IDFC
IDFC FIRST SWYP Credit Card
This is an invite only card
Apply and get ₹750 Rewards
Top Benefits
Get 10% Off On Zomato up to ₹100
twice a month on orders above ₹299
Get 10% Off At Nykaa up to ₹500
once a month across Nykaa Beauty, Nykaa Men and Nykaa Fashion
Best For
Shopping
Online Food Ordering
Grocery Shopping
Travel
The IDFC First SWYP Credit Card is a youth-focused lifestyle card designed for people who want straig...
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The IDFC First SWYP Credit Card is a youth-focused lifestyle card designed for people who want straig...
The IDFC First SWYP Credit Card is a youth-focused lifestyle card designed for people who want straightforward rewards on their daily spending. If you frequently order food, watch movies, and pay through UPI, this card packs serious value for a minimal fee. The primary hook of this card is its milestone-based reward system. Instead of tracking complex point categories, you get guaranteed point dumps when you hit specific spending targets each month.
Priced at just Rs. 499 annually, this card pays for itself almost immediately. It is specifically built for millennials and Gen Z professionals who earn at least Rs. 20,000 per month and want discounts on popular apps like Zomato, Domino's, and District. What sets the IDFC SWYP card apart from its competitors is the unique fee waiver condition. Instead of forcing you to spend lakhs to waive the annual fee, you can get it waived simply by referring one friend successfully.
View FAQ
Commonly Asked Questions
Is the IDFC First SWYP Credit Card lifetime free?
No, the card is not lifetime free. It comes with a joining fee of Rs. 499 and an annual fee of Rs. 499 plus taxes. However, you can offset these costs easily through welcome vouchers and referral programs.
Is the IDFC SWYP a good credit card?
Yes, it is a great entry-level option. If you regularly use UPI, order from Zomato, and spend around Rs. 15,000 a month, you easily earn 1,000 reward points plus instant discounts on food and movies.
Who should apply for this card?
Young professionals and self-employed individuals aged 21 to 60 making at least Rs. 2.5 lakh a year should apply. It is perfect for those who want lifestyle benefits without paying a heavy premium fee.
What makes this different from other beginner cards?
Its milestone reward structure is totally different. Instead of earning 1 point per Rs. 100 spent, you earn bulk points like 2,000 Reward Points when you hit Rs. 30,000 in monthly spends, making it very rewarding for consolidated spending.
Expert Review
As a finance expert who has reviewed hundreds of credit cards, the IDFC First SWYP Credit Card stands out for its bold approach to beginner credit. I love the fact that the bank ditched the confusing "points per Rs. 100" model and went straight for monthly milestones. If you know you spend Rs. 15,000 or Rs. 30,000 a month on regular expenses, the guaranteed 1,000 or 2,000 points provide fantastic clarity. The UPI integration for RuPay variants is the cherry on top, letting you earn rewards on neighborhood street food and grocery runs.
However, the card is not without flaws. The 55.55% APR is one of the highest in the Indian market. If you are someone who carries a balance month to month, this card will severely penalize you with interest. Furthermore, the Rs. 99 reward redemption fee eats aggressively into your earnings. If you only hit the 500-point milestone (worth Rs. 125) and try to redeem it, the fee almost entirely wipes out your value.
My verdict? The IDFC SWYP is a stellar choice for responsible millennials who clear their bills in full every month and want dining discounts on Zomato and Domino's. If you use it as a lifestyle and UPI card while keeping your spends consolidated to hit milestones, it offers massive value for a tiny Rs. 499 fee.
Joining / Annual Fee
Joining Fees
₹589 ( ₹499 + GST )
Annual Fees
₹589 ( ₹499 + GST )
When choosing a credit card, the fee structure determines your net savings. The IDFC SWYP card keeps ...
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When choosing a credit card, the fee structure determines your net savings. The IDFC SWYP card keeps ...
When choosing a credit card, the fee structure determines your net savings. The IDFC SWYP card keeps things incredibly affordable. A one-time joining fee is charged at the time of card issuance. From the second year onwards, an annual renewal fee applies. Fortunately, the bank offers easy ways to recover or waive these charges entirely.
The joining fee is set at Rs. 499 plus GST. However, this is effectively offset immediately. By simply spending Rs. 5,000 in your eligible period, you get a Rs. 500 Amazon voucher. You also get a Lenskart Gold Max membership worth Rs. 800 just for paying the fee. This means you spend Rs. 499 but get Rs. 1,300 in value on day one.
The annual fee is also Rs. 499 plus GST. Most banks force you to spend Rs. 1 Lakh or more to waive annual fees. IDFC takes a unique approach: your annual fee is waived simply if you make 1 successful referral. If you do not want to refer anyone, you still win. Paying the annual fee unlocks a renewal benefit where you earn 2,000 Reward Points (worth Rs. 500) if you spend just Rs. 5,000 within 45 days of the fee levy.
