IDFC First Bank Wealth Debit Card: Hands-on Experience

By | April 29, 2023

IDFC First Bank launched its First Wealth debit card on Visa Infinite platform about an year ago. It’s a lifetime free debit card designed specifically for customers who are part of the Bank’s First Wealth Program. Here’s my experience with the IDFC First Wealth banking and it’s debit card product.

IDFC First Bank Wealth Debit Card

Eligibility Criteria

  • Expected NRV: 10 lakhs

IDFC First Bank requires you to join its First Wealth Program by maintaining minimum NRV (Savings ac balance/ FD/ Investments etc.) in the range of 10 Lacs in order to be eligible for this card. This may vary a bit with location & time. If opening a new account with Wealth status in mind, its better to always clarify all doubts with the local RM/ BM before proceeding.

Note: It is also learnt that First Wealth Program has been offered to few old n loyal customers of the bank at lower NRV.

The program entitles you to various lifestyle benefits viz. 1 free locker (subject to availability) and some more.

Features & Benefits

There are some industry first features embedded in this debit card. Will try to list out as many as possible here–

  • Very high per day ATM withdrawal and Purchase limit of 7 & 12 lacs respectively
  • 3 domestic airport lounge access along with a companion (thereby making it 3+3) each quarter, charged INR 2 everytime
  • 2 international airport lounge access per quarter (charged 32$ and reversed within 10 days). The access is given directly by swiping the debit card.
  • Register your card by creating a LoungeKey account
  • Complimentary ID Sentry membership (Protects your cards from ID theft). Select debit card also offers this benefit
  • Good insurance cover for cardholder — Air Accident Insurance cover- 2.5 Cr, Personal Accident cover- 1 Cr, Lost Card Liability cover- 12 Lacs, Purchase Protection cover- 1 Lac (Minimum 1 POS transaction >= 500 in each of the previous 3 months immediately preceding the month of incident)
  • Complimentary Road Side Assistance (RSA)
  • Complimentary Golf access of 1 per month at partner Golf clubs across India
  • Upto 10X accelerated reward points program on debit card, delayed too much already (Currently under Beta testing)
  • Visa Infinite privileges

Welcome Kit Unboxing

IDFC First Bank Wealth Debit Card - Welcome Kit

During initial onboarding phase, IDFC First bank Wealth debit card used to come in a good box containing a faux leather folder as well (similar to Yes First kit). Sadly the bank downgraded the welcome kit quite fast, which now comes in a simple envelope. Doesn’t look n feel premium for that NRV level.

By the looks of it, IDFC First bank has a habit of downgrading its cards pretty soon after launch (Similar to their credit cards range).

Card look & feel

IDFC Bank Wealth Debit Card

The card looks good in plastic Black mixed with bank’s signature Maroon colour. Name is in front whereas card number is at the back.

Drawbacks

International eCom or POS transaction markup fee at 2% (thus competes poorly being a new bank). Even Indusind bank Exclusive debit card (requires just 1 or 2 lacs AMB depending upon location) provides with NIL markup fee.

No EazyDiner offers, which has become basic requirement of even Semi-Premium/ Regular cards now a days.

No movie benefits provided except Visa Infinite offer.

In comparison, most premium debit card offerings from Axis, AU, Indusind, Yes bank or for that matter even their semi- premium/ regular debit cards offer B1G1/ 50% off upto varied amounts.

Importantly, the much touted 10X RPs earn feature on Select/ Wealth/ Private debit cards with a lot of delay is now under Beta testing phase, even as more than 1 year passed since the launch.

Application Experience

Once on-boarding criteria was fulfilled by initiating adequate funding, the onboarding process started but took some time.

Remember once savings account is opened, Visa Platinum debit card welcome kit is delivered within a week or so. The relationship banking kit containing Wealth debit card comes later (in approx. 15-30 days) once your Wealth RM elevates the status to Wealth banking.

Bottomline

IDFC First Wealth Program is designed & positioned to take on HDFC Imperia/ Axis Burgundy/ Indusind Pioneer premium banking. Overall program features at best fare on par in comparison with industry peers.

Some of the features like RSA, domestic airport lounge access along with companion and international airport lounge access via card (using LoungeKey) itself standout.

Even though Wealth program customers maintaining NRV should get the Wealth credit card by default (as was advertised during initial launch), in practice this is far from happening smoothly in most cases.

My experience shows lack of co-ordination between IDFC bank & their Credit Card team thereby inordinate delay in getting the Wealth credit card or even rejection (HDFC bank managed its cross-selling business beautifully, the reason they are Leaders at it).

Absence of NIL markup fee, BookMyShow/ Eazydiner offers & too much delay in reward points on spend makes it another offering in market, unable to distinguish, hence missing the WOW factor!

Nonetheless in comparison to its Private Metal debit card, Wealth debit card offers near similar features & benefits at significantly lower NRV.

However post Beta testing phase, if the rewards on spend are as good as those mentioned, this card has the potential to be one of the most rewarding debit card in industry.

Author: Satish Kumar Agarwal

Charmed by the world of finance especially Credit Cards, Bank Accounts. Helping friends in becoming financial savvy gives joy n pleasure to me.

