IDFC FIRST Private Credit Card – Features, Benefits & Complete Guide

The IDFC First Private Credit Card is an invitation-only credit card available for select high-net-worth individuals like Rahul, who enjoys premium privileges that align with a life of luxury.

For instance, Rahul spends ₹35,000 on electronics in the first month of use and earns 210,000 reward points (6X on online spends) redeemable against shopping or luxury experiences. On his birthday, he spends ₹50,000 on a fancy dinner and earns 500,000 reward points (10X on birthday spends). Plus, he earns Karma points equal to 10% of the birthday's worth of spend, ₹5,000 donated for charity.

However, starting February 20, 2025, IDFC Bank will be amending these cards' terms, including interest rate (APR), fuel surcharge waivers, and card replacement fees. These amendments will also entail changes about due dates for payments, fees for add-on cards, and even railway lounge access. 

The IDFC First Private Credit Card continues to be invitation-managed and provides exclusivity in privileges for people who deserve luxury and convenience-lifestyle privileges that truly fit someone like Rahul and his lavish taste and preferences.

What is an IDFC FIRST Private Credit Card?

The IDFC First Private Credit Card is an exclusive metal card with benefits and perks for high-net-worth individuals. This card is available purely by invitation and is not present like any other credit card. It matches an elite lifestyle with premium services, exclusive deals, and luxurious privileges. 

If you get an invitation to acquire this card, do not fail to understand its features and fees compared with other cards to make informed decisions concerning the card that fits you best.

Benefits and Features of IDFC FIRST Private Credit Card

Here’s a simple table outlining the benefits and features of the IDFC First Private Credit Card

Welcome Benefits of IDFC FIRST Private Credit Card?

Credit card welcome bonuses like cash back, rewards, or travel bonuses are meant to save money and provide extra benefits. Sometimes, you must meet a minimum spending requirement to earn them. These bonuses offer instant rewards, savings, and travel benefits.

IDFC FIRST Private Credit Card Fuel Surcharge

A fuel surcharge is just an extra fee attached to your credit card purchase of fuel. Usually, this amounts to only a slight percentage of your whole fuel bill, generally between 1 and 3 percent.

The IDFC FIRST Private Credit Card offers a 1% fuel surcharge waiver with no limit on waiving the surcharge. So, no extra fees on fuel purchases.

How this works

• The waiver applies to all fuel stations.
• The waiver is valid on transactions from ₹200 to ₹5,000.
• A fuel surcharge is an extra fee applied by credit card companies at their discretion. It usually ranges from 1% to 3% when used to pay for fuel.

For example, one could be charged ₹20 as a fuel surcharge for ₹1,000 worth of fuel; however, that extra ₹10 (of the ₹20) will not be levied thanks to the waiver of 1% on the IDFC FIRST Private Credit Card. This is accepted at any fuel station for transactions between ₹200 and ₹5,000.

Travel Benefits on IDFC FIRST Private Credit Card

1. IDFC FIRST Private Credit Card Airport Lounge Privileges

Airport lounge privileges grant cardholders free or discounted access to these lounges. Lounges afford comfort with food, drinks, Wi-Fi, and showers. Benefits would include a serene environment before the flight and a better travel experience; some banks give extra mileage for bookings and, in some cases, accidental death or damage insurance.

The IDFC FIRST Private Credit Card provides card members and add-on cardholders unlimited access to all domestic and international airport lounges and spas in India.

The Features Entail

• Unlimited access to domestic and international airport lounges
• Unlimited access to airport spas in India
• 4 free domestic lounge visits for guests
• Four free railway lounge visits every 3 months

Additional benefits

• 0% foreign exchange mark-up
• Cancellation coverage
• Travel accident and air accident protection
• Free roadside assistance

Let’s understand 0% foreign exchange mark-up by the help of an example

For instance, Rahul is going abroad and wants to exchange $500 (USD) right at the airport at the current exchange rate of 1 USD = ₹86.89, that would be ₹43,445. On other cards, he might pay an extra 3% forex markup fee of ₹1,303.35, but with the IDFC FIRST card, he saves that fee and pays exactly ₹43,445.

