In today's busy world, finding ways to save money is crucial for everyone, especially those who drive frequently. A good credit card can help you manage expenses while offering attractive rewards and benefits. One standout option in the fuel rewards space is the IDFC First Power RuPay Credit Card. This post explores the card's features, benefits, and fees, with a special focus on how it enhances your fuel purchasing experience.
Welcome Benefits
One of the most appealing aspects of the IDFC First Power RuPay Credit Card is its generous welcome bonus. New cardholders will get ₹250 cashback on 1st fuel transaction of ₹250 or above at HPCL fuel station. Further, users will get 5% cashback up to ₹1000 on their first EMI transaction. Users can get a Rs. 150 discount on orders above Rs. 500 on Swiggy, Rs. 500 discount on ZoomCar rentals, and discounts up to 50% on domestic and international rental cars with Eco Rent A Car and Europcar.
These bonuses not only create an immediate value but also encourage users to actively engage with their new card. By starting off strong, cardholders can more easily meet their savings goals.
Reward Benefits
The reward benefits of the IDFC First Power RuPay Credit Card are particularly beneficial for those who frequently fuel up. Users earn an impressive 5% back on fuel purchases when they spend using this card. For someone spending ₹10,000 on fuel each month, that equates to ₹500 in rewards every month.
But that's not all: Users get 2.5% cashback on grocery and utility bill payments. Max grocery and utility bill payments are capped at INR 4,000 per month. 2.5% cashback on fast tag recharge through the IDFC app. Cashback on Fasttag is capped at INR 2000 per month. 0.33% cashback on all other spends, no capping, payment can be made through UPI too for all other spends.
Other Benefits
The IDFC First Power RuPay Credit Card includes several additional benefits that can enhance a user's financial strategy.
1. Instant Credit Facility
Once approved, users have access to an instant credit limit. This feature can help in times of unexpected expenses or emergencies, offering peace of mind for road trips or urgent needs.
2. UPI Payments
User can link their RuPay card to any UPI appby following these steps.
Log into the IDFC FIRST Mobile Banking App (Google Play | App Store)
Click on Scan QR
Add RuPay Credit Card and Pay easily with UPI on your credit card
3. Low Annual Fee
A major draw of the IDFC First Power card is its low annual fee of Rs. 199, which many other cards do not offer. This means users can enjoy all the perks with very low costs.
4. Easy Redemption Process
Users can redeem their accumulated reward points easily. The straightforward redemption process allows them to maximize their benefits without any hassle or confusion.
Cons to Consider
While the card has several advantages, potential users should keep a few drawbacks in mind.
Limited Acceptance
The acceptance of RuPay is increasing but may still be limited in certain areas, particularly for international transactions. Users could face challenges when traveling abroad.
Interest Rates
If users carry a balance from month to month, they may encounter interest rates that could offset their benefits. Responsible management of the card is essential.
Low Cashback
Besides fuel purchases, the IDFC First Power RuPay Credit Card is not ideal for shopping or other expenditures, as it offers significantly lower cashback on these transactions compared to other credit cards on the market.
Understanding Fees and Charges
To make the most informed decision, it's critical to understand the fees associated with the IDFC First Power RuPay Credit Card:
Joining fee: INR 199.
Annual fee: INR 199. The renewal fee is waived upon spending INR. 50,000 within a year.
Foreign currency markup: 1.5%
Cash withdrawal fee: INR 199.
Late payment charges: Upto INR 1250.
Interest rate: 0.75-3.65% monthly, 9-43.8% annually.
Final Thoughts
The IDFC First Power RuPay Credit Card is a strong contender for those looking for a fuel credit card with substantial benefits. With its impressive welcome bonus, high rewards on fuel purchases, and low annual fee, it holds the potential to greatly enhance a user's financial flexibility.
However, as with any financial product, it is essential to be aware of the associated fees and cons. By managing the card wisely, making timely payments and understanding spending limits, cardholders can enjoy the rewards and benefits without falling into unnecessary costs.
So, if you find yourself often at the fuel station, the IDFC First Power RuPay Credit Card may be a perfect match for your needs.
If you want to read a more detailed review of this card and find out its AI-powered unbiased rating, click here.
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