IDFC First Visa Signature Debit Card Review

By | June 23, 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 5 lacs 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.

68 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
      1. Abhi

        YF world debit card also has reward points program which IDFC doesnt. But the reward rate is too low… 1pt per Rs200 and point value is just 25ps.

        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
      1. Shivi

        I second that opinion!

        Dwelling deep into the TnC & CA of IndusInd credit card and loans made me realise this aspect which holds true for banks in general also.

        Reply
  13. yashasvi

    I completely agree with SG however even “too big to fail” private banks like HDFC & ICICI also had humble beginnings like IDFC. I read in one of the leading market analysis mags that IDFC could be the next ICICI provided they don’t get into senseless lending as its other peers did. Keeping 1,00,000 in IDFC could be a smart thing as we get 7 % over it which is much better than the falling FD rates of leading banks and to add to the value we get a 4 starred debit card free for life.
    Cheers.

    Reply
  14. Ravi

    IDFC bank is coming new credit card called One card and it would be metal card.

    Reply
  15. KARTIKAY GAUR

    The joining offer for 250 cashback is for POS transactions only or the transaction can be either Pos or online?

    Reply
    1. Satish Kumar Agarwal Post author

      Either one. I paid cc bill via CRED and enjoyed welcome offer too.

      Reply
  16. Satish Kumar Agarwal Post author

    Wow Swiggy offer on IDFC debit cards–
    60% off upto 150 on cart value above 99 thrice per month (Upto 31st March 2020).
    IDFC offers are getting better these days.

    Reply
  17. Satish Kumar Agarwal Post author

    IDFC is truly rocking this quarter–
    1. Started smartwatch banking for ios as well as android
    2. Just confirmed over call that credit card launch is on the anvil by March end

    Reply
      1. Satish Kumar Agarwal Post author

        PB in my case. But it’s more or less same, as the bank is yet to reach masses. RM or PB everybody wants to have a share of your money, so that he gets commission and bank gets the business.

        Reply
  18. GTMAX

    Hi Sathish,

    Is the birthday offer mentioned in the article applicable for everyone or only for the communicated customers?

    Reply
    1. Satish Kumar Agarwal Post author

      Hi GTMAX
      It might be same/ different for different customers based upon his relationship, what I suppose.

      Reply
  19. Prashant

    Hi,

    If I open IDFC first account thru online aadhar based KYC verification, by when will I get their debit card? is it possible that they can provide me virtual debit card instantly upon account opening?

    Reply
    1. GTMAX

      Hi Prashant,

      My account was opened at my home through Aadhar based identity verification process on the tablet carried by the nearest branch executive within one hour of my enquiry on their website and I was also handed over the instant kit with the debit card.

      You can just drop an enquiry on their website and if you are staying in a tier 1 city or have an IDFC branch nearby, they should revert very quickly.

      Reply
  20. Ramki

    Based on the review here, I decided to open a savings bank account and must say I was very very impressed. Spoke to the RM who was in our office campus on Tuesday and he was open and transparent, thought about it for a word and then opened the account on Wednesday afternoon with Aadhaar based KYC. Account number and customer ID were generated in 10 Mts flat. Bank exec also helped me with app download and basic features and MPIN was done in 5 Mts.

    Gave the check for AMB and it was credited on Friday morning Post which I received an ams saying welcome kit dispatched. Received the same yesterday morning though only disappointment was it came in an envelope and not in the beautiful cannister. Now with card in hard, I’ve generated my ATM Pin as well and looking fwd to using it today.

    The bank exec told me credit card was 2-3 months away but if its coming up next month, can’t wait for it.

    Reply
    1. Satish Kumar Agarwal Post author

      Rightly said. Looks like IDFC First Bank is upping the ante little bit. This may be the promising name to bank with in future, if management plans properly and everything goes well.

      Reply
  21. KARTIKAY GAUR

    Got an email from idfc first mentioning that the markup fee on this card is 2%.

    Reply
  22. Pranav Sharma

    i just got a debit card but when i am doing the transaction of rs2500 first online transaction it is failing, i do not know why?, in the login too its showing status active, what should i do know,

    Reply
    1. SS

      As per RBI directive all banks are block all type of transaction for all type of cards (except pos machine transaction). So you have to enable online transaction, call the CC or check the app

      Reply
    2. Mohan Eluri

      It could be due to debit freeze on your account ( normally when you open account freshly without cheque, means by loading the initial 25k with online loading), please check with the customer care, it will take 24-48 hrs to lift the freeze.

      Reply
  23. MrNightStar

    Can you please update the warning of account insurance limit to 5L?

    Reply
    1. Satish Kumar Agarwal Post author

      Just updated. Thank you for reminding.

      Reply
  24. Yuvraj

    what happens if we dont maintain the AMB for 1-2 month. Will the offer be non-applicable for that particular month or it will be lapsed forever?

    Reply
    1. Satish Kumar Agarwal Post author

      It will not be applicable for that month only in which AMB is less than required. Still it’s better to verify on email.

      Reply
    1. Murali

      RBI Guidelines https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=9343&Mode=0

      Levy of charges for non-maintenance of minimum balance in savings bank account shall be subject to the following additional guidelines:

      (i) In the event of a default in maintenance of minimum balance/average minimum balance as agreed to between the bank and customer, the bank should notify the customer clearly by SMS/ email/ letter etc. that in the event of the minimum balance not being restored in the account within a month from the date of notice, penal charges will be applicable.

      (ii) In case the minimum balance is not restored within a reasonable period, which shall not be less than one month from the date of notice of shortfall, penal charges may be recovered under intimation to the account holder.

      (iii) The policy on penal charges to be so levied may be decided with the approval of Board of the bank.

      (iv) The penal charges should be directly proportionate to the extent of shortfall observed. In other words, the charges should be a fixed percentage levied on the amount of difference between the actual balance maintained and the minimum balance as agreed upon at the time of opening of account. A suitable slab structure for recovery of charges may be finalized.

      (v) It should be ensured that such penal charges are reasonable and not out of line with the average cost of providing the services.

      (vi) It should be ensured that the balance in the savings account does not turn into negative balance solely on account of levy of charges for non-maintenance of minimum balance.

      Reply
  25. Karthik

    The first transaction on the debit card can be a wallet load, like Amazon pay? I read the terms and conditions of the site, but it’s not mentioned anywhere about this. Do any of u have personal experience loading wallet on first transaction and getting 250 cashback?

    Reply
  26. Manojsingh

    Currently they are paying 1000₹ voucher on spending of 20000₹ and above via debit card. Can we spend same in loading wallet. Anyone have idea please let me know.

    Reply
    1. Satish Kumar Agarwal Post author

      Didn’t get any communication regarding this offer. Is it targeted or for everyone.

      Reply

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