IDFC First Bank has joined the metal card bandwagon with the launch of 2 metal credit cards, the IDFC First Mayura credit card and the IDFC First Ashva metal credit card. The bank is marketing these cards as super-premium cards. Here is everything that you need to know about the IDFC First Mayura and IDFC First Ashva metal credit cards
IDFC First Mayura & Ashva Credit Cards
IDFC First Mayura Credit card
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Features
Fees:
- There is an annual joining fee of 5999+GST. You must pay the joining fee upfront before the metal card is dispatched. The joining fee is non-refundable.
Rewards and Benefits
Joining/Annual Benefits:
- Joining benefit of 10K reward points (worth 2.5k). This is a limited-time offer.
- Get INR 1000 cashback on 4 transactions of 1000 or above within 60 days from card generation.
- These 2 benefits make the card nearly free for the first year.
Annual Benefit:
- Get 7500 reward points (worth 1750) on spending 8lk in an anniversary year OR get 15k points (worth 3750) on spending 15lk in an anniversary year.
- Weird condition that these milestone reward points will be credited only after paying the annual fee for the next year.
Reward Points
- 5x reward points on every 150 spent. 1 RP = 25paise. ~0.8% reward rate.
- Just 1 RP on every 150 spent on Insurance and utilities. A 0.17% reward rate.
- 3x RPs on every 150 spent on Rent, wallet load, education and government spending. A ~0.5% reward rate.
- 10x reward points on spends beyond 20k every month. However, spends that earn 1x and 3x reward points are not counted towards the 10x milestone.
UPI-linked credit card
- IDFC First Bank also issues a digital Rupay credit card linked to the IDFC First Mayura credit card.
- Spends on the digital Rupay credit card is counted towards the 10x milestone.
- You get 1x reward point on spends below 2000 and 3x on spends above 2k.
Other benefits
- Lounge Access: 4 per quarter complimentary lounge access to the domestic lounge. Also includes 1 guest visit per quarter, within the 4 visits per quarter.
- 4 per quarter international lounge visits.
- Lounge visits are unlocked on spending 20k per month
- Trip cancellation cover: up to 50k trip cancellation cover 2 times a year.
- Zero forex markup
IDFC First Ashva Credit card
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Fees:
- Annual and joining fee of 2999+GST. You need to pay the joining fee upfront before the metal card is dispatched. The joining fee is non-refundable.
Rewards and Benefits
Joining/Annual Benefits:
- Joining benefit of 5K reward points (worth 1250). This is a limited-time offer.
- Get INR 500 cashback on 4 transactions of 500 or above, made within 60 days from card generation.
- These 2 benefits make the card nearly free for the first year.
Annual Benefit:
- Get 7500 reward points (worth 1750) on spending 8lk in an anniversary year
- Weird condition that these milestone reward points will be credited only after paying the annual fee for the next year.
Reward Points
- 5x reward points on every 150 spent. 1 RP = 25paise. ~0.8% reward rate.
- Just 1 RP on every 150 spent on Insurance and utilities. A 0.17% reward rate.
- 3x RPs on every 150 spent on Rent, wallet load, education and government spending. A ~0.5% reward rate.
- 10x reward points on spends beyond 20k every month. However, spends that earn 1x and 3x reward points are not counted towards the 10x milestone.
UPI-linked credit card
- IDFC First Bank also issues a digital Rupay credit card linked to the IDFC First Ashva credit card.
- Spends on the digital Rupay credit card is counted towards the 10x milestone.
- You get 1x reward point on spends below 2000 and 3x on spends above 2k.
Other benefits
- Lounge Access: 4 per quarter complimentary lounge access to the domestic lounge.
- 2 per quarter international lounge visits.
- Lounge visits are unlocked on spending 20k per month
- Trip cancellation cover: up to 25k trip cancellation cover 2 times a year.
- 1% forex markup
Thoughts about the IDFC First Bank Mayura & Ashva credit cards
The IDFC First Mayura credit card is slotted above the Ashva credit card. Below are my thoughts primarily on the IDFC First Mayura credit card. The same will be applicable to the IDFC First Ashva credit card too, as both the cards have more or less the same features; just the milestone benefits differ.
Positives of the IDFC First Mayura Credit Card
Zero forex markup
The IDFC First Mayura credit card offers a 0% forex markup. In addition, you get reward points on the forex spends as well. Thus, if one plans to travel abroad in the next 12 months, one can apply for the IDFC First Mayura credit card and use it. Further, the forex spends will be counted towards monthly 10x and annual milestone benefits.