View FAQ
Commonly Asked Questions
What are the joining fees for this card?
The one-time joining fee is Rs. 499 plus applicable GST, charged when your card is issued.
Can the joining fee be waived?
The fee itself is not waived, but it is heavily offset. You receive a Rs. 500 Amazon voucher and a Lenskart membership worth Rs. 800, which far exceeds the Rs. 499 cost.
What is the annual or renewal fee?
From the second year onwards, an annual fee of Rs. 499 plus GST is charged to your account.
Is there an annual fee waiver option?
Yes, the annual fee is completely waived if you make just 1 successful credit card referral during the year.
What happens if I don't refer anyone?
If you do not make a referral, you pay the Rs. 499 fee. However, if you spend Rs. 5,000 within 45 days of the fee being levied, you get 2,000 Reward Points worth Rs. 500, effectively refunding your cost.
How can I get this card lifetime free?
The card is not technically lifetime free. However, by referring one person every year, or by spending Rs. 5,000 after your renewal date, you ensure the card never costs you any net money.
From when is the annual fee charged?
The annual fee is charged 12 months after your card activation, on your card anniversary month.
Do I get the Lenskart membership every year?
The complimentary Lenskart Gold Max Membership (worth Rs. 800) is given as a welcome benefit upon paying your initial joining fee. The membership is a one-time welcome benefit; subsequent renewals are available at standard rates or through periodic bank promotions.
Eligibility
Age
Criteria*
18-65 years
Salary
Criteria*
3LPA
Credit
Rating*
700+
New to credit
allowed
No
Existing Bank
Customer Allowed
Yes
Getting approved for the IDFC First SWYP Credit Card is a smooth process if you meet the basic requir...
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Getting approved for the IDFC First SWYP Credit Card is a smooth process if you meet the basic requir...
Getting approved for the IDFC First SWYP Credit Card is a smooth process if you meet the basic requirements. The bank has kept the barriers to entry relatively low, making it an excellent choice for young professionals, fresh graduates, and small business owners.
To apply, the primary cardholder must be between 21 and 60 years of age. The card is open to both salaried employees and self-employed individuals. The most crucial factor is your income. You need a minimum annual income of Rs. 2.5 Lakhs (which equals roughly Rs. 20,000 per month). Because this is a beginner-friendly limit, almost anyone with a stable starter job can qualify.
You also need a decent credit history. The bank requires a minimum CRIF score of 720. If your score is above 720 and your monthly income is over Rs. 20,000, your chances of approval are very high.
View FAQ
Commonly Asked Questions
What is the minimum age to apply for this card?
The primary cardholder must be at least 21 years old at the time of application.
What is the maximum age limit for the primary cardholder?
The upper age limit to apply for the IDFC SWYP card is 60 years.
What is the minimum salary required for salaried applicants?
Salaried individuals need a minimum annual income of Rs. 2.5 Lakhs. That means a monthly salary of roughly Rs. 20,833 is enough to qualify.
Can self-employed individuals apply for this card?
Yes, both salaried and self-employed professionals are eligible to apply, provided they meet the income and age criteria.
What is the minimum annual income for self-employed applicants?
Just like salaried applicants, self-employed individuals must show a minimum annual income of Rs. 2.5 Lakhs.
What credit score is needed for approval?
A minimum CRIF credit score of 720 is required to be eligible for this credit card.
Will my application be rejected if my credit score is below 720?
While a score of 720 is the official requirement, having a lower score increases your chances of rejection. However, the bank evaluates your overall profile, including income.
Can students apply for this card?
Students can apply only if they are over 21, have a steady income of at least Rs. 2.5 LPA, and possess a credit score of 720 or higher. Otherwise, they will not qualify.
Do I need an existing IDFC FIRST Bank account?
No, you do not need a prior banking relationship with IDFC FIRST Bank to apply, though having one might speed up the approval process.
All Card Benefits
- Monthly milestone reward points (total, not incremental): 200 RP on ₹5,000; 500 RP on ₹10,000; 1,000 RP on ₹15,000; 2,000 RP on ₹30,000; 4,000 RP on ₹60,000 eligible spends per statement cycle
- Reward points on cumulative rental and utility spends of ₹20,000 or more per billing cycle
- 100 reward points on every ₹5,000 UPI spends per statement month (requires FIRST Digital RuPay UPI Credit Card at ₹199/year)
- From 2nd year onwards, 2,000 reward points on spending ₹5,000 within 45 days of annual fee levy
- 4 complimentary railway lounge visits per quarter, subject to ₹20,000 spend in the previous calendar month
Welcome Benefits
Getting started with the IDFC SWYP card puts money back in your pocket right away...
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Welcome Benefits Getting started with the IDFC SWYP card puts money back in your pocket right away...
