IDFC FIRST Bank launched the Mayura & Ashva Credit Cards about a year ago under the premium segment as paid variants. While they didn’t make much noise initially, recent upgrades like accelerated rewards and 2X point value have given life to the card.
Here’s everything you need to know about IDFC FIRST Bank Mayura credit card in it’s current form.
Overview
| Type | Premium Credit Card |
| Reward Rate | 0.8% – 20% |
| Best for | Travel Spends |
| USP | 0% Forex |
While the reward rate starts off low for low spenders, it scales up well with higher spends. Further, 2X point value on travel redemptions gives reward rate as good as HDFC Infinia‘s 3.3% on regular spends.
Joining Fees
| Joining Fee | 5,999 INR + GST |
| Welcome Benefit | 1000 INR Cashback * 4 times |
| Renewal / Annual Fee | 5,999 INR + GST |
| Renewal Benefit | – 7500 RP (worth 3750 INR on 8L Spend) – 15,000 RP (worth 7500 INR on 15L Spend) |
| Renewal Fee waiver | Nil |
To qualify for the welcome benefit, you’ll need to make 4 transactions of ₹1,000+ each within the first 60 days. The renewal benefit is cleverly designed to offer value for high spenders.
Design
IDFC Mayura Credit Card comes in a metal form factor and it feels just as heavy as most other metal cards out there.
While I’m personally not a fan of this colour, the overall design stands out with multiple elements thoughtfully stitched together.
It’s one of those cards that feels more like a collector’s piece than just another plastic in the wallet.
Rewards
| SPEND TYPE | REWARDS | REWARD RATE (Regular) |
REWARD RATE (Travel) |
|---|---|---|---|
| Offline | 5 RP / 150 INR (5X) |
0.8% | 1.66% |
| Online | 5 RP / 150 INR (5X) |
0.8% | 1.66% |
| Spends >20K (per stmt) |
10 RP / 150 INR (10X) |
1.66% | 3.33% |
| Flights (on app) |
30 RP / 150 INR (10X) |
5% | 10% |
| Hotels (on app) |
50 RP / 150 INR (10X) |
8.3% | 16.66% |
| UPI (Digital Rupay) |
3 RP / 150 INR (3X) |
0.5% | 1% |
- Points don’t expire
- 1 Reward Point = 0.25 INR (Regular) / 1 Reward Point = 0.25 INR (Travel)
- 1 Reward Point per 150 INR (it was 1RP/100 INR before)
- Redemption Charges: 99 INR+GST
Flight and hotel bookings made via the “Travel & Shop” section on the IDFC FIRST Bank app now earn bonus rewards as above.
The new travel redemption option gives 2X the point value (0.50 INR/point) which is a good motivator for IDFC Wealth Credit Card holders to consider switching to Mayura for better value on redemptions.
Digital Rupay Card Terms:
- Digital RuPay Card, linked to existing IDFC FIRST Bank Credit Card
- Spends on Digital Credit Card will be counted towards 10X milestone & annual fee payment
Terms & Conditions:
- Insurance & Utilities: 1 Reward Point / 150 INR (0.20%)
- Rent, Government, Wallet Load and Education: 3 Reward Point / 150 INR (0.50%)
- Above categories will not be part of 10X calculations.
- Utility spends will earn 1X (0.16%) – MCC: 4814, 4816, 4899, 4900
- Utility spends will earn 1% fee on commercials spends (>20K INR a month)
- Spends limited up-to the credit limit (in a billing month), like RBL Cards
Lounge Access
| ACCESS TYPE | ACCESS VIA | ACCESS LIMIT |
|---|---|---|
| Domestic (Airport Lounges) |
Direct | 4/Qtr |
| Domestic (Railway Lounges) |
Direct | 4/Qtr |
| International | Dreamfolks | 4/Qtr |
Domestic lounge access also comes with 1 guest access (per Qtr) which is a good feature to have.
A minimum monthly spend of ₹20,000 is required in the current calendar month to qualify for lounge access in the following month.
It’s quite unfair to expect monthly spends on a card that costs almost 7K INR. So this means, even if you splurge 10L on a festive month, you’ll still be holding a card without lounge access after a month!
Golf Benefit
- Complimentary rounds: Upto 2/month (games & lessons)
- This benefit is linked to spend requirement.
Spends of 20,000 INR (or) 40,000 INR are required to unlock 1 (or) 2 rounds respectively. Spends done in a billing cycle are tracked for this domestic golf benefit.
All the complimentary rounds earned in a billing cycle will be eligible for redemption from 1st of next month and will be available for redemption upto 2 months (60 days).
Forex Markup
- Forex Markup Fee: 0%
- Reward rate: 3.3% (travel redemption)
- Net gain: 3.3%
With net gain of 3.33% on foreign currency transactions, IDFC FIRST Bank Mayura Credit Card is indeed one of the best Credit Card in India for Forex transactions.
Other Benefits
- Movie Offer: Buy 1 Get 1 offer on movie tickets up to ₹500, twice a month
- Complimentary Road Side Assistance (RSA) worth ₹1,399
- Trip Cancellation Cover: Free trip cancellation cover of up to ₹50,000 for up to 2 claims on hotel & flight bookings in a year
- 1% fuel surcharge waiver up to ₹300 in a statement cycle on fuel transactions valued between ₹200 and ₹5000
- Interest free cash withdrawal from ATM upto 45 days (W/d fee: 199 INR+GST, upto 10K INR/txn)
- Revolving Interest Rate: Relatively lower interest rate compared to other banks, usually 20% – 24% p.a.
Complimentary roadside assistance is one of the unique feature on IDFC credit cards. It maybe useful at times, for ex, to jump start your car on breakdown.
And the interest free cash withdrawal is a clever trap, as it anyway comes at w/d fee and limited upto 10K INR per transaction, which basically means you pay at-least 2% for each withdrawal.
How to Apply?
You can apply for the IDFC FIRST Bank Mayura Credit Card online, and the approval usually happens instantly after KYC verification.
I applied for the card myself and got it delivered within just 3 days.
Bottomline
- Cardexpert Rating: 4.5/5
The IDFC FIRST Bank Mayura Credit Card is now one of the most rewarding cards in India, offering a reward rate on par with most super premium credit cards, thanks to the recent upgrade.
And with 0% forex markup, it’s a solid choice for international travellers as well.
If IDFC brings in airline/hotel transfer partners, this could easily become one of the powerful all-rounder cards in the market.
Do you hold IDFC First Mayura Credit Card? Feel free to share your thoughts in the comments below.