In today's world, a credit card isn't just a piece of plastic you use for transactions. It's also a sign of status and gives you exclusive perks. The Mayura Credit Card by IDFC First Bank is popular in a crowded market, especially among people who love luxury and rewards. This card is designed for those who want premium experiences, and it has a bunch of features that make everyday spending seem like something special.
Welcome Benefits
One of the most attractive features of the Mayura Credit Card is its welcome benefits. After activation, during the first 60 days after your card is issued, you'll receive ₹1,000 cashback for each transaction over ₹1,000, up to a maximum of 4 times, this is valid for the first 60 days after the credit card is issued. Some users can also get 5,000 bonus reward points (worth ₹1,250) on their new card if the bank offers them an "Exclusive Inaugural Offer".
Reward System
The reward system of the Mayura Credit Card is tailored specifically for those who appreciate high-value benefits. Cardholders earn reward points on every purchase, allowing for quick accumulation.
The card features a tiered reward structure. Users will earn 1 reward point per ₹150 spent. For spending on insurance premiums and utility bill payments, you will earn 1X reward points, which translates to a cashback rate of 0.165%. Users will earn 3X reward points for spending on rental & property management, government services, education and wallet load transactions with an effective cashback rate of 0.50%. Users will earn 5X reward points on all spending, excluding the 1X and 3X categories mentioned above, which makes the cashback rate 1.25%. Users can redeem their reward points for various options as per their requirement.
Milestone Benefits
Beyond routine rewards, the Mayura Credit Card introduces an engaging milestone benefits program. Cardholders who reach spending thresholds unlock additional rewards, which adds excitement to their financial commitments.
These milestone perks may include bonus reward points, free access to exclusive events, or waivers on annual fees for subsequent years. For example, Users can get 10X reward points on incremental spending above ₹20,000 in a monthly statement cycle and on their birthday, which translates to an effective cashback rate of 2.5%.
Other Benefits
Forex Markup
For those who travel internationally, the Mayura Credit Card provides an appealing advantage with its favorable forex markup rates. Cardholders benefit from zero fees compared to the typical 3-5% markup found with standard credit cards, allowing for substantial savings when making purchases abroad. Over the course of a year, these savings can translate to thousands of rupees, making it a smart choice for global travelers.
Lounge Access
Another significant perk is the complimentary airport lounge access. With partnerships with over 1,000 lounges worldwide, cardholders will get access to domestic and international airport lounges and airport spas 4 times in India and 4 times abroad.
Fuel Surcharge Waiver
Drivers will appreciate the fuel surcharge waiver, which allows cardholders to save on essential costs with a 1% fuel surcharge waiver up to ₹500 in a statement cycle at all fuel stations across India on transactions between ₹200 & ₹5,000.
Cons
While the benefits of the Mayura Credit Card are compelling, there are some potential downsides. The annual fee, typically around ₹5,999, might deter some potential cardholders who need to weigh whether the rewards justify the cost.
Additionally, some users find the tiered reward system somewhat complicated, and the cashback rate is also less than many of the cards with lower annual fees offered in the market.
Fee and Charges
Understanding the fees associated with the Mayura Credit Card is essential. The card has a higher-than-average annual fee compared to standard cards. Users should be aware that late payment fees can accumulate quickly, which may lead to significant financial impact if not carefully monitored.
While the card offers great rewards, being fully informed about the cost structure helps in budgeting and planning.
MyRupaya Review
So, the Mayura Credit Card by IDFC First Bank is a great choice for those who want to get premium credit benefits. It has a great welcome bonus, a sophisticated rewards system, valuable milestone incentives, a good forex markup rate, airport lounge access, and fuel surcharge waivers.
But you know what? You should really think about the costs involved and read customer service reviews before you decide. If you're into that kind of lifestyle, the Mayura Credit Card is definitely worth checking out. It is perfect for people who love luxury and exclusivity in their financial affairs.
If you want to read a more detailed review of this card and find out its AI-powered unbiased rating, click here
Comments