IDFC First Visa Signature Debit Card Review

By | January 6, 2020

After the merger of IDFC bank with Capital First sometime back, there is an interesting launch by IDFC First bank (the merged entity). IDFC First savings account now comes with IDFC First Visa Signature debit card.

Card Features & Benefits

Bookmyshow Benefit

This one is going to please movie goers (especially individuals) as this Visa Signature debit card gives upto Rs.250 cashback (per month) on BookMyShow. This is how it goes–

  • Just login to BookMyShow and proceed for any movie ticket/ non movie event payment via this IDFC First Visa Signature debit card
  • There are absolutely no conditions attached with it (viz. any particular day/ special hours/ limited quotas/ minimum amount or no. of tickets)
  • No requirement to apply coupon codes either, so you may apply a BMS code along with too (if you have one)
  • Cashback gets processed to savings account on or before 15th of next month
  • You get flat 250 cashback if spend is more than 250. If its less than 250, you get as cashback what you paid
  • Cashback includes convenience fee paid too (For now)
  • Offer valid till 31st March 2020. May or may not be extended (Cashback maybe reduced in future or extended with some tnc)
  • You receive cashback only if AMB of savings ac is maintained above 25K

Other Benefits

Other debit card features are mostly norm with private banks viz.,

  • Fuel surcharge waiver, nil annual fee, any bank ATM cash withdrawal, free death/ permanent disability insurance etc
  • Complimentary airport lounge access limited to 2 per quarter

Limitations

  • No reward points system yet. So the card is good only for availing BMS or merchant offers or airport lounge access
  • Ask for Visa Signature debit card at the time of filing KYC details because they also have Platinum variant which gives less benefits with low AMB requirement

Account features & benefits

  • Savings account interest is 6% for balance less than 1 lac and 7% above it
  • FD interest is quite good at 7.5%, but remember you are protected by RBI upto 1 lac only per branch in case bank goes bankrupt

Welcome offer

  • You get 10% cashback on 1st ever card spend upto INR 250 max
  • Spend above 1000+ using your IDFC First Visa Signature debit card to qualify
  • Cashback gets posted on or before 15th of next month into your account

Birthday Offer

  • Spend 5000 or more in birthday month
  • Get rewarded with GV worth 250 among any of amazon, shoppers stop or bookmyshow
  • Voucher to be sent before end of next month

My Application Experience

Applied for IDFC First savings account on 13th June. Flow of card processing is as below–

  • 13.06.2019- Applied for the savings ac via Apply Now tab on website
  • 14.06.2019- Bank executive visited my house for KYC
  • 18.06.2019- Got the SMS with account details
  • 19.06.2019- Received courier details containing Bluedart AWB
  • 20.06.2019- Card delivered

So they are pretty quick in opening accounts, especially as I didn’t provide Aadhaar based KYC. For Aadhaar based KYC the executive told me that it will be even faster.

The card is glossy in finish with card details embossed. Card design is as usual with maroon red in colour.

Bottomline

  • CardEpxert Rating: 4/5

All in all its a decent offering for all those movie lovers in town due to this card’s USP BookMyShow offer. If you are not using BMS or use it sparingly, this card may not entice you.

And birthday offer seems tailor made as except monthly BookMyShow offer, I hardly use this card. You may get better one if NRV/ card spends are high (especially as there is no card based reward point system, so more spends means more profit to bank).

Considering low cost of maintaining the account and also that you get a Visa Signature debit card, it gets thumbs up from me. And visit to movie theaters has become a habit with these kind of generous offers. Hope it continues beyond March 2020 too as their reach to masses will take quite sometime.

Author: Satish Kumar Agarwal

An Engineer by profession. Charmed by the world of finance including Credit cards, Mutual Funds, Insurance etc. Helping friends in becoming financial savvy gives joy n pleasure to me.

