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IDFC FIRST Bank
IDFC FIRST WOW! Credit Card: no annual or joining fees, FD-based limit (min. ₹10,000 deposit), up to 4x rewards, 0% forex markup, and instant online approval.
The IDFC FIRST WOW! Credit Card stands out for individuals seeking to build credit or gain instant access to card benefits without annual fees. This secured credit card is issued instantly against a Fixed Deposit, starting at just ₹10,000, and requires no complex paperwork. With the credit limit pegged to your Fixed Deposit amount (minimum ₹10,000), users enjoy a seamless application process and approval even if they don’t have a traditional credit history. Notably, the credit card offers up to 4x rewards, a 0% forex markup, an interest-free period of up to 45 days for cash withdrawals, and no joining or annual charges.
How to Apply: Step-by-Step Guide
- Register with IDFC FIRST Bank via net banking or their official mobile app.
- Open a Fixed Deposit starting at ₹10,000 to serve as collateral.
- Choose the WOW! Credit Card option and complete the easy KYC process.
- Get instant digital approval and start using your card after activation.
Pros of the WOW! Credit Card
One major benefit is accessibility: you can apply even if you have no credit history or a low credit score, making it an excellent starter card. Furthermore, there are no annual, joining, or renewal charges, so your cost of holding the card remains zero.
The rewards programme is highly attractive: up to 4x never-expiring reward points on every spend and a generous 5% cashback on your first EMI transaction. Additionally, you benefit from 0% forex markup and a substantial ATM cash withdrawal limit.
Cons of the WOW! Credit Card
The credit limit is restricted to the amount of your Fixed Deposit, which may be limiting for those who need higher limits quickly. Also, lacking traditional unsecured features means there’s no upgrade path without increasing or withdrawing your deposit.
Since it’s a secured card, users cannot access all premium credit card perks (like airport lounge access in some tiers) that other cards might offer. It’s best suited as a foundational tool for credit building.
Our Verdict
The IDFC FIRST WOW! Credit Card is ideal for individuals new to credit or those wanting a hassle-free, zero-fee credit experience. The card makes building your credit profile both easy and rewarding. However, if you seek premium perks or require a high, unsecured credit limit, it may be worth evaluating alternatives once your credit improves.