33 thoughts on “IDFC First Bank Wealth Debit Card: Hands-on Experience

  1. Abhi

    Have this card for over 2 years now, earlier had the hope of getting RPs, as that was mentioned in the welcome kit, the website, and also printed on the card itself. Enquired many times when it will go live and whether it will be retrospective and how much are the rewards, etc. Eventually lost hope and stopped using the card. Are there any chances it will still see the light of the day, and how much are the rewards?

    Reply
    1. Satish Kumar Agarwal Post author

      Reward rate is good as per current beta structure. Issue is when will the launch be ?

      Reply
  2. Abhansh

    I asked for wealth account at my local IDFC branch,and they told me they need balance of 10L in savings account. FD’s don’t count at all. That felt weird as why would someone keep 10L in bank account when FD’s give out better interest rates. Even their 6.75% interest rate applies to balance greater than 10L.

    Reply
  3. AAJ

    Debit card rewards I am not sure, await from about a year now. No one including RM is aware when it would start

    Reply
    1. Satish Kumar Agarwal Post author

      Under Beta testing since long. Very loose attitude to launch it.

      Reply
  4. Satish Lover

    @satish, why is your name hidden in the picture of the card? Is your real name not Satish??

    Reply
    1. Satish Kumar Agarwal Post author

      Hahaha. Enough proof of my other card reviews with original name are here.

      This was in my Family members name, as I hold an IDFC Private Metal debit card already. Didn’t want to disclose that.

      Reply
  5. Sachin

    IDFC have a poor banking system and so are their so called helpful relationship manager .

    Those RM gives you fake data, false promises and offer you the products which have their maximum profit and in that process their customer may loose high/heavy amount and Dnt disclose the basic disclosures which are needed and Infact lie boldly on them.
    Thus in short- you can’t rely on them and even complaining to the branch manager or regional and zonal head doesn’t lead anything , even if you give them audio recording and SMS WhatsApp chat of RM and branch manager giving you false data and false promises and commitment.

    Infact after that RM and branch manager have the guts to tell you to close down the account and say that they have enough Customers who can be fooled and they would be happy fooled on their words ( yes- I have the audio recording of the same ) sic 😡

    So I would advise not to go for it. Waste time and money here.

    Reply
  6. Nikhil

    How do we upgrade the current signature debit card to a wealth debit card? Should we just write to the IDFC team?

    Reply
    1. Satish Kumar Agarwal Post author

      First you have to get your existing account upgraded to Wealth account via branch. Kit containing Wealth debit card comes automatically then.

      Reply
  7. Nikhil

    What is the criteria to upgrade from wealth debit card to private metal card?
    The lounge access on the card is very useful especially for family members and companions. Can open zero balance accounts for family members and thereby everyone will get additional lounge benefits

    Reply
    1. Doctor strange

      Got my account upgraded last month , got my new debit card 10 days back , did transection of 1100 and i have recived 8000 points , any idea how to make best use of it . Reward structure ?

      Reply
      1. Satish Kumar Agarwal Post author

        1 RP ~ ₹0.25
        Redeem for Amazon GV

        Reply
        1. Sudheer

          Now IDFC stopped issuing the Amazon GC, instead Amazon shopping vouchers can be redeemed.

          Reply
  8. Deepak

    This debit card has good amount of insurance on it. Just keep in mind to swipe for Rs 500 every month on a PoS

    Reply
    1. Abhi

      Yes and swipe doesn’t have to be physical swipe. Online and offline both are considered.

      Reply
    2. Anitha

      Oh, is that a criteria? Why is that not told upfront? It is such a critical requirement to keep the insurance valid and active. Do they omit such details on purpose so that claim can be declined?

      Reply
      1. Abhi

        For insurance to be applicable you need to have used the card for min 500pm spends for last 3 months excluding month of incident.

        Reply
  9. Srinivas

    Does international lounge access have complimentary companion like in domestic lounge for idfc wealth debit card??

    Reply
  10. Abhi

    First Rewards is reflecting in the app, but its not showing any points yet, even for debit card transactions done after 14Jul.

    Reply
  11. Abhi

    I don’t see any points posted yet for transactions done after the 14July go live date. Is there a latency?

    Reply
  12. Sandeep Kumar

    The 7 lacs ATM withdrawal limit is applicable on idfc’s own ATM or any bank’s ATM as well.

    Reply
    1. Satish Kumar Agarwal Post author

      Present your Wealth Debit Card to Receptionist. He/She will do the needful, if you require 1+1 entry

      Reply
  13. Sudheer

    My RM told that wealth account can be shared with upto 7 family members. Is this feature available in wealth account or private wealth account?

    Reply
    1. Satish Kumar Agarwal Post author

      Select, Wealth & Private accounts have family Banking feature

      Reply
  14. Ravi

    Is it still beneficial to upgrade to IDFC wealth account and anyone please confirm if there is any welcome kit with the upgrade?

    Reply
    1. Sudheer

      My account is upgraded to wealth after maintained 10L in last 90 days and my RM had raised an upgrade request. My account is upgraded and received new wealth debit card within few days. Also my family members accounts also eligible for upgrade and my RM raised an upgrade request on my wife and daughter (minor) accounts.

      Reply
  15. Shivanshu Katiyar

    i have spoken with rm he has told you can club your family they will also get 2 international lounges !!!!!!! best way to get int lounges instead of axis magnus.

    Reply

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