IDFC First Bank Select Credit Card – Features & Application Process

Let’s take an example of Ramoji, he has always earned the highest reward points ever since he got the IDFC First Bank Select Credit Card. This is because this credit card incorporates 10x reward points for every ₹ 150, when the threshold of transaction exceeds ₹ 20,000

Let’s see last month's purchases, which fetched him 1,480.93 reward points:

Now the difference between ₹ 42,214 and ₹ 20,000 is ₹ 22,214. In this amount, the total reward points for every ₹ 150 is 148.093. Let’s see how math works in the calculation of 10x rewards points for every ₹ 150 in purchases above the threshold of ₹ 20,000.

The expected spending rule – Above ₹ 20,000

• Ramoji’s spending - ₹ 42,214
• Difference - ₹ 22,214

22,214/150 = 148.093

Reward points calculations:

• 148.093*10 is 1,480.93

This is a lump sum of reward points which anyone gets for shopping. And this becomes highly possible only with the IDFC First Bank Select Credit Card. This blog enumerates everything associated with this credit card.

Why IDFC First Bank Select Credit Card?

Those who frequently love to travel and dine out, with the expectation of earning massive reward points, should opt for this credit card. This is a lifetime free credit card, which does not have joining fees or annual fees. Those who have an income of more than ₹ 12,00,000 per annum can opt for this credit card, as it saves them enough money by redeeming the reward points. Hence, Ramoji selects his credit card.

• Example: Ramoji gets 5% cashback within the first 30 days of activating the credit card.

Documents Required for IDFC First Bank Select Credit Card

He submits the following documents to process his credit card application:

Note: As the income criterion is a minimum of ₹ 12,00,000 per annum, Ramoji may also ask to submit more than one document, especially to examine the nature of income and its reliability. 

Eligibility Criteria for IDFC First Bank Select Credit Card

Ramoji meets the following eligibility criteria, which he needs to adhere to, just like the rest of the credit card applicants:

How to Apply?

Ramoji has two methods to apply for the IDFC First Bank Select Credit Card:

Note: The application process may take more than one day, as the bank needs to examine all of the applicant’s details.

Tips to not get rejected

• Ensure that you have more than 700 as your CIBIL score.

Example: Ramoji’s CIBIL score is 710.

• Furnish the required evidence to prove that you have more than a minimum of ₹ 12,00,000 as the source of income annually.

Example: Ramoji even submits the evidence of a fixed deposit of ₹ 10,00,000 at 7.10%.

• Furnish the proper identity proof and address proof. This is because banks provide this credit card only to resident Indians.

Example: He also submits his ration card.

• Submit the latest bank statement or salary slip, which is not older than three months.

Example: He submits his last month’s bank statement.

• Ensure that all the documents are properly attached for processing the application.  

Example: He arranged the required documents in the proper way to achieve his perfection.

Features of IDFC First Bank Select Credit Card

This is a high-profile credit card which consists of many reward points and benefits, to make purchases and spending more memorable to its cardholders.

Let’s see how this credit card helps Ramoji to avail the following benefits:

Fees and Other Charges for IDFC First Bank Select Credit Card
 

FAQs Related to IDFC First Bank Select Credit Card

1. What is the minimum income requirement for the IDFC First Bank Select Credit Card?

The minimum income requirement is ₹ 12,00,000 per annum.

2. Is there a joining fee for this credit card?

No, this card does not consist of a joining fee.

3. Is an NRI eligible to apply for this credit card?

No, only resident Indians are eligible to apply for this credit card.

4. What is the foreign mark-up fee of this credit card?

1.99 % of the fee is levied on foreign transactions.

5. Can I submit my ration card as the residence proof for the application?

Yes, you can submit a ration card as the residence proof.

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