Welcome Benefits
Getting started with the IDFC SWYP card puts money back in your pocket right away. Once you pay your joining fee and make your first moves with the card, the bank rewards you with benefits that completely cover your initial cost.
- You receive a Rs. 500 Amazon voucher when you spend Rs. 5,000 within the eligible period as a new cardholder.
- You get a complimentary Lenskart Gold Max Membership valid for 1 year, which is worth Rs. 800, just for paying the joining fee.
- If you convert a purchase into an EMI within 30 days of paying your joining fee, you earn a bonus of 1,000 Reward Points.
- The bank also provides various travel discount coupons upon joining.
If you add up the Amazon voucher and the Lenskart membership, you receive Rs. 1,300 in value. This easily covers the Rs. 499 joining fee and leaves you with a solid profit in month one.
Reward Points Structure
The IDFC SWYP card uses a milestone reward system. The more you spend in a billing cycle, the more points you get. These points are total, not incremental. This means if you hit a tier, you get the points assigned to that tier exactly.
- Spend Rs. 5,000: Earn 200 Reward Points
- Spend Rs. 10,000: Earn 500 Reward Points
- Spend Rs. 15,000: Earn 1,000 Reward Points
- Spend Rs. 30,000: Earn 2,000 Reward Points
- Spend Rs. 60,000: Earn 4,000 Reward Points
The card also offers specific bonuses for utility and UPI users. If you link your RuPay variant to a UPI app, you earn 100 Reward Points for every Rs. 5,000 spent via UPI in a statement month. Additionally, if your combined rental and utility spending crosses Rs. 20,000 in a billing cycle, you receive a flat 400 Reward Points.
To understand the value, remember that 1 Reward Point equals Rs. 0.25. If you spend Rs. 30,000 in a month, you get 2,000 points. That equals Rs. 500 in value, effectively giving you a 1.66% return on your monthly spending.
Dining and Entertainment Perks
This card shines when you want to eat out or order in. You get two distinct dining offers every month. First, you get 20% off at Domino's up to Rs. 80 on orders above Rs. 299, valid twice a month. Second, you get a 10% discount on Zomato up to Rs. 100, also valid twice a month.
For movie lovers, the card provides a 25% discount on movie tickets up to Rs. 100 on the District by Zomato app. If you use the Zomato offer twice for Rs. 200 savings, the Domino's offer twice for Rs. 160 savings, and the movie offer for Rs. 100 savings, you save Rs. 460 every single month just on weekend fun.
Travel and Lounge Access
If you travel occasionally by train or domestic flights, the SWYP card has your back. While it does not offer airport lounge access, it provides an impressive 4 complimentary railway lounge visits every quarter. That is 16 free railway lounge visits a year.
For bookings, you get 10% off up to Rs. 500 on domestic hotels and flights through EaseMyTrip once a month. You also get up to 20% off on domestic hotels and flights on Goibibo once per category per month. For example, booking a Rs. 5,000 flight on EaseMyTrip saves you Rs. 500 instantly.
Fuel and Insurance Benefits
Commuters will appreciate the 1% fuel surcharge waiver available across all petrol pumps in India. The maximum waiver you can get is Rs. 200 per month. To hit this Rs. 200 cap, you would need to spend Rs. 20,000 on fuel. Keep in mind that while you save on the surcharge, fuel transactions do not earn reward points.
The card also provides complimentary professional roadside help. If you ever have a flat tyre or a sudden car issue while driving, you can call for assistance without paying hefty emergency fees.
View FAQ
Commonly Asked Questions
How do I qualify for the Rs. 500 Amazon welcome voucher?
You need to spend a minimum of Rs. 5,000 within the specified eligibility period after receiving your new card. Once you hit this target, the voucher is sent to your registered contact details.
When will I receive the Lenskart Gold Max Membership?
You receive the Lenskart membership, worth Rs. 800, upon successful payment of your joining fee. Activation details are sent via SMS or email within 48 hours of payment.
How do I get the 1,000 bonus Reward Points?
You must convert your first transaction into an EMI within 30 days of paying your joining fee. The 1,000 bonus points will then be credited to your rewards account.
What is the total value of the welcome benefits?
Between the Rs. 500 Amazon voucher and the Rs. 800 Lenskart membership, you get Rs. 1,300 in guaranteed value. This does not even include the bonus points or travel coupons.
What is the standard reward rate on this card?
The card uses milestone points instead of standard per-transaction rates. If you hit the Rs. 15,000 milestone for 1,000 points, your effective reward rate is 1.66%.
What is the value of 1 reward point in rupees?
Each reward point is valued at Rs. 0.25. This means you need 4 points to equal Rs. 1. If you earn 4,000 points, you have Rs. 1,000 in value.
Are the milestone reward points incremental?