Note

• Booking may be required in specific international lounges.
• IDFC FIRST Bank and DreamFolks are not responsible for lounge closure or poor service.
• For any enquiries, please contact DreamFolks at 18001234109 or helpdesk@dreamfolks.in.

2. IDFC FIRST Private Credit Card Meet and Greet service

Meet and greet at the airport is one of the benefits of having an IDFC First Private Credit Card, available at select airports in India and abroad for arrivals and departures.

How it works:

• Available at select airports in India and abroad.
• Applicable to arrivals and departures.
• This service is provided by DreamFolks.
• To avail yourself of this benefit, present your credit card and a valid flight ticket or boarding pass at the lounge entry.

3. IDFC FIRST Private Credit Card Forex markup

A forex markup fee is an additional charge when buying a foreign currency. Your bank will convert the amount into your local currency and apply the forex markup fee. Therefore, the final amount you pay comprises the converted amount plus the fee charged.

The IDFC FIRST Private Credit Card is the ultimate option for forex markup because you have no extra charges for foreign transactions.

How Forex Markup Fees Work

When shopping in a foreign currency, the bank first changes the foreign amount into rupees at the best exchange rate. Thereafter, the bank marks up that converted forex amount with some forex markup fee. So, you pay this forex markup fee along with the exchange rate, and the Goods and Services Tax (GST) is also charged on the markup fee.

4. IDFC FIRST Private Credit Card Cash Withdrawals

Here’s the information in a table format

Other factors

• Cash withdrawal does not earn reward points.
• It doesn't come with a grace period.
• The bank decides on a cash advance limit for cash withdrawals.
• If you withdraw or deposit more than ₹20 lakh in a specific financial year, you must provide your PAN or Aadhaar details.

Insurance Benefits on IDFC FIRST Private Credit Card

1. Personal Accident Coverage up to 1.5 cr

IDFC First Bank offers personal accident coverage of up to ₹1.5 crore for accidental death or permanent disability. This coverage is available for both primary and add-on cardholders.

Coverage comprises

• Since it is an unforeseen and involuntary act, accidental death or permanent disability may arise. 
• Damage caused via visible means and external violent intervention.

Events not covered

• Accidents while intoxicated by alcohol and/or drugs. 
• Natural death.
• Accidents wherein the insured acted as a pilot or engaged in military, police, or air crew duties.

Claims Procedure

• Upon death, the legal nominee must inform the bank and Howden within 90 days of the accident. 
• All claim documents should be submitted within 90 days from intimation. 

Policy conditions

• The cardholder must have carried out at least one transaction of ₹500 or more in the preceding 30 days using the concerned bank's IDFC First Bank Credit Card for the benefit of the policy extension. 

Claim Amount

• A claim can be made only once, irrespective of the number of cards held by the cardholder.

2. Air Accident covers up to ₹5 crore

Under both primary and add-on cardholders, the IDFC FIRST Credit Card gives air accident insurance coverage of up to ₹5 crore.

What to do to claim air accident insurance

1. Book your travel with the covered card.

2. Documentation that may be required for claims

• Airline acknowledgement of confirmation
• Copy of the air ticket or confirmation
• Boarding pass or confirmation
• Passport with immigration stamp for international travel

Complementary Insurance Coverages

Here’s the information about Complementary Insurance Coverages in a table format

Annual Fee and Charges of IDFC First Bank Private Credit Card

Here’s the information about annual fees in a table format

Eligibility Criteria

You have to complete all the eligibility requirements for applying for the IDFC First Bank Private Credit Card, which meet the following points: 

• It should be above 18 years.
• An Indian citizen or non-resident Indian.
• There should be a source of regular income.
• Maintain a good credit score.
• Keep a low credit utilisation ratio.
• Permanent resident of India.

Moreover, before approving your application, the bank considers other aspects, such as your occupation, location, and relationship with the bank.

Documents Required

To apply for the IDFC First Bank Private Credit Card, you must provide documents verifying your identity, address, and income.

Identity Proof: Aadhaar card, voter ID, Driving license, Bank statement, or Pension book.

Address Proof: Aadhaar card, Utility bills (water, electricity, telephone), Rent agreement, or Property documents.