33 thoughts on “IDFC First Visa Signature Debit Card Review

  1. Mouli

    Yes First World Master card offers the same but its instant discount and not cashback
    Its there for a while not got extended till Dec 2020
    I opened this account through my YFE Credit card and interest also similar to IDFC

    Reply
    1. Satish Kumar Agarwal Post author

      @Mouli
      I too have YF debit card. Differences are–
      1. Its quota gets over mostly by noon time, during weekends even earlier
      2. You have to pay convenience fee
      3. No offers on non movie activities
      4. Everyone can’t open YF account and get YF debit card, whereas this one is quite easy to open & manage due to low AMB requirement

      Reply
    2. GTMAX

      Thanks for this information about Yes First Debit Card offer. Have been holding it for 2 years now but never used it. They never promoted this offer. Any idea when did they first start with this offer on Yes First card?

      Reply
      1. Mouli

        GTMAX,

        Its there for more than a year and I came to know it only couple of months back.You can use this offer once in a month

        Reply
  2. Amit Sen

    Have been using the card for past 2yrs. This is a good card for movie goers and occasional flyers as it has lounge acess via visa signature.

    Reply
  3. unknown_mortal

    I think with this card you would be able combine the visa blockbuster weekends offer (Visa signature variant) to get additional 50% instant discount upto 300 on movies and 200 off on food.
    Which would then give upto 550 discount on Movie tickets alone

    Reply
    1. Satish Kumar Agarwal Post author

      Though I am aware of this offer, yet to check how it goes. And FnB must be booked with minimum 2 movie tickets at the same time to get max benefits.

      Reply
      1. Mouli

        Visa blockbuster weekends offer Only Thursday to Sunday and window opens on 10am and again on 4pm

        Reply
        1. Surya R

          Recently visa blockbuster weekend quota gets exhausted within a couple of minutes. Either the quota is reduced or more people are trying. Earlier it used to be available for around 5-10 minutes. Once I booked after 20 minutes too.

          Reply
          1. Ramesh Padmanaban

            Please check the bin number of the card. They have restricted the bin numbers to a select few numbers. Last year i was using on Citi Credit Card but now the bin number does not feature in the list given in BMS site.

  4. Shankar

    This card offers you two offers on BookMyShow every month. One which is mentioned here coming from IDFC First Bank and the other one is ‘Visa Blockbuster Weekend’ . The 250 cashback offer works with non-movie shows as well. It even works with events and sports e.g. on a Cricket match ticket.

    Additionally if you check on IDFC First Bank website, you’ll get so many store specific offers on this card. Overall the card as well as the account is really good.

    Reply
  5. Lakshmi

    Currently they are offering 12/10% CB/discount on Flight tickets in MMT and few other portal

    Reply
  6. J G

    Just FYI, the 1Lakh insurance is per customer account, not per branch.

    Reply
  7. SS

    I have this card more than 3 years, even when it is only idfc bank signature card (though card change in name , using same old black one). Earlier it’s was instant off 250 RS per month and no need to maintain 25k in account. Cash back is very prompt, using almost every month till now and till now only once I had to send mail to get the cashback.

    Reply
  8. Pankaj Singhal

    This has been there for ages.
    In fact it works out to a good reward rate of 16% if you are keeping 25000 MQB. You get 2500 cash back in a year and 1500 @ 6% interest, total 4000 on a balance (not spend) of Rs. 25000. If you take compounding effect, it is slightly more. Other benefits of Visa Signature are anyway there.

    Reply
    1. SS

      I think if you use it for every month, then cashback from bms offer will be 3000 RS , not 2500 RS.

      Reply
  9. Raja

    Regarding account opening experience,

    I called their customer care executive and got the list of documents needed to open an account
    I then went to their branch one fine morning and, all processes done and complete in 20 mins. The executive switched over to another high value existing client while he was dealing with me. That’s not the experience I wanted.
    Anyway I never got an email or SMS from them regarding the account.
    I dint care to contact them since the executive who took my details dint care about my onboarding process.
    Later I opened an account with a competitor bank and enjoying their services.

