IDFC First Bank early this august launched two new credit cards: the Ashva and Mayura, under the premium credit card segment. Are they worth the fee and the hype of the metal form factor? Here’s everything you need to know about IDFC First Bank’s newly launched metal credit cards.
Table of Contents
Mayura Credit Card Benefits
| Joining / Annual Fee | 5,999 INR+GST |
| Welcome benefit | – 1000 INR Cashback * 4 times – Special Offer: 10,000 Points (special offer ends by 31st Aug 2024) |
| Renewal Benefit | – 7.5K points on 8L Spend – 15K points on 15L Spend |
| Rewards | – 0.83% (upto 20K INR) – 1.66% (>20K INR) Category exclusions apply |
| Lounge & Spa Access | – 4/Qtr to domestic lounges & Spa (1/Qtr for guest lounge access) – 4/Qtr international lounge access (unlocked on spends of 20K INR/m ) |
| Forex Markup Fee | 0% markup |
| Golf Benefit | – Mastercard Golf benefit – Additional 2 games/lessons a month based on spends |
| Hotel/Flight Cancellation | Claim upto 50K INR twice a year, has to be booked on the card |
To qualify for the welcome benefit, you must spend more than ₹1,000 four times within the first 60 days of card issuance.
Apart from the benefits listed above, there are Bookmyshow BOGO offers, 500 INR each.
The USP of the card is the 0% markup fee with the metal form factor. Unfortunately, the other benefits are below average for a card with an annual fee of ₹6,000.
Ashva Credit Card Benefits
| Joining / Annual Fee | 2,999 INR+GST |
| Welcome benefit | – 500 INR Cashback * 4 times – Special Offer: 5,000 Points (special offer ends by 31st Aug 2024) |
| Renewal benefit | 7.5K points on 8L Spend |
| Rewards | – 0.83% (upto 20K INR) – 1.66% (>20K INR) Category exclusions apply |
| Lounge & Spa Access | – 4/Qtr to domestic lounges & Spa – 2/Qtr international lounge access (unlocked on spends of 20K INR/m ) |
| Hotel/Flight Cancellation | Claim upto 25K INR per booking, twice a year, has to be booked on card |
To avail the welcome benefit, you’ll need to spend >500K INR 4 times each within 60 days of card issuance.
The USP of the card is, well, nothing much that I can say.
If you’re interested in either of the cards, You may apply on IDFC First bank’s website directly.
My Thoughts
Ever since IDFC First Bank devalued their credit card reward rate on their lifetime free credit cards, I suspected they were working on paid cards—after all, it’s not sustainable to offer Lifetime Free cards indefinitely.
So, I’ve been waiting for these new launches, but after reviewing the features and benefits of these cards, all I can say is:
I’m extremely disappointed!
Why is the Bank complicating lounge access benefits with monthly spend requirements on PAID cards, especially at a ₹6,000 price point? This needs to change!
A more reasonable approach would be to set an “annual spend criteria” to unlock lounge access for the rest of the year, rather than imposing monthly requirements. Nobody wants to constantly monitor monthly spending.
As for the rewards, they are equally disappointing. It’s hard to believe the bank offers the same reward rate for both their Lifetime Free and paid cards.
Is it worth it?
Yes for some, for 1st year only, with the special offers that are valid till 31st Aug 2024.
That being said, one fantastic aspect of IDFC First Bank credit cards is their smooth application process – one of the best in the industry, on par with American Express.
I applied for the IDFC Mayura Credit Card (primarily to experience the design) and received it within three days. It looks good & feels premium with it’s engraved design on the metal.
Just incase if you’re wondering, it shares the existing credit limit with my other IDFC First credit cards. Here’s a quick look at the card:
Bottomline
IDFC First Bank has introduced a new set of credit cards as part of its growth into the premium paid credit cards segment. However, given the mediocre rewards and limited benefits, I doubt these cards will have a name in the history unless the bank decides to “fine-tune” them.
That said, it might still be worth getting the card during the special offer period, which ends on August 31, 2024 – especially if you’re looking for a Metal card with 0% foreign currency markup fees.