No, they are total. If you spend Rs. 15,000, you get exactly 1,000 points for that statement cycle. You do not get 200 plus 500 plus 1,000.
Do I earn points on UPI payments?
Yes, if you have the RuPay variant, you earn 100 Reward Points for every Rs. 5,000 you spend via UPI in a statement month. This is worth Rs. 25.
How do rent and utility rewards work?
Standard transactions for rent and utilities are excluded from regular rewards. However, if your cumulative rent and utility spends exceed Rs. 20,000 in a billing cycle, you get a special bonus of 400 Reward Points.
Do I earn points on fuel purchases?
No, fuel spends are completely excluded from earning reward points. They do not count toward your monthly milestones either.
What other categories are excluded from earning rewards?
You will not earn points on insurance premiums, government services, wallet loads, EMI transactions, cash withdrawals, or cancelled transactions.
What is the renewal benefit?
From your second year onwards, you earn 2,000 Reward Points if you spend Rs. 5,000 within 45 days of the annual fee levy. This equals Rs. 500, effectively reimbursing your annual fee.
How much are 2,000 Reward Points worth?
Since 1 point equals Rs. 0.25, 2,000 Reward Points are worth exactly Rs. 500. This is a great way to offset fees or reduce your credit card bill.
Can I earn multiple UPI bonuses in a month?
Yes, for every block of Rs. 5,000 spent on UPI, you earn 100 points. If you spend Rs. 15,000 on UPI, you earn 300 points, which is worth Rs. 75.
How much can I save on Zomato orders?
You get 10% off up to Rs. 100 per order, valid twice a month. To get the maximum Rs. 100 discount, your food order needs to be Rs. 1,000.
What is the Domino's pizza offer?
You receive a 20% discount up to Rs. 80, but your minimum order must be Rs. 299. You can use this offer twice per month.
Does this card offer free movie tickets?
No, it does not offer free tickets. Instead, you get a 25% discount on movie tickets up to a maximum of Rs. 100 through the District by Zomato app.
Do I need a promo code for dining discounts?
The discount is auto-applied when you use your IDFC SWYP card at checkout on Zomato, Domino's, or the District app, but check the app for specific bank offer codes.
Does this card offer airport lounge access?
No, the IDFC SWYP card does not offer any complimentary airport lounge benefits.
How many railway lounge visits do I get?
You get 4 complimentary railway lounge visits per quarter. This is a massive benefit for frequent train travelers, giving you 16 free visits annually.
How much can I save on EaseMyTrip?
You get a 10% discount up to Rs. 500 on domestic flights and hotels, valid once per month. To max this out, you would need to book a ticket worth Rs. 5,000.
What is the travel offer on Goibibo?
You get up to 20% off on domestic hotels and flights, valid once per category every month. The maximum discount on Goibibo ranges from Rs. 500 to Rs. 1,500 depending on the specific flight or hotel booking.
Do I earn reward points when buying petrol?
No, fuel spends are strictly excluded from earning reward points, but you do get a surcharge waiver.
What is the maximum fuel surcharge waiver per month?
You can get a maximum of Rs. 200 waived per month. This 1% waiver applies at any petrol pump across India.
What does the roadside assistance cover?
Coverage includes flat tyre changes, minor roadside repairs, and towing up to 50 km from the breakdown location.
Is there a minimum fuel transaction amount for the waiver?
The 1% surcharge waiver applies to transactions between Rs. 400 and Rs. 4,000 across all petrol pumps.
Milestone Benefits
2400 reward points(Worth ~ ₹600)
Spend ₹5,000 in 30 days
6000 reward points(Worth ~ ₹1,500)
Spend ₹10,000 in 30 days
12000 reward points(Worth ~ ₹3,000)
Spend ₹15,000 in 30 days
2000 reward points(Worth ~ ₹500)
Spend ₹30,000 in 365 days
4000 reward points(Worth ~ ₹1,000)
Spend ₹60,000 in 365 days
How to Redeem Rewards & Cashback?
Rewards Conversion Rate
1 Reward Point = ₹0.25
Redemption Options
- FIRST Rewards Gallery
- IDFC FIRST Bank app
To check redemption catalogue
Earning rewards is only fun if you can easily spend them. IDFC FIRST Bank has built a very flexible r...
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Earning rewards is only fun if you can easily spend them. IDFC FIRST Bank has built a very flexible r...
Earning rewards is only fun if you can easily spend them. IDFC FIRST Bank has built a very flexible redemption ecosystem. You do not have to worry about complicated conversions; the math is straightforward.
Every 1 Reward Point you earn is equal to Rs. 0.25. So, if your monthly spending hits the Rs. 30,000 milestone and you earn 2,000 Reward Points, you have exactly Rs. 500 sitting in your account. You can redeem these points through the IDFC FIRST app. Your options include using them for travel bookings, shopping directly on the app, or adjusting them against your credit card statement balance. Statement credit is usually the best choice because it acts like direct cashback.
