IDFC BANK recently launched its premium banking services along with relevant premium products like debit cards.
But we didn’t notice any new premium credit cards under private banking – until now. Here’s what we know about the IDFC bank’s upcoming top end credit card: IDFC first private credit card.
The card looks neat and simple in the bank’s colour (red) at first glance. Hope it’s good in hand. Though, I personally like the Black IDFC first private DEBIT card design.
Bookmyshow has a new offer page for this product and here’s a quick look into the bookmyshow offer,
- Get up to INR 750 off on Movies and FnB and/or Non-movies transaction twice a month with IDFC First Bank Private Credit Card
- Maximum Discount per transaction will be the actual value of transaction or INR750 whichever is lower & Maximum number of discounted transactions in a month is 2
- Offer is valid on Movies, FnB, Events, Concerts, Plays, Sports, Activities
- For any Non-Movies Transaction, if the transaction amount is below INR750 for any event and there is no convenience fees, then the customer will have to select “BookASmile” and make a minimum INR 1 payment to avail the offer
- Offer is not valid on BMS Stream
- Food Combos has to be purchased in the same movie transaction to avail the offer
- Food Combos are available only in select cinemas
- Food Combos are not available for non-movies booking category
If I understand it right, it’s basically the 100% discount offer, upto 750 INR, twice a month. That’s a sweet 1500 INR savings a month or otherwise 18,000 INR a year, which is massive!
This is better than the Aurum card offer because it also allows us to order f&b as well, as a part of this discount.
Note: The BMS offer link has been taken down as you read this article. Meaning, the launch might have got postponed a bit.
Thanks to Dillip for spotting the offer and sharing it with us.
These days I’m either using AURUM offer or Visa infinite offer on BMS but either way one need to anyway spend 300 INR or so for a movie, if you go for a snack.
So this IDFC Private offer feels pretty good in that sense as 100% of the movie and f&b spend is taken care by the card and even the convenience fee if I get it right. You just need to pay 1 INR for authentication. Lovely!
I wish other super premium cards like HDFC Infinia also has these kind of movie benefits.
While that’s the only detail we know about the IDFC first private credit card for now, we will wait and watch to see what else the card has to offer for the bank’s affluent customers.
What’s your thought about the bookmyshow offer on IDFC first private credit card? Feel free to share your thoughts in the comments below.
Is the BMS offer the only benefit of this card?
Of-couse not. But that’s a quick glimpse on the card.
What is the eligibility for this private credit card. Are they giving complimentary with some account variant. I already have idfc wealth account variant along with wealth credit and latest wealth debit card.
Spying all likely launches of Credit cards beautifully 😜
Looks like another stunner from IDFC Bank after FIRST PRIVATE INFINTE Debit card. Features are likely to be great as well.
But lookwise personally, fallen in love with the black beauty (First Private Infinite Debit card).
Thanks Siddharth for mentioning my name in this article. I always go through all of your articles and all those are very helpful.
I checked with both IDFC customer support team and Branch manager on 22nd Dec regarding this. They mentioned this card will be launching loon (most probably by Jan 2022 end). This credit card will be part of IDFC First Private account and apart from that they didn’t reveal any other details.
One thing vary between branch manager and customer support executive. Branch manager mentioned for Private account AMB will be 25 lakhs whereas customer support executive mentioned it will be 50 lakhs AMB.
Thanks for the additional inputs, Dillip.
I think they might even end up having different criteria for Metro & non-metro’s. Let’s see.
How about moving account to non metro branch and become eligible for this card?
Can we also close the account and open new account with private banking.
When I approached it was 75L loan or 10L balance, they were not sure and about Private it was not in all branches.. waiting to hear more.
As per official data, Private Program requirement for Home loan is upwards of 5 CR or Auto loan is upwards of 35 lacs. Savings balance upwards of 50 lacs is official. Though 25 lacs balance may also be considered. Below that it’s upto BM n RM purview. Above data is confirmed.
It’s upto branch people or CS to reduce the criteria as per their own targets.
Thank you Satish ji for the inputs.
