IDFC FIRST SWYP Credit Card
MyRupaya Ratings
Product Details
Credit Card Name :
IDFC FIRST SWYP Credit Card
Bank Name :
IDFC First Bank
Type :
Lifestyle Credit Card
Interest Rate :
The IDFC FIRST SWYP Credit Card is unique in that it doesn't charge a traditional interest rate. Instead, it uses a flat fee system for converting purchases above ₹2,500 into EMIs (Equal Monthly Installments).
Eligibility :
Age: 18-70 years old.
Citizenship: Indian resident.
Employment: Salaried or self-employed.
Credit Score: Minimum credit score varies depending on the variant of the card applied for. Typically, a score of 750 or above is preferred.
Income: Minimum income requirement varies depending on the variant of the card applied for. Generally, it starts from ₹25,000 per month.
Pros
Customers can activate UPI on their FIRST SWYP credit card.
Reward Points: Users will get 2 reward points per ₹150 spent on retail transactions, with accelerated points on various brands and categories.
Welcome Bonus: Users will get 1,000 reward points on their first transaction within 30 days of card issuance.
Complimentary Airport Lounge Access: Enjoy 4 complimentary domestic airport lounge accesses per year with the higher variant of the card.
Easy EMI Conversion: Convert purchases into EMIs at attractive interest rates.
Partner Offers: Get discounts and benefits on dining, entertainment, travel, and more with partner brands.
Fuel Surcharge Waiver: Enjoy 1% fuel surcharge waiver on transactions at petrol pumps.
Milestone Benefits: Reach spending milestones to unlock additional reward points and benefits.
Cons
Lower Reward Rate: Compared to some premium cards, the base reward rate of 2 points per ₹150 is average.
Limited Lounge Access: The free lounge access is only available with the higher variant of the card.
Foreign Markup Fee: A 3.5% fee applies to international transactions.
Late Payment Charges: Late payment fees and interest charges can be high if not paid on time.
Credit Score Impact: Applying for and using the card can impact your credit score.
Pros & Cons
Welcome Benefits
Free Lenskart Gold Membership on payment of joining fees
Get 1,000 Reward Points on 1st successful EMI transaction within first 30 days from card issuance
Unlock a complimentary 1-year Times Prime Membership on net spends of ₹30,000 or more within the first 90 days of card issuance.
Rewards System
Earn 1 Reward Point for every ₹1 spent on all transactions.
Earn 100 Reward Points on monthly UPI spends of ₹5,000 or more (excluding fuel and rent transactions).
5% cashback (up to ₹1,000) on the transaction value of the first EMI done within 30 days of card generation.
Effective Cashback Rate: 2.5%
International Forex Markup
3.5%
Welcome Benefits and Reward System
Special Features
The IDFC FIRST SWYP Credit Card is unique in that it doesn't charge a traditional interest rate.
Eligibility Criteria
Age: 18-70 years old.
Citizenship: Indian resident.
Employment: Salaried or self-employed.
Credit Score: Minimum credit score varies depending on the variant of the card applied for. Typically, a score of 750 or above is preferred.
Income: Minimum income requirement varies depending on the variant of the card applied for. Generally, it starts from ₹25,000 per month.
Benefits
Customers can earn Reward Points for online as well as offline purchases and can redeem them for gift vouchers, flight and hotel bookings, and EMI Conversions.
Other Benefits provided, include- Airport Lounge Access, Referral Programs, and additional rewards on monthly spending of INR 5000, INR 10,000, and INR 15,000.
Speical Feature, Eligibility and Benefits
How to apply for Credit Card?
Visit the IDFC FIRST Bank website or app.
Choose "Apply for Credit Card" and select the FIRST SWYP variant.
Fill out the online application form with details like your name, contact information, income, and employment.
Upload scanned copies of the required documents (PAN card, address proof, income proof).
Apply and wait for processing.
Contact Details
1800 10 888
Account Opening and Procedure
Recommended Credit Cards
Pros:-
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Cons:-
Customers can activate UPI on their FIRST SWYP credit card.
Reward Points: Users will get 2 reward points per ₹150 spent on retail transactions, with accelerated points on various brands and categories.
Welcome Bonus: Users will get 1,000 reward points on their first transaction within 30 days of card issuance.
Complimentary Airport Lounge Access: Enjoy 4 complimentary domestic airport lounge accesses per year with the higher variant of the card.
Easy EMI Conversion: Convert purchases into EMIs at attractive interest rates.
Partner Offers: Get discounts and benefits on dining, entertainment, travel, and more with partner brands.
Fuel Surcharge Waiver: Enjoy 1% fuel surcharge waiver on transactions at petrol pumps.
Milestone Benefits: Reach spending milestones to unlock additional reward points and benefits.
Lower Reward Rate: Compared to some premium cards, the base reward rate of 2 points per ₹150 is average.
Limited Lounge Access: The free lounge access is only available with the higher variant of the card.
Foreign Markup Fee: A 3.5% fee applies to international transactions.
Late Payment Charges: Late payment fees and interest charges can be high if not paid on time.
Credit Score Impact: Applying for and using the card can impact your credit score.
The IDFC FIRST SWYP Credit Card is a good choice for individuals who, Prefer avoiding interest charges and are comfortable with managing their spending responsibly.
Make large purchases occasionally and can benefit from flexible EMI options.
Value additional benefits like lounge access and discounts. However, if you Need revolving credit for unexpected expenses and prioritize diverse reward options, you should check other cards available in the market
IDFC First SWYP Credit Card
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Fees & Charges
Joining fee: ₹199 + GST
Annual fee (2nd year onwards): ₹199 + GST
Late payment fee: Up to ₹1000 + 2.5% of the outstanding amount, whichever is higher
Minimum payment fee: 5% of the outstanding amount or ₹100, whichever is higher
Cash advance fee: 2.5% of the amount withdrawn with a minimum of ₹250
Foreign currency markup fee: 3.5%
Over-limit fee: ₹200 + 2% of the over-limit amount
Balance transfer fee: 1% of the amount transferred, with a minimum of ₹250 and a maximum of ₹3,000
Fuel Surcharge
1% fuel surcharge waiver up to ₹200 p.m.
Billing Cycle
30 Days