IDFC FIRST SWYP Credit Card: A Smarter Way to Manage Your Daily Expenses
- Pratibha Sharma
- Aug 21
- 7 min read
In today's blog, we will provide you with information about the IDFC First SWYP Credit Card, specifically its welcome benefits, cashback rate, and more. For more information, read below:
The IDFC FIRST SWYP Credit Card is designed for people who want flexibility and value in their everyday spending. Unlike traditional credit cards, SWYP focuses on giving cardholders more control over their payments. It allows you to convert purchases or even your outstanding balance into easy monthly instalments, starting from just INR 2,500. Instead of paying interest, you only pay a small processing fee, making it simple to manage expenses without stress.
The card also comes with a wide range of lifestyle benefits. It provides instant discounts on food delivery, dining, shopping, and travel through popular platforms like Zomato, Domino’s, EaseMyTrip, and TATA CLiQ. Entertainment is also covered, as cardholders get buy-one-get-one offers and savings on movie tickets. For train travellers, the card gives complimentary railway lounge access every quarter, adding comfort to long journeys.
New users are welcomed with extra rewards. These include bonus reward points, discount vouchers, and memberships such as Lenskart Gold. Together, these benefits make the starting experience more rewarding. In addition, the card offers a referral program. When you refer friends, you can earn cashback, annual fee waivers, or even additional lounge visits, depending on how many people sign up.
New Feature for Users:
Banks and fintech issuers in India have begun offering dual‑network credit card solutions, a setup that pairs an international network (Visa or Mastercard) with a domestic UPI-enabled network (RuPay). This means you get broad global acceptance via Visa/Mastercard and seamless QR-based payments in India through RuPay, all under a single credit limit and monthly statement. Crucially, this is not a mandate from the RBI but a product-driven innovation by banks responding to newer RBI guidelines that promote customer choice of network.
On March 6, 2024, RBI directed that credit card issuers must offer customers the option to choose their card network—Visa, Mastercard, RuPay, etc., at the time of issuance or renewal. Banks can no longer enter exclusive agreements that restrict networks. However, RBI did not require banks to issue dual‑network cards; these are strategic offerings created by the banks themselves.
Launch Dates & Examples
Bank / Issuer | Launch Date | Product Highlight |
Scapia (Fintech) + Federal Bank | June 12, 2025 | Offers a dual‑network card pairing Visa (physical/international) with RuPay (digital/UPI), under one account and statement. |
IDFC FIRST Bank – IndiGo Co-branded Credit Card | August 18, 2025 | Launch of the IndiGo IDFC FIRST Credit Card: you receive both Mastercard and RuPay cards, issued together but linked under one credit limit, ideal for global and UPI use. |
How This Benefits Users
Global + Domestic Convenience
Use Mastercard or Visa for seamless international acceptance.
Use RuPay for UPI payments at 60 million+ merchants across India, just scan and pay.
Single Credit Limit / Statement
No juggling between cards. One limit, one due date, one statement.
Travel and Rewards
Products like the IndiGo card offer low forex markup, loyalty rewards (BluChips), and travel benefits via FD-backed fee waiver.
Cost Efficiency
Avoid FX markup through RuPay when paying domestically, and benefit from travel insurance/lounges via the international card.
Simplicity and Modern Experience
Scan QR codes for payments, no swiping terminals required. RuPay UPI integration ensures frictionless digital payments.
How to Use the Feature
Get Your Credit Card
You may have a Visa/Mastercard physical card (e.g., HDFC, SBI, Axis, ICICI, IDFC, etc.).
Activate Digital RuPay Add-On
In your bank’s mobile app, choose “Get Digital RuPay Credit Card”.
A RuPay companion card is issued, linked to the same limit as your main card.
Link to UPI
Open any UPI app (GPay, PhonePe, Paytm, BHIM).
Add the RuPay Credit Card → verify with OTP.
Make Payments
Scan any merchant QR in India or abroad → choose the RuPay credit card option → amount gets billed to your credit card statement.
No swipe machine needed.
Use Cases Outside India
Debit/Credit via International Network: Mastercard/Visa card works globally, are accepted at ATMs, POS, e-commerce portals, and for international travel.
UPI via RuPay Component: Primarily used for payments inside India via UPI. Abroad, UPI (including RuPay) is available in select countries, for instance, QR acceptance in places like France (Eiffel Tower), UAE, Singapore, via UPI Global rollout, depending on app support (GPay, PhonePe, etc.). But this depends on the destination merchant infrastructure and bank support.
Conclusion: Dual-network cards give you full coverage within India (cashless UPI + international card), and global reach via Mastercard/Visa abroad, efficient, consolidated, and traveler-friendly.
What Are The Welcome Benefits of IDFC First SWYP Credit Card?