There is a catch to watch out for: a reward redemption handling fee of Rs. 99 plus GST is charged every time you submit a redemption request. Because of this fee, it is smarter to let your points accumulate over a few months rather than redeeming small amounts frequently.
View FAQ
Commonly Asked Questions
How do I redeem the reward points I have earned?
Log into your IDFC FIRST mobile app, navigate to the rewards section, select your preferred redemption option, and confirm. You can also visit https://firstrewards.in/.
What is the exact value of 1 reward point?
1 Reward Point = Rs. 0.25. Therefore, it takes 4 reward points to make 1 Rupee.
Can I use my points to pay my credit card bill?
Yes, you can redeem your points for statement credit. For example, 4,000 points will reduce your outstanding bill by Rs. 1,000.
Is there a fee for redeeming my rewards?
Yes, a reward redemption handling fee of Rs. 99 plus applicable GST is charged per redemption request, regardless of how many points you redeem.
What can I redeem my reward points for?
You can redeem points for travel bookings, online shopping vouchers, products from the rewards catalogue, or direct statement credit.
Do my reward points expire?
Reward points on the SWYP card never expire, allowing you to accumulate them for as long as you maintain an active card account.
When do milestone points reflect in my account?
Milestone points are calculated and credited to your rewards account at the end of your monthly statement cycle.
What happens if I close my card before redeeming points?
Any unredeemed reward points will be permanently forfeited if you close your credit card account. Always redeem your points before initiating a closure request.
Gift card - Key Terms
Once you apply, we will start tracking your application
Generally takes 2-72 hrs
Once the bank confirms us of your successful card activation, we will process your rewards
Generally takes 7-75 days
You can then withdraw your rewards via Amazon Pay Balance/Flipkart gift cards
Generally takes 7-75 days
Note: If you currently hold or have ever held an IDFC Credit Card, you are not eligible for CashKaro Rewards.
Rewards Related
- If you currently hold or have ever held an IDFC Credit Card, you are not eligible for Gift Card
- A minimum transaction of Rs.100 within 30 days is mandatory to activate your card; otherwise, you wont be eligible for the Rewards
- Please use Aadhaar linked mobile number to fill the application
- If the distance between your residence and office addresses is 150 km or more, please ensure that your residence is selected as the mailing address. Applications not adhering to this will be rejected
- VKYC done over 50km from your Aadhaar/communication address will result in application rejection and loss of Rewards
Also, Remember
- Resume your application only via Great.Cards to avoid losing Rewards
- If your Rewards do not track, raise a Missing Rewards Ticket within 30 Days from the application date
- Rewards can only be redeemed as Amazon Pay Balance and Flipkart Gift Card
Bank Exclusions
You will not earn points / cashback on spends in the following categories
For Points / Cashback Earnings
Fuel
Insurance
Government Spends
Wallet Load
EMI Transactions
Cash Advances
Jewellery
Education Fees
For Spends Waiver
Fuel
Insurance
Government Spends
Wallet Load
EMI Transactions
Cash Advances
Jewellery
Education Fees
Credit cards do not reward every single type of transaction. Banks exclude specific merchant categori...
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Credit cards do not reward every single type of transaction. Banks exclude specific merchant categori...
Credit cards do not reward every single type of transaction. Banks exclude specific merchant categories to prevent abuse and manage costs. If you swipe your IDFC SWYP card in these categories, the transaction will process successfully, but you will earn zero reward points, and the spent amount will not count toward your monthly milestone targets.
The explicit exclusions for this card include Fuel Spends, Insurance Spends, Government Services, Wallet Loads, Utility Spends, EMI Transactions, Cash Withdrawals, and Cancelled or Reversed Transactions.
Let's look at a practical example. If you spend Rs. 10,000 on shopping and Rs. 5,000 on loading an Amazon Pay wallet, your eligible spend for the month is only Rs. 10,000. You will earn the 500 point milestone. The Rs. 5,000 wallet load is completely ignored for rewards.
Note: While standard utility and rent payments are excluded from regular rewards, there is a special milestone just for them. If your cumulative rent plus utility spends cross Rs. 20,000 in a billing cycle, you get a flat 400 Reward Points.
View FAQ
Commonly Asked Questions
Which transactions do not earn rewards on this card?
Fuel, insurance, government services, wallet loads, regular utility spends, EMI conversions, cash withdrawals, and reversed transactions do not earn regular points.
Are fuel transactions excluded from earning rewards?
Yes, fuel transactions earn zero points. However, they do qualify for a 1% surcharge waiver up to Rs. 200 per month.
Do wallet top-ups earn milestone points?
No, adding money to digital wallets like Paytm, Mobikwik, or Amazon Pay is fully excluded and will not count toward your monthly spend milestones.
