Meet Jiya and Karthik, a modern couple going through the intricacies of life. One evening, as they sat on their balcony overlooking the city lights, they found themselves discussing the need for a credit card that complemented their millennial lifestyle and endowed tangible benefits. That is when they came across the IDFC Millennia Credit Card, which promised to unlock a world of cashback and rewards. Also, they came across the IDFC WOW credit card.
Jiya: “Karthik, have you heard about the IDFC Millennia Credit Card? It seems tailor-made for us!”
Karthik: “Really? What makes it stand out?”
Jiya: “Well, for starters, it’s designed for the millennial lifestyle. It offers 10X Reward Points, low interest rates, and fantastic merchant discounts. Imagine getting rewarded for our regular spending!”
Karthik: “That does sound intriguing. How do we qualify for it?”
Jiya: “The eligibility criteria are quite reasonable – an annual income of Rs 3 lakhs or more. We easily meet that threshold.”
As they delved deeper into the card’s features, Jiya explained the intricacies to Karthik –
Flexible redemption
“We can use these reward points to instantly pay for online or in-store purchases. 1 Reward point is equivalent to Re 0.25, making it a great way to offset our expenses.”
Reward points
“For every incremental spend above Rs 20,000 a month, we get 10X Reward Points. Additionally, there are 3X and 6X reward points for offline and online purchases. Note that these points do not expire!”
Special benefits
“Rental and property management transactions even earn 3X reward points. It’s a nice touch, considering we’re planning to move to a new place soon.”
Karthik: “Impressive! But what about the tangible benefits?”
Jiya: “Oh, there are plenty! The joining benefits include a welcome voucher worth Rs 500 on spending Rs 5,000 or more within 30 days of card generation. And for cards issued before October 9th, 2023, it’s Rs 15,000 within 90 days.”
Entertainment and travel perks
“There’s a 25 per cent discount on movie tickets up to Rs 100 on Paytm, complimentary railway lounge visits, roadside assistance, and even a fuel surcharge waiver of 1 per cent up to Rs 200 per month!”
Cashback
“We also get a 5 per cent cashback (up to Rs 1,000) on the transaction value of our first EMI done within 30 days. That’s like a little gift for using the card early on!”
Merchant offers
“Plus, 300 plus merchant offers, up to 20 per cent off at 1,500 plus restaurants, and up to 15 per cent off at 3,000 plus health and wellness outlets. It’s like having a membership to the city’s best spots!”
Karthik: “Seems like this card covers all bases. What about the generic benefits of having a credit card?”
Jiya: “Oh, the perks are endless! We get a personal accident cover of Rs 2,00,000 and a lost card liability cover of Rs 25,000. The convenience is unparalleled – we can convert transactions above Rs 2,500 into easy EMIs, enjoy instant EMI conversion for online transactions, and even transfer balances from our other credit cards.”
Generic benefits of availing credit cards –
Emergency fund
A credit card can serve as a readily accessible emergency fund during unforeseen circumstances. Whether it’s a medical emergency or a sudden car repair, having a credit card allows you to address urgent financial needs immediately. This instant fund access can be an essential lifeline, offering a safety net when unanticipated expenditures come up.
Forming credit record
Responsible usage of credit cards plays an essential role in forming a positive credit record. Lenders often get hold of past credit records when you apply for mortgages or loans. Timely repayments and responsible usage of credit cards show financial reliability and discipline, resulting in higher scores. A positive credit record increases your credibility, making it simpler to secure suitable terms and conditions on future loans.
Flexibility in finance
A credit card provides you with the flexibility to make purchases even when you don’t have the immediate funds. This flexibility is especially valuable in situations where you encounter unexpected expenses or temporary cash shortages. It allows you to manage your cash flow efficiently by spreading payments over time, offering you the convenience of addressing immediate needs without straining your budget.
Cashback and rewards
Many credit cards provide cashback incentives and reward programs, turning your daily spending into tangible benefits. From earning cashback and discounts on groceries to gathering points for the purpose of entertainment, such rewards add value to your buys. By leveraging such programs, you can avail discounts, cashback or freebies, effectively getting you more out of your money.
Protection linked with purchase
Credit cards provide purchase protection, protecting your transactions against damage, theft, or loss for a particular period after the buy. This additional security layer ensures you can shop with thorough confidence, knowing that your card offers cover in the scenario of unforeseen events impacting your purchases.
Benefits attached to buying
Credit cards provide travel perks, which make your journey enjoyable and cost-effective. This can include discounts on flights, hotels and access to lounges. Such travel advantages not only increase your overall travel experience but also contribute to considerable savings, making your card a valuable addition.
Grace period
Credit cards have a grace period, which typically ranges between 20 and 25 days. During this period, you can make repayment of your outstanding dues without incurring any interest constituent. This feature offers a window for responsible card users to manage their finances well, permitting them to repay their balances in totality and avoid unnecessary interest constituents.
Tracking of budget
Statements of credit cards offer detailed expenditure breakdowns, providing valuable insights about your spending patterns. This feature helps in financial planning and budget tracking, assisting you in figuring out areas where you can save as well as adjusting your spending habits to line up with your goals.
Enhanced buying power
With a credit card, you have increased purchasing power compared to using cash or a debit card. This higher spending limit allows you to make larger purchases that may be impractical with cash alone, providing you the convenience and flexibility to handle significant expenses such as electronics, appliances, or even travel bookings.
Attractive introductory benefits
Credit cards often have attractive introductory benefits such as low-interest rates, zero annual fees or bonus reward points initially. Such introductory benefits can offer instant financial benefits, making the card even more attractive during the initial few months of usage.
As they wrapped their conversation, Karthik and Jiya could not help but be excited about the decision of availing an IDFC Millennia credit card. It was not only a plastic piece, but it was also their key to a world of rewards, cashback and financial convenience.
