IDFC First Bank Launches Mayura and Ashva Credit cards

IDFC’s first bank was the one that started its credit card business by launching a number of lifetime free credit cards with great rewards and benefits in 2021. After that, they have launched many other card to cater different type of spending needs. And now IDFC Mayura credit card and IDFC Ashva credit card has been launched.

IDFC First Bank launches Mayura and Ashva Credit Cards

IDFC First Bank has launched two new credit cards recently on 22nd August 2024, Mayura and Ashva. As you will note, like the earlier cards these two cards are not lifetime-free but a paid cards. With different reward reward and benefits structures they address different markets. IDFC first Ashva credit card focuses on mid-tier customers, and IDFC first Mayura credit card focuses on the affluent segment. Let’s take a look at both the cards.

IDFC First Mayura Credit Card

👉Apply for the IDFC First Mayura Credit Card

The IDFC First Mayura Credit Card is the most expensive credit card from IDFC First Bank at the moment. It’s a metal card and issued under the master card network (also available in Plastic if needed). May be you already heard from many bloggers and credit card enthusiasts about how a metallic credit card feels premium when you hold it in hand. From look point of view, the card, no doubt, is an eye-catcher. Here are the features of the credit card:

• Joining Benefit: On payment of the joining fee (INR 5999 + 18% GST), you will receive a cashback of Rs.1,000 for up to four transactions worth Rs.1,000 or more, completed using your credit card within 60 days of credit card generation.
• Reward Points Earning: IDFC First Bank’s reward points are valued at INR 0.25 per point earned. The Mayura credit card gives us 5x reward rate means 5 Reward points/INR 150 spent up to INR 20,000 in a statement cycle (0.83% Returns). And after Rs.20,000 spent in a statement cycle, the reward points get doubled means you will be earning to 10 Reward points/INR 150 spent (1.66% Returns). This accelerated reward point benefits 10 points/INR 150 spent also extends to the day of your birthday. The best part for any IDFC credit card is their reward points don’t expire.
  • Just like other cards in the market, Here also few categories such as Education, Wallet Load, Government, Rent and Property Management/Purchase transactions only earn 3 reward points/INR 150 spent (0.50% Returns).
  • Categories like utilities and insurance transactions are limited to 1 point/INR 150 spent (0.16% Returns). Also spends in these categories will not be considered for the 10X read rate monthly milestone of reaching threshold Rs.20000 value.There is no any reward points on spending converted to EMI, Cash Withdrawal, Fuel, Fees and Charges.
• Forex Markup: The Credit Card offers zero forex markup on physical swipes abroad or International online spending in currencies that is not Indian.
• Lounge Access: The Mayura Credit card offers you 4 complimentary visits per quarter to lounges and spas at airport terminals in India and 4 complimentary visits to international airport lounges per quarter. In addition, one guest visit (per quarter) to Indian airport lounges is included in the overall benefit. But the catch is here spend of INR 20,000 or more in a calendar month is required to earn the lounge benefit in the next calendar month. So even at a high annual fee of Rs.5999 + GST, IDFC is not providing free lounge access to its customers without spending criteria. You also get access to Railway lounges with the card.
• Golf Privileges: In partnership with MasterCard, this Mayura credit card also 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 Rs.20,000 or more 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. These reward points will be credited to your credit card account upon paying the annual fee for the following year.
• Trip Cancellation for Any Reason: With this feature, IDFC FIRST Mayura Credit Card holders can receive reimbursement for Hotel or 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 by August 31, 2024, you can get an additional 10,000 reward points, worth INR 2,500. Effectively, the joining fee (Rs.5999 + 18% GST= Rs.7079) of the card becomes Rs.579 (7079-6500) once you combine the benefit joining cashback worth Rs.4000 and the 10,000 additional points worth Rs.2500, which can be offset for a statement credit.

👉Apply for the IDFC First 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

👉Apply for the 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+ 18% 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.
• Reward 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 INR 20,000 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 will get Rs.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 Ashva Credit Card

Existing IDFC first 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 capitalize 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?