Does paying rent with this card earn reward points?
Regular points do not apply to rent. However, if your total rent and utility spends exceed Rs. 20,000 in a month, you get a bonus of 400 Reward Points.
Are insurance premium payments excluded from rewards?
Yes, paying life, health, or vehicle insurance premiums with this card will not accumulate any reward points or count toward your milestones.
What happens if an online transaction is cancelled or reversed?
If you cancel an order and the merchant refunds the money, that transaction is reversed. Any milestone points calculated based on that spend will be deducted from your account.
Do EMI transactions count toward my monthly milestones?
No, transactions converted into EMIs are excluded from your regular monthly milestone calculations.
Bank Fee Structure
| Structure | Details |
|---|---|
Forex Markups  3.50% forex markup is charged on transactions made in currencies other than INR. Applies to international POS payments and online purchases charged in foreign currency. | 3.50% |
APR Fees Finance charges are not applicable on this card. The total amount due must be paid in full by the due date or converted to EMI before the payment due date | Not Applicable |
ATM withdrawal A ₹199 fee is charged per domestic cash withdrawal, with 0% interest until the due date (up to 45 days). | ₹199 |
Reward Redemption Fees A reward redemption handling fee of ₹99 plus applicable GST is charged per redemption request. | ₹99 |
Link for all T&Cs | Click Here |
Railway Surcharge 1% fee beyond ₹25,000 Passenger Railway spends per statement cycle; platform charges extra. | 1% |
Rent Payment Fees 1% of the transaction amount is charged as a fee on rent payment transactions, subject to applicable GST and platform charges | 1% |
cheque Payment Fees No cheque payment fee is charged | Not Applicable |
Cash Payment Fees No Cash payment fee is charged | Not Applicable |
| Late Payment Fees | Amount Due |
|---|---|
| ₹0 - ₹500 | ₹0 |
| ₹501 - ₹5,000 | ₹100 |
| ₹5,001 - ₹10,000 | ₹500 |
| ₹10,001 - ₹20,000 | ₹750 |
| Above ₹20,000 | ₹1,000 |
Understanding a credit card's fee structure is just as important as knowing its rewards. The IDFC Fir...
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Understanding a credit card's fee structure is just as important as knowing its rewards. The IDFC Fir...
Understanding a credit card's fee structure is just as important as knowing its rewards. The IDFC First SWYP Credit Card keeps its joining and annual costs remarkably low for the lifestyle segment, but it carries standard penalty and convenience fees that you must navigate carefully to avoid losing money.
Joining Fee: A one-time joining fee is charged at the time of card issuance as per the bank’s policy. The fee is Rs. 499 plus GST. However, this is effectively offset through a Rs. 500 Amazon voucher and a Lenskart Gold Max membership worth Rs. 800 when you meet the initial welcome criteria.
Annual or Renewal Fee: The annual fee is charged every year and may be waived if you meet the bank’s conditions. The fee is Rs. 499 plus GST. You can get this completely waived by making 1 successful credit card referral during the year. Alternatively, if you pay the fee, you can offset it by spending Rs. 5,000 within 45 days to earn 2,000 reward points (worth Rs. 500).
APR or Interest Rate: Finance charges of 3.75% per month (55.55% per annum) apply on unpaid outstanding balances until the amount is fully repaid. This is exceptionally high. For example, if you carry a Rs. 20,000 balance forward without paying the full bill, you will be hit with roughly Rs. 750 in interest charges for just one month.
Late Payment Charges: The bank applies late fees based on outstanding balances: Rs. 0 for dues under Rs. 100, Rs. 100 for Rs. 101-500, Rs. 500 for Rs. 501-1,000, Rs. 600 for Rs. 1,001-5,000, Rs. 750 for Rs. 5,001-10,000, Rs. 900 for Rs. 10,001-25,000, Rs. 1,100 for Rs. 25,001-50,000, and Rs. 1,300 for dues above Rs. 50,000. If your bill is Rs. 4,000 and you miss the due date, you pay a Rs. 600 penalty plus GST.
Foreign Transaction or Forex Markup Fee: A 3.5% forex markup is charged on transactions made in currencies other than INR. This applies to international POS payments and online purchases. For example, if you buy a software subscription worth USD 100 (approx. Rs. 8,300), the bank adds a 3.5% fee, costing you an extra Rs. 290.50.
ATM Cash Withdrawal Fee: 2.5% of the withdrawn amount is charged on cash advances using the credit card (minimum Rs. 500, if applicable). If you face an emergency and withdraw Rs. 10,000 from an ATM, you will instantly be charged a Rs. 500 fee, and interest will begin accumulating from day one.
