Are you an NRI (Non-Resident Indian) looking for a credit card that caters to your unique financial needs? The IDFC FIRST WOW! Credit Card for NRIs might just be the perfect fit for you. In this review, we’ll take an in-depth look at IDFC FIRST WOW! Credit Card for NRIs, highlighting its features, benefits, charges, markup fees, and more.
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What is IDFC FIRST WOW! Credit Card for NRIs?
The IDFC FIRST WOW! Credit Card for NRIs is a premium credit card secured by fixed deposits, and it stands out by waiving forex markup fees on international transactions. Furthermore, it grants you access to VISA Infinite Premium perks, such as global recognition and dedicated customer support, ensuring your travels are hassle-free. On top of that, you have the opportunity to accumulate reward points with each transaction, which can be exchanged for enticing discounts and special offers.
Key Considerations When Choosing an IDFC FIRST WOW! Credit Card for NRIs
If you’re contemplating applying for the IDFC FIRST WOW! Credit Card designed for NRIs, it’s important to be well-informed about the following critical aspects:
- Fixed Deposit-Backed Convenience: The IDFC FIRST WOW! Credit Card for NRIs is a convenient choice since it’s secured by a fixed deposit. This ensures an easier application process and requires minimal documentation.
- NRE Savings Account Requirement: To be eligible for this credit card, applicants must maintain an NRE (Non-Residential External) savings account with IDFC FIRST Bank. It’s essential to ensure you have this account before applying.
- Automatic Debit Instruction: Managing your card’s outstanding balance is simplified by setting up an automatic debit instruction from your NRE savings account. You can arrange this through your online banking portal by navigating to the card section and selecting the option to automatically pay your credit card bills.
- NRO Savings Account Limitation: It’s important to note that the IDFC FIRST WOW! Credit Card is not available to NRIs solely holding NRO (Non-Residential Ordinary) savings accounts. If you possess an NRO account and wish to acquire this card, you’ll need to open a new NRE Savings Account. IDFC FIRST Bank will then review your eligibility for the credit card. Once the offer is extended, you can proceed with the online application process.
- Currency Conversion Process: For international transactions, it’s essential to understand how currency conversion works with this card. Payments in foreign currencies are converted to Indian Rupees (INR) on the date of the transaction, and IDFC FIRST Bank will manage the settlement. Notably, if you make expenditures in foreign currencies other than USD, they will first be converted to USD and then subsequently to INR.
Features of IDFC FIRST WOW! Credit Card for NRIs
- Guaranteed Approval: Secure your credit card as an NRI without the need for a credit check or income verification.
- Zero Forex Markup Fees: Enjoy fee-free international transactions with no hidden charges.
- No Joining or Annual Fees: Benefit from this card without any upfront fees or annual membership costs.
- 0% Interest on ATM Withdrawals: Access cash globally at a 0% interest rate when using your credit card at ATMs.
- Global Acceptance with INR Option: Use your card worldwide with the option to pay in Indian Rupees at major international locations.
- Competitive 9% APR: Enjoy a low annual percentage rate (APR) on outstanding balances.
- Simple Application Process: Experience a hassle-free application process with minimal documentation requirements.
- Exclusive VISA Offers: Access exclusive VISA offers and privileges across the world.
- Rewarding Program: Earn rewards through an exclusive reward program for added benefits.
Also Read: IDFC NRI Fixed Deposit Rates for July 2023
Eligibility Criteria for IDFC FIRST WOW! Credit Card for NRIs
To qualify for the IDFC FIRST WOW! Credit Card as an NRI, you should meet the following criteria:
- Hold an NRE Savings account with IDFC FIRST Bank.
- Be 18 years of age or older.
- Maintain a fixed deposit set to pay out or re-invest, with an auto-renewal feature.
- Ensure your fixed deposit account has a minimum balance of ₹25,000.
Note: No additional documentation is needed for the application.
Fees and charges for IDFC FIRST WOW! Credit Card for NRIs
Below mentioned are the fees for IDFC First WOW! Credit card for NRIs:
- Annual membership fee: NIL
- Monthly Finance charges: 0.75% to 3.5%
- Cash Advance transaction fee: ₹199
- Late Payment Charge: 15% of the total amount due (a minimum of ₹100 and a maximum of ₹1250)
- Auto debit return fee: ₹250 per returned auto-debit
- Markup fee on international currency transactions: NIL
- EMI Processing fee: 1% of the transaction value (a minimum of ₹99)
- Image personalisation charge: ₹499
In summary, the IDFC FIRST WOW! Credit Card for NRIs is a powerful financial tool that caters to the specific needs of Non-Resident Indians. With its zero markup fee on international transactions, no extra charges for currency conversion, and a competitive credit limit, it’s a valuable addition to the wallet of any NRI who travels or shops internationally frequently.
Before applying, carefully consider your financial goals, spending habits, and the card’s annual fee. If you find that the benefits align with your lifestyle, this credit card could be an excellent choice to save money on international transactions and enjoy a range of additional perks and rewards. As with any financial product, it’s essential to read the terms and conditions thoroughly to make an informed decision.
Connect with SBNRI to Open your NRI Bank Account Today
Due to lots of information and documentation required to apply for NRI Bank accounts, the account opening process is lengthy and cumbersome elsewhere with lots of hassle. You can download SBNRI App to apply for an NRI Bank account with nominal documentation and also resolve your queries regarding NRI banking in just 10 minutes.
Can an NRI apply for a credit card?
- Yes, NRIs can apply for credit cards and use them for various transactions, purchases, travel bookings, and more.
Can NRI students abroad use NRI credit cards?
- Yes, they can, and certain banks such as Yes Bank provide them with special options.
What is an NRI Credit card?
- An NRI credit card is a type of credit card designed for Non-Resident Indians (NRIs) who wish to use their credit card in India or abroad. These cards offer a range of benefits, including rupee-denominated spending power, interest-free grace periods, and attractive rewards programs. Many banks in India offer NRI credit cards.
What is the renewal charge for the IDFC First WOW Credit Card?
- IDFC Bank charges zero renewal fee on the IDFC First WOW! credit card.
What is the markup fee for international transactions in IDFC First WOW Credit Card?
- IDFC First WOW Credit Card has zero markup fee for international transactions.
What is the annual membership fee for the IDFC First WOW Credit Card?
- There is no annual fee or joining fee for the IDFC First Credit Card.