Keep in mind that the RBL World safari Credit Card offers similar benefits (0% markup fee + one year of overseas travel insurance) for just ₹3,000. And for airport lounge access benefit for self & add-on, you may go for the HDFC Regalia Gold Credit Card.
That’s 2 cards with combined fees lesser than IDFC Mayura Credit Card. Hmm!
I think for most existing IDFC First cardholders, the IDFC LTF cards are just good, especially the IDFC Wealth Credit Card.
With its cutting edge onboarding tech, IDFC Bank could do a lot better than what they’re doing at the moment.
Let’s hope they come up with some good cards in 10K/20K fee range as their invite only Private card is again not so impressive.
So overall, I’m disappointed to see what IDFC Bank has come up with. How about you? Do let me know in the comments below.
![IDFC Offer: Get Bonus Points on Credit Card Spends [Targeted – July 2023]](https://www.cardexpert.in/wp-content/uploads/2023/07/idfc-first-credit-card-offer-july-2023-60x42.png){kind=small}
Probably its a first year only metal card.
Neither the features are attractive nor the reward rate.
I have also applied for Mayura and yes I might not keep it next year if they don’t offer something better
I don’t need lounges but I do spend 2-3K usd per year though I was using infinia so no net loss but still I used to pay 2.36% in advance even though I receive points. Might be enough for me to recover cost and than I can use BookMyShow offer to save 2K-3K in a year
But if I could only recover the fees not worth the hassle to keep one more card.
They need to provide more on going offers like on Zomato/ Swiggy etc
Those offers may not provide lot of saving but fun to use and saving 150 INR really gives lot of satisfaction 😜
One is not even recovering joining fees even with special offer, if I read the tnc correctly right Siddharth?
A complete dud card tbh
Unless IDFC comes up with additional features later on.
That’s right, 500 INR short to recover the fee. Let’s see if they get generous in the coming months.
They could have branded them as “Airavata” (white elephant) cards for their rewards.
Utter useless in the name of chargeable cards with such a high annual fee on both the cards.
1st yr. itself is a disappointment.
2nd yr. onwards is bigger than the 1st yr. Renewal benefits along with min. spend criteria for an Airport lounge is n additional disadvantage.
Rating should be 1.5/5 for both the cards.
1.5/5 ROFL.
Yes Sid.,
Both the cards with such a fees & the only USP is a metal factor.
Rewards– 0.83% (upto 20K INR), 1.66% (>20K INR) Category exclusions apply. Any other bank credit card with LTF option will give this reward benefit. Its actually not a benefit but a consolation prize for the customer paying Joining/Annual fee. 🙂
Hey what are the best credit cards out there for Accor all points ?
Ps already have axis atlas
Does the 20k spend requirement for international lounge access start from the first month itself?
Once I get the card, can I access international lounge in the same month without spending?
I did check on this and I can see that the domestic/intl access is there just on activation.
So I don’t think you need to have the spend requirement for 1st month.
Taken the Ashva card just for Metal factor. will almost get back joining fee. But 2nd year onwards it’s worthless unless they increase reward rate.
yes. most people applied for the sake of getting a metal card feel. I expect a mass closure before renewal.
Agree that the Mayura card is absolutely useless. Even with the 0% markup the HDFC twins will give far better rewards on International spends with GVP enabled. It’s even funnier that Mayura on MasterCard World is positioned above Ashwa on Visa Infinite that too at double the cost!
However, Ashwa has a decent use case if you are a movie buff. You get 3 free tickets in all per month, with 2x BMS BOGO and the one Visa Infinite BMS offer. You also get the full first year fee back with Rs.1250 worth application bonus points + Rs.2000 (4*500) cashback offer + the Rs.300 Visa tap to pay offer (total returns Rs.3550). Might be even worth keeping for the second year as there are now few non-super premium cards with decent BMS BOGO offers. Ashwa looks dull and light though, like the old Magnus cards.
I just got my Mayura card, was looking for Zero Forex with high limit. RBL did offer zero forex but with 50K limit which is very less. Can you suggest other credit cards with Zero Forex ?
Try Fi Amplifi Card it is good, but has the joining and annual fee