Rent Payment Convenience Fee: 1% of the transaction amount is charged as a fee on rent payment transactions, subject to applicable GST and platform charges. If you pay Rs. 15,000 in rent through a third-party app, the bank will charge you an extra Rs. 150 plus GST. Since rent does not earn standard reward points, this transaction costs you money without providing returns.
Railway Surcharge: A railway booking surcharge of 1.80% for online transactions and 2.50% for other bookings is applied, with additional bank charges and taxes recovered at actuals. If you book a train ticket worth Rs. 2,000 on IRCTC, expect an added surcharge of Rs. 36.
Cash Payment Fee: A Rs. 100 + GST cash payment fee is charged per deposit. If you walk into an IDFC FIRST branch to pay your Rs. 5,000 credit card bill using physical cash, your next statement will reflect a Rs. 100 penalty. Always pay online via NEFT, UPI, or net banking to avoid this.
Cheque Payment Fee: No cheque payment fee is charged. You can drop a cheque at bank drop boxes without incurring a processing fee, though digital payments are much faster and safer.
Reward Redemption Fee: A reward redemption handling fee of Rs. 99 plus applicable GST is charged per redemption request. If you redeem 1,000 points for Rs. 250 in statement credit, you lose Rs. 116.82 (99 + 18% GST) to fees, netting you only Rs. 133.18. Always accumulate a large number of points before redeeming.
| Fee Type | Amount / Rate |
|---|---|
| Joining Fee | Rs. 499 + GST |
| Annual Fee | Rs. 499 + GST (Waived on 1 referral) |
| Interest Rate (APR) | 3.75% per month (55.55% annually) |
| Forex Markup | 3.5% of transaction amount |
| Cash Withdrawal Fee | 2.5% of amount (Min. Rs. 500) |
| Rent Payment Fee | 1% of transaction amount |
| Reward Redemption Fee | Rs. 99 + GST per request |
| Cash Payment Fee | Rs. 100 + GST per deposit |
| Railway Surcharge | 1.80% Online / 2.50% Offline |
View FAQ
Commonly Asked Questions
What are the joining fees for this card?
The joining fee is Rs. 499 plus GST. It is a one-time charge applied when the card is first issued to you.
What is the annual or renewal fee?
The annual renewal fee is Rs. 499 plus GST, charged from the second year onwards.
Is there an annual fee waiver based on spending?
Unlike most cards, this card does not waive the fee based on high spending. Instead, the annual fee is waived if you make 1 successful credit card referral.
How can I get this card lifetime free?
By making one successful referral every year, or spending Rs. 5,000 after your renewal to earn Rs. 500 worth of points, you essentially use the card for free.
What is the interest rate if I don't pay my full balance?
The interest rate is extremely high at 3.75% per month, which translates to a massive 55.55% annually.
How is the interest calculated on outstanding balances?
Finance charges of 3.75% per month apply on unpaid outstanding balances until the amount is fully repaid. The interest is calculated on a daily basis from the date of purchase.
What are the late payment charges?
Late fees range from Rs. 0 to Rs. 1,300 depending on your outstanding balance. For example, a balance of Rs. 6,000 attracts a late fee of Rs. 750.
What is the forex markup for international transactions?
A 3.5% forex markup is charged on transactions made in foreign currencies. Spending Rs. 10,000 internationally will cost you an extra Rs. 350 in fees.
Can I withdraw cash using my credit card?
Yes, but a cash advance fee of 2.5% of the withdrawn amount (minimum Rs. 500) is charged immediately, and interest starts accruing from day one.
Are there fees for paying rent with this card?
Yes, a 1% fee is charged on the transaction amount when you use the card to pay rent via third-party platforms.
Is there a fee for paying my bill in cash?
Yes, a cash payment fee of Rs. 100 plus GST is levied if you deposit physical cash at a branch to clear your credit card bill.
What are the charges for cheque payment of bills?
No cheque payment fee is charged. You can use cheques to pay your bill without penalty.
Are there charges for railway ticket bookings?
Yes, a surcharge of 1.80% applies for online railway bookings, and 2.50% for offline bookings at counters.
Is there a fee to redeem my reward points?
Yes, a reward redemption handling fee of Rs. 99 plus GST is charged every time you submit a redemption request.
What happens if I spend more than my credit limit?
Over-limit transactions are usually declined. If approved, the over-limit penalty is 2.5% of the over-limit amount, subject to a minimum of Rs. 500.
Documents Required
To process your application smoothly, you must provide proof of identity, address, and income. Having these ready prevents unnecessary delays.
You need your PAN Card as the primary identity document. For address proof, an Aadhaar Card, Passport, or Voter ID is acceptable. To prove your income, salaried employees should provide their latest two months' salary slips and the last three months' bank statements showing salary credits. Self-employed applicants must submit their latest Income Tax Return (ITR) computation along with business continuation proof.
View FAQ
Commonly Asked Questions
What identity proof is required?
