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IDFC FIRST Bank Millennia Credit Card: Features and Charges
The IDFC FIRST Bank Millennia Credit Card is a compelling offering in the Indian credit card market, designed to cater to the lifestyle needs of the young and digitally-savvy demographic. This card boasts a range of features and benefits, making it an attractive option for both everyday and occasional use. Here's an in-depth look at its features and charges.
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Key Features
1. *Welcome Benefits*
New cardholders are welcomed with a range of benefits that enhance the initial experience. The IDFC FIRST Bank Millennia Credit Card offers a welcome voucher worth ₹500 upon spending ₹15,000 within the first 90 days. Additionally, users receive a complimentary 1-year membership to Times Prime.
2. *Reward Points Program*
The card's reward points program is one of its standout features. Cardholders earn:
- 10X Reward Points on spends above ₹20,000 per billing cycle.
- 6X Reward Points on online purchases (excluding certain categories like insurance and utilities).
- 3X Reward Points on offline spends.
- 10X Reward Points on your birthday spends.
Reward points can be redeemed for a variety of options, including travel bookings, merchandise, and vouchers. The redemption process is straightforward, allowing users to easily access their rewards.
3. *Interest-Free Period*
The card offers an extended interest-free period of up to 48 days, giving cardholders ample time to repay their dues without incurring interest charges. This feature is particularly beneficial for those who prefer to carry a balance for short periods.
4. *Low Interest Rates*
One of the most attractive features of the IDFC FIRST Bank Millennia Credit Card is its competitive interest rates. Rates start as low as 0.75% per month (9% per annum), which is significantly lower than the industry standard. This makes it an excellent choice for those who might occasionally carry a balance.
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5. *Zero Annual Fee*
This credit card does not charge an annual fee, making it a cost-effective option for long-term use. Additionally, there are no joining fees, which enhances its appeal to new customers.
6. *Fuel Surcharge Waiver*
Cardholders can enjoy a 1% fuel surcharge waiver on fuel transactions between ₹200 and ₹5,000, capped at ₹200 per month. This benefit is particularly useful for frequent commuters.
7. *Airport Lounge Access*
The card provides 4 complimentary domestic airport lounge visits per quarter, enhancing travel comfort and convenience for frequent flyers.
Additional Benefits
*Easy EMI Conversion*
The IDFC FIRST Bank Millennia Credit Card allows users to convert their large purchases into easy EMIs at the point of sale or through the bank's app, providing financial flexibility.
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*Insurance Coverage*
Cardholders receive complimentary personal accident insurance and lost card liability coverage, adding an extra layer of security.
*Contactless Payments*
The card supports contactless payments, making transactions quicker and safer.
Charges
While the IDFC FIRST Bank Millennia Credit Card offers numerous benefits, it’s important to be aware of the associated charges:
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*Interest Charges*
Interest rates on revolving credit start as low as 0.75% per month, but can go up to 2.99% per month based on the user's credit profile and payment history.
*Late Payment Fees*
The late payment fee varies depending on the outstanding balance:
- Nil for balances up to ₹100.
- ₹100 for balances between ₹101 and ₹500.
- ₹400 for balances between ₹501 and ₹5,000.
- ₹500 for balances above ₹5,001.
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*Cash Advance Fee*
A cash advance fee of 2.5% of the transaction amount (subject to a minimum of ₹500) is charged on cash withdrawals.
*Foreign Currency Markup*
For international transactions, a foreign currency markup fee of 3.5% is applicable.
*Over Limit Charges*
If the cardholder exceeds the credit limit, an over-limit fee of 2.5% of the over-limit amount (subject to a minimum of ₹500) is charged.
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Conclusion
The IDFC FIRST Bank Millennia Credit Card is a well-rounded product that caters to the needs of young professionals and digital enthusiasts. With its comprehensive rewards program, low interest rates, and zero annual fees, it stands out as a highly attractive option in the market. While it offers substantial benefits, potential cardholders should carefully consider the associated charges and their spending habits to maximize the card’s advantages. Whether for daily transactions or special purchases, this card provides excellent value and convenience.
Apply online for your Lifetime Free IDFC First Bank credit card and enjoy best in class benefits and rewards
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