IDFC First Bank launches Mayura and Ashva credit cards

IDFC First Bank has been in the Credit Card business since 2021. It started by issuing lifetime-free credit cards, then added a paid credit card in IDFC Bank Club Vistara Credit Card. Now, the bank has launched more credit cards that are paid.

IDFC First Bank launches Mayura and Ashva Credit Cards

IDFC First Bank has launched two new credit cards, Mayura and Ashva. As you will note, the bank went over to references from old-school Indian royalty and branded them accordingly. The two cards are paid cards, but they address different markets. Ashva focuses on mid-tier customers, and Mayura focuses on the affluent segment. Let’s take a look at both the cards.

IDFC First Mayura Credit Card

The IDFC First Mayura Credit Card is the most expensive credit card from IDFC First Bank at the moment, and it is issued on the MasterCard platform in a metal form factor (also available in Plastic if needed). In its selling points, the card touts everything that credit card bloggers and social media talk about holding on to such a credit card, such as its 17-gram weight. The card, no doubt, is an eye-catcher. Here are some of the features of the credit card:

Joining Benefit: On payment of the joining fee (INR 5999+GST), you will receive a cashback of INR 1,000 for up to four transactions worth INR 1,000 or more, completed using your credit card within 60 days of card generation.
Points Earning: IDFC Bank’s reward points are worth INR 0.25 per point earned. The Card grants 5 Reward points/INR 150 spent up to INR 20,000 in a statement cycle (0.83% Returns). After INR 20,000 spent in a statement cycle, the card doubles the rewards earning to 10 Reward points/INR 150 spent (1.66% Returns). The 10 points/INR 150 spent also extend to the day of your birthday. Reward points don’t expire.
- Some categories such as Education, Wallet Load, Government, Rent and Property Management/Purchase transactions earn 3 points/INR 150 spent (0.50% Returns). Categories such as utilities and insurance transactions earn 1 point/INR 150 spent (0.16% Returns). Spends in these categories will not be considered for the 10X monthly milestone. Reward points on spending converted to EMI, Cash Withdrawal, Fuel, Fees and Charges will not be given.
Forex Markup: The Credit Card offers zero forex markup on physical swipes abroad or online spending in currencies that is not Indian.
Lounge Access: The Mayura CC offers four complimentary visits to lounges and spas at airport terminals in India (per quarter). Four complimentary visits to international airport lounges are also included per quarter. In addition, one guest visit (per quarter) to Indian airport lounges is included in the overall benefit. A spend of INR20,000 or more in a calendar month earns the lounge benefit in the next calendar month. You also get access to Railway lounges with the card.
Golf Privileges: In association with MasterCard, the card provides four complimentary golf rounds and 12 golf lessons per calendar year (not more than 1 round/lesson in a single calendar month). Additionally, you can avail yourself of up to 2 rounds/lessons monthly. Each round/lesson is unlocked for every INR 20,000 spent in the previous statement cycle.
Annual Milestone: You receive 7,500 reward points when you cross INR 8,00,000 in spending in a membership year or 15,000 reward points when you cross INR 15,00,000 in spending in a card anniversary year. The reward points will be credited upon paying the annual fee for the following year.
Trip Cancellation for Any Reason: With this plan, IDFC FIRST Credit Cardholders can receive reimbursement for Hotel/Flight cancellation for bookings done on their Mayura Credit Card for the non-refundable amount (up to INR 25,000 each) twice a year.

Special Offer through August 31, 2024: IDFC First Bank is also promoting a special offer, where, if you apply for the Mayura Credit Card through August 31, 2024, you get an additional 10,000 points, worth INR 2,500. Effectively, the card fee for the first year becomes INR 579 once you account for the joining cashback and the 10,000 additional points, which can be offset for a statement credit.

Apply for the IDFC First Bank Mayura Credit Card

Existing bank cardholders will be guaranteed approval, subject to the fact that their limit will be a floating limit shared across their credit cards.

IDFC First Ashva Credit Card

The IDFC First Ashva Credit Card is issued on the Visa Infinite platform in a metal form factor. This card is also an eye-catcher but does not top the blue, which indicates royalty in the case of the Mayura. Here are some of the features of the credit card:

Joining Benefit: On payment of the joining fee (INR 2999+GST), you will receive a cashback of INR 500 for up to four transactions worth INR 500 or more, completed using your credit card within 60 days of card generation.
Points Earning: IDFC Bank’s reward points are worth INR 0.25 per point earned. The Card grants 5 Reward points/INR 150 spent up to INR 20,000 in a statement cycle (0.83% Returns). After INR 20,000 spent in a statement cycle, the card doubles the rewards earning to 10 Reward points/INR 150 spent (1.66% Returns). The 10 points/INR 150 spent also extend to the day of your birthday. Reward points don’t expire.
- Some categories such as Education, Wallet Load, Government, Rent and Property Management/Purchase transactions earn 3 points/INR 150 spent (0.50% Returns). Categories such as utilities and insurance transactions earn 1 point/INR 150 spent (0.16% Returns). Spends in these categories will not be considered for the 10X monthly milestone. Reward points on spending converted to EMI, Cash Withdrawal, Fuel, Fees and Charges will not be given.
Lounge Access: The Ashva CC offers four complimentary visits to lounges and spas at airport terminals in India (per quarter). Two complimentary visits to international airport lounges are included per quarter. A spend of INR20,000 or more in a calendar month earns the lounge benefit in the next calendar month. You also get access to Railway lounges with the card.
Annual Milestone: You receive 7,500 reward points when you cross INR 8,00,000 in spending in a membership year. The reward points will be credited upon paying the annual fee for the following year.
Trip Cancellation for Any Reason: With this plan, IDFC FIRST Credit Cardholders can receive reimbursement for Hotel/Flight cancellation for bookings done on their Ashva Credit Card for the non-refundable amount (up to INR 25,000 each) twice a year.

Special Offer through August 31, 2024: IDFC First Bank is also promoting a special offer, where, if you apply for the Ashva Credit Card through August 31, 2024, you get an additional 5,000 points, worth INR 1,250. Effectively, the card fee for the first year becomes INR 289 once you account for the joining cashback and the 10,000 additional points, which can be offset for a statement credit.

Apply for the IDFC First Bank Ashva Credit Card

Existing bank cardholders will be guaranteed approval, subject to the fact that their limit will be a floating limit shared across their credit cards.

Bottomline

IDFC First Bank has launched some credit cards that intend to capitalise on current trends: Metal Credit Cards. Mayura is pegged at the top of the product paradigm (behind the invite-only Private Card), and Ashva follows right after. The Mayura Credit Card has some good differentiators, such as zero foreign exchange charges.

What do you think of the IDFC First Bank Mayura and Ashva Credit Cards?

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