film advantages offered besides Visa Infinite supply.
As compared, most premium debit card choices from Axis, AU, Indusind, Sure financial institution or for that matter even their semi- premium/ common debit playing cards supply B1G1/ 50% off upto diverse quantities.
Importantly, the a lot touted 10X RPs earn function on Choose/ Wealth/ Non-public debit playing cards with loads of delay is now beneath Beta testing section, at the same time as greater than 1 yr handed because the launch.
Software Expertise
As soon as on-boarding standards was fulfilled by initiating satisfactory funding, the onboarding course of began however took a while.
Keep in mind as soon as financial savings account is opened, Visa Platinum debit card welcome package is delivered inside per week or so. The connection banking package containing Wealth debit card comes later (in approx. 15-30 days) as soon as your Wealth RM elevates the standing to Wealth banking.
Bottomline
IDFC First Wealth Program is designed & positioned to tackle HDFC Imperia/ Axis Burgundy/ Indusind Pioneer premium banking. General program options at finest fare on par as compared with business friends.
A number of the options like RSA, home airport lounge entry together with companion and worldwide airport lounge entry through card (utilizing LoungeKey) itself standout.
Though Wealth program clients sustaining NRV ought to get the Wealth bank card by default (as was marketed throughout preliminary launch), in apply that is removed from occurring easily typically.
My expertise exhibits lack of co-ordination between IDFC financial institution & their Credit score Card staff thereby inordinate delay in getting the Wealth bank card and even rejection (HDFC financial institution managed its cross-selling enterprise fantastically, the explanation they’re Leaders at it).
Absence of NIL markup charge, BookMyShow/ Eazydiner gives & an excessive amount of delay in reward factors on spend makes it one other providing in market, unable to differentiate, therefore lacking the WOW issue!
Nonetheless compared to its Non-public Steel debit card, Wealth debit card gives close to related options & advantages at considerably decrease NRV.
Nonetheless put up Beta testing section, if the rewards on spend are pretty much as good as these talked about, this card has the potential to be one of the vital rewarding debit card in business.