    I have been a long time reader and this is my first comment here since I want to share my pathetic unwelcoming experience with fellow readers . It’s not bed of Roses for account creation. Its varies with branch and people who are dealing with you.

    PS: I have accounts with three banks and I have the highest relationship with the newly opened competitor bank.

    Reply
  10. PT

    I had shares of IDFC when it was a single entity . When the split happened into IDFC & IDFC Bank, I applied for a savings account (2016) thinking it would help me in getting better service being the early adopters of its services.
    For account opening their executive visited my office for all the formalities and it was a breeze.
    I was made part of IDFC privilege program called IDFC ONE (without any extra tncs) that means all my issues will be handled by a dedicated RM (experience has been good so far on this front), doorstep banking etc. Though I am sticking with this bank so far only because of the 7% interest on the savings account

    Initially the BMS offer was instant discount of 250 instead the cashback, also it didn’t had the MQB criteria and was available to anyone holding the Signature Debit card. Even the debit card dished out in that year looked very cool with black background and Golden ascent on the PAN and name.

    I guess this is the only card which has BMS offer on the purchase of single ticket too.

    Reply
    1. Mouli

      PT
      Yes First Debit card also offers the same offer for purchase of single ticket in BMS as discount

      Reply
      1. GTMAX

        Tried using this offer today with Yes First Debit Card as I got to know that it has quota restrictions and which was already exhausted

        Reply
        1. Satish Kumar Agarwal Post author

          That’s the problem with other cards and this one. Mostly all cards BMS offer has quota/ no. of tickets restrictions which gets over quickly.

          For those cards whose quota doesn’t finish quickly, there are high NRV requirements or getting those card itself is pretty tough.

          Reply
    1. Satish Kumar Agarwal Post author

      I was also told at the time of opening account that credit card will be launched soon (around 6 months or so).
      Waiting eagerly for the same.

      Reply
        1. Rex

          31 March is target date set by Mr. Vaidyanath….i hope they will lauch card before it.
          Since it is going to be retail focused bank as per vision of Mr. Vaidyanath…..wide range of credit cards are expected from it.

          Reply
    1. Satish Kumar Agarwal Post author

      Due to low level of security in digital data storage system, there are more chances of fraud taking place incase aadhar data is stolen compared to other KYC documents.
      Also many experts suggest to avoid aadhaar based KYC as much as possible. Again these are my personal views which may or may not suit others.

      Reply
  11. Niraj

    Can I buy BookMyShow voucher from bookmyshow website and use double dip in next month!!
    Has anyone tried it?

    Reply
    1. SS

      I double dip multiple times with bms offer codes or direct buy one get free bms movie tickets, had double dip the offers, but long ago when 250 RS discount was instant and it’s bms offer code not any bms gift voucher.

      Reply
  12. prakash

    i have been using their account and debit card since 3 years now. I really love the bank. if u maintain 25k amb, then everything is free. no debit card annual charges, no atm cash withdrawal restrictions, etc. i guess its the only bank where even imps transaction is free. also, all atm transactions are free and without limit, be it idfc am or any non-idfc atm.

    also now they have been offering 7% interest rate in savings account for 1 lakh above balance (6% for < 1lakh). this too i guess is the highest among major banks. whats even better is that, if u keep rs 1,00,001 also u get 7% on the entire sum of 1,00,001 not just on that extra rs 1. with other banks its not like this.

    even connecting to their customer care is easy. max wait time is 10 sec. and u dont have to input ur debit card number, then cust id number, blah bah as with other banks. connecting to them is easy as its with amex customer care. smooth and breezy.

    i dont know why they dont advertise their benefits so much. hardly anyone knows about these good points. really excited to see their upcoming credit cards.

    Reply
    1. SG

      Given what has happened with PMC & Yes Bank, I’d advise everyone to be careful with what they use as their primary bank. Ideally, use the banks in the “too big to fail” category – HDFC, ICICI, SBI.

      Reply

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