IDFC FIRST Millennia Credit Card: A Detailed Review

IDFC FIRST Millennia Credit Card

The IDFC FIRST Millennia Credit Card is designed as a lifetime-free card, targeting millennials with its attractive rewards and benefits. This in-depth review will explore its features, benefits, drawbacks, and suitability for various users.

Key Features of the IDFC FIRST Millennia Credit Card

• Lifetime Free: No joining fee, no annual fee.
• Never Expiring Reward Points: Accumulate points without worry of expiry.
• Reward Point Structure: Earn reward points on various spends (details below).
• Welcome Benefits: Potential for gift vouchers and cashback on first EMI (terms and conditions apply).
• Other Benefits: Movie ticket discounts, restaurant discounts, fuel surcharge waiver, railway lounge access, and insurance cover (details below).

Reward Points Structure

The IDFC FIRST Millennia Credit Card offers a tiered reward point system:

• 10X reward points: on incremental spends above ₹20,000 per month and on your birthday.
• 3X reward points: on spends up to ₹20,000 in a statement cycle. Also applies to Education, Wallet Load, Government, Rent and Property Management/Purchase transactions (these transactions do not count towards the 10X spend milestone).
• 1X reward point: on utilities and insurance transactions (these transactions do not count towards the 10X spend milestone).

Reward points are not awarded on spends converted to EMI, cash withdrawals, fuel, and fees/charges. 1X reward point is equivalent to ₹0.25. A small convenience charge applies for reward redemption.

Benefits and Drawbacks

Benefits

• No annual fees, making it a cost-effective option.
• Never-expiring reward points offer long-term value.
• A range of benefits caters to different lifestyles (movie tickets, dining, travel).
• Potential for significant cashback and rewards with strategic spending.
• Interest-free cash withdrawal for a limited period.

Drawbacks

• Reward point earning is not consistent across all spending categories.
• Specific terms and conditions apply to welcome benefits and other offers.
• A cash advance fee applies for ATM withdrawals.
• The interest rate (APR) can be relatively high compared to some other cards if balances are carried over.

Use Cases and Recommendations

Let's examine how the IDFC FIRST Millennia Credit Card can be beneficial in different scenarios:

User Type	Spending Scenario	Estimated Rewards	Recommendation
Student	₹5,000 spent on books and online courses (mostly online)	Approx. 150 reward points (mostly 3X)	Suitable for small spends, but focus on maximizing rewards through online purchases.
Young Professional	₹25,000 spent: ₹10,000 groceries, ₹10,000 dining, ₹5,000 entertainment	Approx. 750 reward points (mix of 1X and 3X)	Good for everyday spending, but could benefit from higher online spending to reach the 10X reward tier.
Frequent Traveller	₹35,000 spent: ₹15,000 flights, ₹20,000 hotels	Approx. 1,750 reward points (mix of 1X, 3X, and 10X if the spend exceeds 20k) + Railway lounge access	Excellent choice due to travel benefits and reward point earning potential.

Fees and Charges

While the card is lifetime free, certain fees and charges apply:

Fee Type	Amount
Joining Fee	NIL
Annual Fee	NIL
Cash Advance Fee (Domestic/International)	₹250
Late Payment Fee	15% of due amount (minimum ₹100, maximum ₹1,000)
Foreign Exchange Markup	3.5%
Reward Redemption Fee	₹99 + GST

Disclaimer: All information provided is based on publicly available data at the time of writing and is subject to change. Please refer to the official IDFC FIRST Bank website for the most current details and terms and conditions.