By: OurMoneyGuide || Last updated on: April 28, 2024
The IDFC First Millennia Credit Card is a lifetime free entry level card, and comes with a range of benefits and offers. A minimum income of ₹3 lakhs per year is required to get this card.
Lifetime-free credit cards are a popular choice among customers who want simplicity and do not want to do a detailed cost benefit analysis of their credit card.
The IDFC First Millennia Credit Card is best for those who want a lifetime free card. Such cards are attractive for those who do not want#to do a cost benefit analysis of various cards, and for those who do not want to keep a track of their annual card spends (since many cards offer annual fee waivers based on yearly card spends).
However, such cards usually come with a comparatively lower reward rate.
There is no annual fee on the card. You also get welcome offers-
– You get a welcome voucher worth ₹500, on spending ₹5,000 or more within 90 days of card generation.
– You enjoy 5% cashback (up to maximum ₹1000), on the transaction value of your first EMI – completed within 30 days of card generation.
You earn 3 reward points on every ₹150 you spend on your card, meaning 2 reward points (worth ₹0.50) on every ₹100 you spend – 0.50% benefit.
Note :
– You earn no reward points on fuel, EMI transactions & cash withdrawals.
– 0.16% benefit on insurance spends & utility bill payments : You earn 0.66 points worth 16 paise , on every ₹100 you spend in these categories. This benefit is valid on utility bill payments upto ₹20000 per month. If utility bill payments are over ₹20000 per month, it is designated as commercial usage and a charge of 1% of transaction value will be levied as a utility fee on commercial usage.
1 reward point = ₹0.25 or 25 paise, and can redeemed on IDFC First Bank’s Rewards Platform, for a range of exciting offers, including merchandise, gift vouchers, travel bookings, and more. You can access the IDFC First Bank Rewards platform through the IDFC PoshVine Reward Portal, mobile app or Internet banking.
Reward points are valid forever. Each reward redemption transaction incurs a ₹99 convenience charge .
You earn 10 reward points on every ₹150 you spend on your card, meaning 6.66 reward points (worth 1.66) on every ₹100 you spend – 1.66% benefit.
Note – rental & property management related spends, insurance spends, education spends, wallet loads, government spends, and utility bill payment spends will not be a part of 10X reward program and 10X threshold calculations.
You get 4 complimentary visits per calendar quarter, to participating railway lounges in India.
Important points to note
– Lounge facilities include 2 hours of stay, comfortable seating, buffet meal, tea/coffee, Wi-Fi, and newspapers/magazines.
– Cardholders can bring one guest at no extra charge. Guests must present a valid train ticket and government issued ID. Guest access is subject to participating lounge’s terms and conditions.
– Lounge access can be shared between primary and add-on cardholders
You get a 25% discount (upto maximum ₹100), on movie tickets on the Paytm mobile app. The minimum booking requirement is one movie ticket.
The offer is applicable once per calendar month.
You get 24X7 assistance for flat tires & tire change, battery jump-start or alternate battery, fuel delivery, lost key replacement, minor repairs, vehicle towing (if required) – provided through Global Assure.
You can avail this benefit up to 4 times a year. To know more details, visit here.
You get a 1% fuel surcharge waiver , at all fuel stations across India. This benefit is valid only on fuel transactions between ₹200 and ₹5000, and only on fuel purchases upto ₹20,000 per month (since the waiver amount is capped at ₹200 per monthly card statement cycle).
You get a ‘Lost Card Liability’ insurance cover of ₹25000. This cover protects against counterfeit/skimming/phishing and online fraud, for fraudulent transactions on your IDFC FIRST Bank Credit Card.
You also receive a ‘Personal Accident Cover’ of ₹2 lakhs, in the unfortunate event of an accidental death or permanent disability due to a sudden, unforeseen and involuntary event caused by external, visible and violent means. Claim under this cover is payable only once, irrespective of the number of cards held by the cardholder.
To qualify for the above insurance covers, you must have an active card and have made a recent transaction with your card. For more details, please click here.
IDFC First offers exclusive deals on shopping, travel, dining, health & wellness, entertainment and more.
Please click here to see the latest offers – IDFC First Deals & Offers.
You get 24X7 assistance, please click here to see all available options.
| Annual fee | Annual fee offers | |
|---|---|---|
| 1st year joining fee | ₹0 | Welcome offers : – You get a welcome voucher worth ₹500, on spending ₹5,000 or more within 90 days of card generation. – You enjoy 5% cashback (up to maximum ₹1000), on the transaction value of your first EMI – completed within 30 days of card generation. |
| Renewal fee from 2nd year onwards | ₹0 | Zero |
Rent and property management fee : 1% of transaction value, subject to a minimum of ₹249 per transaction.
Late payment fee is charged if you do not pay even the minimum amount due on your card bill, before the bill due date. You will be charged 15% of the total amount due , with a minimum charge of ₹100 and a maximum charge of ₹1300. Please see below table as an example –
Finance charges
0.75% – 3.50% per month (9% – 42% per annum), depending on the profile of the cardholder.
– GST/ other applicable taxes as per current laws, will be applicable on all fees and charges
– To view all/updated fees & charges on this card, please click here – IDFC First Millenia Credit Card Fees & Charges
| Minimum income requirements | Minimum income of ₹3 lakhs per year is required |
| Minimum age | 18 years |
| Occupation | Salaried, self-employed |
| Credit score | Preferably above 750 |
| Residential status | Resident of India |
| Online application process | The easiest way is to click here – APPLY NOW , you shall be taken to the card application page on the IDFC First Bank website. You can also visit official website of the bank and fill out the application form. Steps – – Fill out the online application form with basic personal details – Fill out additional details along with basic documents details – Verification and opening of card – For successful applicants, the process takes 15-20 minutes, as per the IDFC website. |
| Offline (face to face) application process | You can visit any of the nearest branches of the bank and talk to an executive regarding the process. |
| Approval timeline and process | – In most cases, the credit card decision would be communicated within 2-7 working days. – In certain cases, it could take longer, especially if the bank wants more information and documents from you. – Click here to track the status of your IDFC Credit Card application. |
| Required documents | – PAN card – Copy of Aadhaar card (with first 8 digits masked) or any valid government address proof – Income documents : salary slip, income tax return etc. In addition to these, you may be asked to provide additional documents on a case to case basis. |
The IDFC First Millennia Credit Card is a good option for those specifically looking for a lifetime free credit card, and the simplicity that comes with it. The card offers a range of benefits as described above.
You may however want to take a look at credit cards which offer better rewards for most of your spending needs like shopping, travel, fuel, utility bill payments etc.
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