Nonetheless, I suggest that you look at the best zero forex credit cards here along with the AU iXigo credit card before taking this card for zero forex markup.
50k trip cancellation insurance
One unique feature of the IDFC First Mayura credit card is free trip cancellation insurance (for any reason) of up to 50k twice a year. But as always there is a catch here. First, you need to make your bookings using the IDFC First Mayura credit card. Further, the 50k is divided into 25k for flights 25k for hotels and only for the non-refundable part of the booking. Thus, if your flights are non-refundable but hotels are, you are eligible only for 25k cover. For more details click here.
Complimentary lounge/spa visits
The IDFC First Mayura credit card offers 4 complimentary lounge/spa visits per quarter. Further, it also offers 4 international lounge visits per quarter. However, lounge visits are only unlocked on spending 20k per in the previous month. If you are charging 6k annual fees, I believe the lounge visits should be without any strings attached.
Linked Rupay card β spends counted towards the milestones
The IDFC First Mayura credit card also offers a digital Rupay credit card linked to the primary card. This digital Rupay credit card can be for credit cards on UPI transactions. The good thing is that spends done on the digital Rupay card are counted towards the 20k monthly milestone and also towards the annual milestone. However, as mentioned above, the reward rate is very meagre on the Rupay credit card.
Negatives of the IDFC First Mayura Credit Card
Best case 1.6-1.8% reward rate credit card
The IDFC First Mayura credit card is at best a 1.6-1.8% reward rate credit card. This is assuming that you spend only on the 5x/10x categories every month and also achieve the annual milestones. Considering that you are paying well above 6k as an annual fee, the reward rate ought to be better.
The reward rate very similar to other LTF IDFC credit cards
The reward structure of the IDFC First Mayura credit card is very similar to the other LTF IDFC First credit cards. Plus, the IDFC First Mayura credit card comes with a decent annual fee. The hefty annual fee just for keeping a piece of metal in your wallet is not justified in my view.
Donβt forget that you will pay a reward redemption fee and surcharges too
Donβt forget that with the IDFC First Mayura credit card, you will have to shell out a reward redemption fee of 99+GST every time you redeem your reward points. Plus, you pay the surcharge, platform fee for rent payment, education payment and utilities payment beyond a certain threshold.
Strange rule of upfront payment of joining fee
2 weird rules with the IDFC First Mayura credit card are that you need to pay the joining fee upfront even before the card is dispatched. This means that even before you get your βmetalβ card in hand you will have to shell out an annual fee + GST. Mind you this is non-refundable.
Further, the annual milestone reward points on spending 8lk or 15lk will be credited to your account only after paying the fee for next year. Here, the bank is trying to clamp down on users who take the card only for the first year, earn milestone reward points and close it before renewal. However, my thoughts are that these tricks should be reserved for entry-level cards, not for βsuper-premiumβ cards.
Comparison with other IDFC First Bank credit cards
Below is the snapshot of the reward rate of other LTF IDFC First credit cards with the IDFC First Mayura and IDFC First Ashva credit cards. Also, added to the comparison are a few popular cashback credit cards.
Neither the IDFC First Mayura credit card nor the IDFC First Ashva credit card stands out. Further, the annual milestones on the IDFC First Mayura credit card do not even justify hefty fees.
Conclusion
These so-called βsuper-premiumβ credit cards from the IDFC First Bank are very underwhelming. Honestly, I didnβt find anything premium in them. In fact, I believe if you hold HDFC Regalia/HDFC Regalia Gold(Apply Now) along with SBI Cashback(Apply now)/HDFC Swiggy(Apply now) or Axis Airtel(Apply Now) you would earn much better reward rates than the IDFC First Mayura and IDFC First Ashva credit cards and pay much lower fees too.
What are your thoughts on the IDFC First Mayura credit card? Are you applying for it? Do share your thoughts and views in the comments section below.
The article was published/last updated on 23 Nov 2024. Image courtesy : IDFC First Bank
Disclaimer
In the interest of full disclosure, Credit Cardz may earn a referral bonus for anyone thatβs approved through some of the links in this post. However, opinions and views expressed here are of the author's alone and not those of the bank, credit card issuer, or anyone else and have not been reviewed, approved or otherwise endorsed by any of these entities.
