The launch of IDFC First WOW Credit Card was in the news for the last few months as it is another exclusive offering by the bank. In one of our earlier posts, we had converted all the features and benefits of this credit card, but the card wasn’t available to apply online at that time. The wait is finally over as the lifetime-free secured Wow Credit Card has been launched and you can now apply online for it via the IDFC First Bank’s official website.
If you are one of those who were waiting for the launch of this card, you might want to know the eligibility criteria, documentation, and application process for this credit card. With the help of this article, we will make you understand everything about what are the eligibility requirements and how you can apply for the IDFC First Bank’s Wow Credit Card. Continue reading for further information:
IDFC First Wow Credit Card – Key Features
As discussed earlier, the IDFC First Wow Credit Card is a lifetime free secured card, i.e, it is issued against a Fixed Deposit and has no annual membership charges. With a reward rate of 1% on all retail purchases, the card offers several benefits across different categories. Some of its key features are as mentioned below:
– Get 5% cashback (up to Rs. 1,000) on your first EMI transaction.
– 4 Reward Points on every spend of Rs. 100, where 1 RP = Re. 0.25. The Reward Points do not expire ever.
– 20% discount on dining across several participating restaurants.
– A personal accident cover worth Rs. 2 lakhs.
– A credit liability cover worth Rs. 25,000.
– No forex markup fee.
– Low-interest rates, i.e, from 0.99% to 3.5%.
Eligibility Criteria For The IDFC First Wow Credit Card
Though secured credit cards do not have very strict eligibility criteria like unsecured cards, there are some basic requirements that you need to fulfill in order to get approved for the IDFC First WOW Credit Card. The eligibility criteria for this card are given below:
- Age Requirements: The age of the applicant should be a minimum of 18 years.
- Residence: The applicant should be an Indian resident and must be residing in a city where IDFC First bank offers its products and services. One can confirm the same by contacting IDFC First Bank Credit Card customer care.
- Fixed Deposit: The applicant should have a fixed deposit with IDFC First Bank and the fixed deposit amount needs to be a minimum of Rs. 2,000. Moreover, the FD should be in one of these modes: re-invest/cumulative and auto-renewed.
- Apart from the above factors, the bank may have some additional internal policies based on which, your credit card application may be approved/rejected.
Other Important Points To Keep In Mind:
Along with the eligibility requirements, you should also be aware of the following things before you apply for the IDFC First WOW Credit Card:
– The Credit Limit on your Wow Credit Card will be equal to the amount of fixed deposit that you have opened with the bank. For example, if you have opened a fixed deposit of Rs. 1 lakh with the bank, you will get a credit limit of Rs. 1 lakh with the Wow Credit Card.
– You can not withdraw a partial amount from your fixed deposit. in order to close your FD amount, you will have to close your Wow Credit Card first.
How To Apply For The IDFC First Wow Credit Card?
One can apply for the IDFC First Bank Wow Credit Card online as well as offline as per their comfort. To apply online, you can visit IDFC Bank’s official website. Click on the option ‘All Cards’ under Credit Cards. Then choose the IDFC First Wow Credit Card and proceed further as instructed by the website. You can also contact the bank’s customer care by calling on the helpline number given on the top rightmost corner of your screen. They will help you with the application process if you find any difficulty.
You can also apply offline by visiting your nearest IDFC First Bank branch and filling out the physical application form there. Make sure to carry all the necessary documents, like your identity proof, address proof, etc, that will be required for opening your FD account as well as for the credit card application process.
The IDFC First Bank already offers a lot of exclusive credit cards and now this Wow Card seems to add much more value to the card issuer’s portfolio. If you are someone with no credit history or no income, this credit card would be a great choice for you as you get it just by opening a fixed deposit account of as low as Rs. 2,000 with the bank. Moreover, being a lifetime-free credit card is another great advantage. So, if you are finding it difficult to start your credit journey due to lack of credit history, you must check out the IDFC First Wow Credit Card and go for it if it seems to fulfill your requirements.