Income Proof: Proof of income.

How to Apply for the IDFC First Bank Private Credit Card Offline

1. Visit your nearest IDFC Bank branch.
2. Request a credit card application form.
3. Select the IDFC First Bank Private Credit Card.
4. Fill in your personal and income details in the form carefully.
5. Attach a photo and sign the form.
6. Check the form for accuracy and submit it along with the required documents.

How to Apply for the IDFC First Bank Private Credit Card Online

1. Visit the official website of IDFC Bank.
2. Click on the ‘Apply Now’ option.
3. Enter your name, DOB, and mobile number, and click ‘Get OTP.’
4. Enter the OTP received on your registered mobile number, accept the terms and conditions, and click ‘Proceed.’
5. Enter your PAN Card number, Gender, current residential address, and pincode, and click on ‘Proceed.’
6. Enter your employment details (occupation, company name, net monthly income), then click ‘Continue.’
7. Click on the ‘Check Best Offers’ option.
8. On the next page, E-Verify your income.
9. Click on the ‘Get Your Card’ option.
10. Complete your KYC by clicking on ‘Aadhar-based E-KYC.’
11. Enter your Aadhar card number and click on ‘Get OTP.’
12. Enter the OTP received on your registered mobile number and click on ‘Verify e-KYC.’
13. On the next page, your application reference number will be generated.
14. Scroll down a bit and click on ‘Start Video KYC Now.’
15. This is how you can apply for an IDFC First Private credit card.

Note: Make sure that at the time of Video KYC, you have black paper, a pen, and your original PAN card with you.

• During the KYC video, an employee from HDFC Bank will appear on your screen and ask you to show him the original PAN card.
• Then he’ll ask you to sit straight and capture a photo of you.
• After that, he’ll tell you to put your signature on a blank piece of paper before him.
• After these steps, your video KYC will be completed.
• The card will be delivered to your address within a week.

Who should apply for IDFC FIRST Private Credit Card?

The IDFC FIRST Private Credit Card is an exclusive, invite-only card meant for HNWIs. You may qualify for an application if you have a high annual income, a good credit profile, and a history of handling high-value transactions. A banking relationship with IDFC FIRST Bank or even holding super-premium cards from other providers may increase the chances of an invitation to apply.

Customer Care Details

You can reach IDFC FIRST Bank customer care anytime, 24/7, for credit card-related issues. Here's how you can contact them

• Phone: Call 1800 10 888
• WhatsApp: Send "Hi" to 9555 555 555
• Email: Email them at Head.customerservice@idfcbank.com, Head.assets@idfcbank.com, or Head.consumerbank@idfcbank.com

Conclusion

The IDFC FIRST Private Credit Card is one of the top, very exclusive invitations. It is meant only for rich individuals who want to enjoy luxury, convenience, and premium benefits. The card accommodates a range of benefits that include unlimited access to airport lounges, concierge services, and 6X reward points for online spend. 

It has some phenomenal features like waivers on fuel surcharges, insurance, and no forex markups on international transactions. So you can expect level privileges like those. Travel, dining, or everyday purchases—the IDFC FIRST Private Credit Card takes your overall lifestyle to a portal of experiences beyond imagination. If your eligibility permits, avail it at the right opportunity!

FAQs related to IDFC FIRST Private Credit Card

Q1: What is a Private Credit Card?

The IDFC First Private Credit Card comes with a velvet touch, a sparkling invitation-only card for the high-net-worth individuals. This would have its exclusive benefits but eligibility will depend on the relationship with the bank and the credit profile. The card can charge a high fee, which is undoubtedly offset by its luxurious perks. We must always be careful to manage finances well to avoid acquiring debts.

Q2: What is the billing cycle for an IDFC Credit Card?

The billing cycle for an IDFC credit card usually lasts between 25 to 31 days, depending on the date the card was issued.

Q3: What are the benefits of private credit?

Private credit loans provide advantages to the borrower, such as quicker execution and more predictable conditions that are significantly useful during unstable market conditions. Not only that, private credit also guarantees security as sensitive and proprietary information is not widely disseminated.

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