IDFC First WOW Credit Card Review: Newbie card

Overview

The newly launched wow credit card from IDFC First Bank is a secured credit available to all with a bare minimum fixed deposit of Rs. 5000. As of now, all IDFC First Bank cards are lifetime free, so is this WOW Credit card. This can be a good opportunity for new credit card users who want to build a good credit score. Moreover, a credit card with no CIBIL inquiry with up to a 200% credit limit is unique in the Indian market. There are no lounge benefits, but the card is lifetime-free.

Fees

Joining Fees	NIL
Joining Bonus	5% Cashback on on first EMI transaction up to Rs. 1,000*
Annual Fees	NIL (Lifetime free)

Rewards

Currently, all spending on the WOW Credit cards will be rewarded at a flat 1% unless specified. There wouldn’t be any reward points for fuel, insurance, EMI and cash withdrawal transactions. This seems to be a decent reward for an entry-level or secured card with as little as Rs. 5000. However, this card also lacks milestone benefits like its siblings’ cards that are available as non-secured cards. The reward redemption is charged at Rs. 99 + GST, higher for an entry-level card. Reward points can be redeemed at First Rewards Portal

Reward Rate	1%
Excluded Categories	Fuel, Insurance, Dining, Travel, EMI and Cash withdrawal
Reward Capping	No capping
Reward Redemption	Statement credit/voucher (Reward redemption fees: Rs. 99 + GST

Benefits of WOW Credit Card

• Roadside assistance (RSA): This feature comes pre-included in the card and can be a lifesaver in an emergency. It provides fuel in an emergency, though on a chargeable basis, and benefits like towing, jump-start, and tyre change assistance are complementary. It is worth Rs. 1399 if purchased separately.
• 0 Forex Markup fees: Only a few cards available in the Indian market provide this feature, and that is in its super premium portfolio cards.
• Personal accidental cover worth Rs. 2 Lakhs and lost card liability worth Rs. 25000
• Fuel surcharge waiver up to Rs. 200 / month. However, this would not give any reward points.
• IDFC First Bank is known for its high fixed deposit rates. (Currently:7.5%)
• Guaranteed Increasing credit limit in a year.

Application process

Being a fixed deposit-backed credit card, you initially need an account with IDFC First Bank and book a fixed deposit of a minimum of Rs. 5000. The excellent part about the card is that up to 200% of the fixed deposit amount would be a credit limit of the card unlike other banks like HDFC / Indusind Bank that provides 90% of fixed deposit value as a credit limit.

For a fixed deposit of Rs. 5000, this is not a bad deal for a credit card on the Visa Infinite platform, whereas other banks issuing Visa Infinite credit cards charge a minimum of Rs. 4999+GST / year with high renewal fee waiver criteria.
There is no chance of rejection as this is a secured card.
It takes around 3-5 days for the WOW Credit card to be delivered via BlueDart without any CIBIL inquiry.

Final Thoughts

Pro Tips

Visa Infinite offer of WOW Credit card comes in handy on the BookMyShow BOGO offer and provides a proper capping of Rs. 500 for a free ticket and also offers free food worth Rs. 200.

Do not book an FD on WOW! credit card application page, as that might give an interest of 6.25%. Create an FD from the investments page and, after confirmation SMS / Email, proceed with a new card application.

 WOW! Credit card offers 20% discount across 1500+ restaurants, but this card does not offer cashback on dining spends. 

ZERO forex markup.