Your PAN Card is mandatory. You will also need your Aadhaar card for KYC verification.
Do I need to submit income proof?
Yes. Salaried individuals need recent salary slips (last 2-3 months) and bank statements. Self-employed applicants must provide their latest ITR (Income Tax Return) and computation of income.
What address proofs are accepted?
Aadhaar card, Passport, Voter ID, or utility bills (electricity, water) in your name are widely accepted as valid address proofs.
Is a physical photograph required?
No physical photo is required if you apply online. Your photo will be captured live during the Video KYC process.
Can I apply with an alternate income proof if I don't have an ITR?
If you are applying card-to-card, you can use the statement of an existing credit card from another bank as income proof.
What happens if the address on my Aadhaar is different from my current residence?
You will need to provide an alternate valid address proof (like a rental agreement or utility bill) for your current residence during the application.
Who Should Get This Card?
The Urban Millennial: Meet Rohan. He is 24, earns Rs. 35,000 a month, and constantly uses UPI to pay at cafes. On weekends, he orders Zomato and watches movies. The IDFC SWYP card is perfect for him. He easily hits the Rs. 15,000 milestone for 1,000 points, earns bonus UPI points, and saves Rs. 400 monthly on food and movie discounts.
The Train Commuter: Meet Priya. She takes the Shatabdi Express home twice a month. The 4 complimentary railway lounge visits per quarter give her a quiet place to sit and free food while she waits. The Rs. 499 fee is nothing compared to the comfort she gains.
Who should NOT get this card: Meet Amit. He travels internationally, buys expensive gadgets online, and expects premium airport lounge access. The SWYP card has a massive 3.5% forex fee, zero airport lounges, and a reward structure capped at Rs. 60,000 spend. Amit needs a premium travel card, not the SWYP.
Credit Limit and What to Expect
Your credit limit dictates how much you can spend on your card at any given time. Because the SWYP card accepts minimum incomes of Rs. 2.5 LPA, starting limits can be modest for beginners but grow quickly with responsible use.
View FAQ
Commonly Asked Questions
What starting credit limit will I get?
Initial credit limits range from Rs. 20,000 for entry-level applicants to over Rs. 1,50,000 for those with higher income profiles. A person earning Rs. 25,000 monthly might start with a Rs. 30,000 limit, while a higher earner could get Rs. 1 Lakh or more.
How can I increase my credit limit?
Use your card regularly, keep your credit utilization below 30%, and pay your bills in full before the due date. The bank periodically reviews accounts for automatic limit upgrades.
Does the bank offer instant virtual cards?
Yes, upon approval, many users receive an instant virtual card on the IDFC FIRST app, allowing you to start online shopping before the physical card arrives.
What happens if I spend more than my credit limit?
Transactions exceeding your limit are usually declined. If an over-limit transaction goes through, the bank will charge a hefty over-limit penalty fee.
Can I set my own daily spending limits?
Yes, you can easily control domestic, international, and contactless daily spending limits directly through the IDFC FIRST mobile app.
Will a high credit limit affect my credit score?
A high limit actually helps your credit score by keeping your credit utilization ratio low, provided you don't max out the card every month.
How to Apply?
Applying for the IDFC First SWYP Credit Card is a completely digital, paperless process. You can apply through the official bank website or trusted partner platforms. First, you will enter your basic details like PAN, Aadhar number, and income information. The system will run a soft check to confirm your eligibility.
Once pre-approved, you will proceed to the Video KYC stage. This step eliminates the need for a bank representative to visit your home. You just need your original PAN card, a blank piece of paper, and a pen. Ensure you are within a 50 km radius of your registered residential or office address during the call.
View FAQ
Commonly Asked Questions
Where can I apply for this credit card?
You can apply online via the IDFC FIRST Bank website, their mobile app, or through verified financial aggregator platforms.
What do I need for a successful Video KYC call?
Keep your original physical PAN card ready. Ensure you are in a well-lit room with a stable internet connection, and stay within 50 km of your registered address.
Can I complete the application offline?
While digital is preferred, you can walk into any IDFC FIRST Bank branch with your documents to apply offline.
How can I track my application status?
You will receive an Application Reference Number via SMS. You can use this number on the bank's track application portal to see live updates.
How long does the approval process take?
If your Video KYC is successful and documents match, approval can take anywhere from a few hours to 3-5 working days.
What happens if my Video KYC fails?
If VKYC fails due to network issues or location mismatches, a bank agent will contact you to schedule a physical biometric KYC visit.
That’s the full story of this credit card
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Top Benefits
Apply and get ₹750 Rewards
Top Benefits
Get 10% Off On Zomato up to ₹100
twice a month on orders above ₹299
Get 10% Off At Nykaa up to ₹500
once a month across Nykaa Beauty, Nykaa Men and Nykaa Fashion
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