Presume the 25L is including FD i.e. NRV like Pioneer, may be there are contesting something of that. But I am sure no one can beat Indus on the bad treatment and their bad RMs.
I spoke to an RM/Private partner, they said they are not worried about SB and FD balances, investments should be 25L and should grow to 1Cr in a year.
Investment Products considered are MF, PMS, Bonds, Alternate Investments
Ho Ho holidays are here and so is the gifting season. Get 5% cashback up to Rs. 10,000 on first EMI transaction with your IDFC First Bank Credit Card till 5th Jan 2022
I wish I had not received this SMS. I need to spend 2 Lakhs and convert it into EMI at around 18% interest to get Rs 10000 cashback. What a great offer indeed!!
As discussed that after getting the Wealth or private status, you don’t need to mantain the balance criteria. They will not degrade you as well and you credit card and debit card won’t be degraded or devalued as well.
For wealth saving account balance must be 10L and for private it should be 25L
This is interesting, IDFC has credit card page where we can compare with other banks cards, and its pretty accurate. Dont think any other issuer has this honest comparison
IDFC has considered only the base features of others card.. For example, they have not considered 5x or 10x for HDFC Infinia / Diners…
Can anyone tell how they calculate the Account balance. Is it on a quarterly basis or daily or monthly basis for computation.
Monthly average balance, calculated daily EOD.
Doesn’t seem like this card is launching anytime soon. There is no mention of it officially yet.
It appears the IDFC private is moving and they started contacting customers. i am still being asked for higher AMB than what is listed above.
Request if someone can share the branch name (or even BM/RM contact) who is giving this private account for 25L AMB eligibility ? I will willing to shift my branch account there.
Please don’t get in trap of RMs, their target will be to cross sell other products. Even after that upgrade won’t be guaranteed. Best is to watch and wait.
I have seen people getting pre-approved for wealth program with just 2-3 lacs AMB and a good number of transactions in account.
My RM and Branch Manager failed to upgrade my Wealth account to Private!
First told me 50L for Private and then added 10L MF to the list. Branch Manager did exception the 10L MF and assured me to get me the Private.
50 days passed, still nothing. BM called few days ago saying bla bla bla. He also doesn’t know what’s going on! And requested me to wait few more days.
If anyone has similar experience, help me here.
i’m waiting for the launch of this card.
Presently hold the IDFC Wealth credit card.
i have been upgraded to Private in Dec21.
My RM has told me that i will receive the credit card once its launched.
i will update here after i receive the card.
Hey, do you know if you have to continuously maintain the balances to stay in the Private program or if it’s a one time requirement like somebody above is saying?
Like, if I drop ₹1 crore in my account and enter the program, is it a permanent upgrade or will it be converted back if I remove the funds and don’t maintain the AMB?
Im not sure if they will downgrade when you reduce the balance.
Family banking is applicable for reaching the required investment/ balance maintenance slabs.
All the family members will be upgraded.
Also, sorry to bother you again, is there any Family Banking aspect to this program? Can I get multiple account upgraded and maintain balance cumulatively?
Approx how much did you find your account with to get upgrade to Private banking?
Joining fee and annual fee is 50,000+GST. 1st add-on charge NILL. 2nd Add-on onwards, 4000 per add-on.
Please share the features and benefits of this card. 50k fees is very high
Not sure about benefits as these charges are mentioned in T&C pdf. But from replacement charges of 4000 rupees, it seems it is a metal card. Also it has NIL markup charges on foreign currency transaction. NIL over limit charge and late payment charge. And annual interest rate is limited to 9% if atleast minimum amount is paid. These are the things mentioned in T&C sheet, but as the card is not launched yet, it may change.
any update on this card…when it will launch
Currently i am getting HDFC regalia,Idfc first millenia or SBI(Any sbi card i wish with lifetime free 0 annual charges) as i have long standing account with SBI(since i was a minor) which one should i get ?
i want to utilize card as primary payment method for everything(doctor,flights,grocery,online shopping,utilities,rent, insurance etc) literally everything.
Want to reedem points for travel(air tickets)
First private cc fees etc. are getting displayed on statements, likely launch soon, fees 50K
Private cc launched. Could see it today under cards tab on their website.