Welcome Benefit: Users will get a free Lenskart Gold Membership on payment of the joining fees. Users can get 1,000 reward points on 1st successful EMI transaction within the first 30 days from card issuance. 2000 reward points on spending INR 5,000 or more within the first 30 days from card issuance, and discount coupons worth INR 2,100 from EaseMyTrip on payment of the joining fee.Movie benefits
What Is The Cashback Rate of the IDFC First SWYP Credit Card?
The value of 1 reward point is Rs. 0.25.
Users will get 200 reward points on a monthly spend of INR 5,000. Effective cashback rate: 1%.
Users will get 500 reward points on a monthly spend of INR 10,000. Effective cashback rate: 1.25%.
Users will get 1,000 reward points on a monthly spend of INR 15,000. Effective cashback rate: 1.67%.
100 reward points on monthly UPI spends of INR 5,000 or more (excluding fuel and rent transactions). Effective cashback rate: 0.50%
Movie Benefits
25% off up to Rs 100 on movie tickets.
Dining Benefits
Discounts and benefits on dining, entertainment, travel, and more with partner brands like Zomato, SUGAR Cosmetics, EaseMyTrip, Domino's.
Other Benefits
Users can enjoy 4 complimentary railway lounge accesses per quarter. Discounts and benefits on dining, entertainment, travel, and more with partner brands like Zomato, SUGAR Cosmetics, EaseMyTrip, and Domino's.
Lounge Access
Users can enjoy 4 complimentary railway lounge accesses per quarter.
Fees And Charges:
Joining fees: 199 + GST
Annual fees: 199 + GST
Cash advance fees: 2.5% of the amount withdrawn, with a minimum of INR 250
Late payment fees: NIL
Interest rate: Up to INR 1000 + 2.5% of the outstanding amount, whichever is higher.
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 INR 25,000 per month.
What Are The Pros And Cons Of Having an IDFC First SWYP Credit Card?
Pros:
Flexible & Affordable EMI Option:
You can convert purchases or even your outstanding balance above INR 2,500 into EMIs with just a small flat monthly fee. No interest charges involved.
Attractive Year-Round Discounts:
Enjoy discounts at popular brands like Domino’s, Zomato, EaseMyTrip, SUGAR Cosmetics, TATA CLiQ, and more, many of which can be used multiple times a month or quarterly.
Reward Points via Milestone Spending:
Earn milestone-based rewards: 200 points for INR 5,000 spend, 500 for INR 10,000, 1,000 for INR 15,000, and 400 points for INR 20,000 rent spending, all per month.
Useful Joining Benefits:
As a new cardholder, you can get Lenskart Gold membership, reward points, and coupons for flight/hotel booking sites like EaseMyTrip or MakeMyTrip, adding value early.
Railway Lounge Access:
Each quarter, enjoy complimentary access to railway lounges, making train travel more comfortable.
Cons:
Annual & Joining:
The card comes with a joining fee of around INR 499 + GST and a similar annual fee, which you need to consider against the rewards you expect to earn.
Reward Points Aren’t Incremental:
Milestone rewards are fixed; for example, spending INR 17,000 only earns you the 1,000-point tier, not cumulative.
Some Spending Excluded from Rewards:
Spending on utilities, fuel, and cash withdrawals generally does not qualify for milestone rewards.
UPI Benefits Require an Extra Fee:
To enjoy UPI-linked rewards, you must enable a digital RuPay card variant for an additional annual fee (INR 199), adding complexity and cost.
Conclusion:
The IDFC FIRST SWYP Credit Card is meant for people who like to keep their spending flexible while also enjoying small savings in daily life. Its most useful feature is the option to turn larger purchases into monthly instalments with a flat fee, instead of paying heavy interest. This makes it easier to handle expenses without losing control over finances.
The card charges an annual fee, but the benefits and discounts can easily offset it if you use the card actively. With flexible EMI conversion, lifestyle perks, and a variety of savings, the SWYP Credit Card stands out as a practical choice.
In short, the IDFC FIRST SWYP Credit Card brings flexibility, convenience, and value in one package. It is best suited for people who want a card that helps manage expenses easily while enjoying meaningful discounts and everyday privileges.
Along with this, the card offers handy benefits such as discounts on food delivery, shopping, travel, and movies. Railway travellers also get free lounge access a few times a year, which adds comfort on the go. New users receive welcome rewards and vouchers, while the referral program gives extra value when friends join.
On the other hand, the reward system is not very straightforward. You earn fixed milestone rewards only after spending a certain amount, and some transactions don’t qualify at all.
In the end, the SWYP Credit Card is great for those who want fixed payments, occasional discounts, and a few lifestyle perks. It may not be the best for people who chase maximum rewards, but for steady spenders looking for convenience and flexibility, it is a sensible and reliable choice.
If you want to know the unbiased AI score of IDFC First SWYP Credit Card, read their detailed review, click here
Comments