IDFC FIRST Bank has introduced a new premium credit card aimed squarely at India's affluent international travellers. The newly launched 'Zero-Forex Diamond Reserve Credit Card' is designed to be a high-end travel and lifestyle companion, offering accelerated rewards and a suite of benefits for those who frequently journey abroad.
Core Features and Pricing of the Diamond Reserve Card
The card comes with an annual fee of ₹3000 plus applicable GST. However, the bank provides a significant waiver on this fee if the cardholder's annual spend crosses the ₹6 lakh mark. A standout feature for travellers is the 0% forex markup on all international transactions, which can lead to substantial savings compared to standard cards that charge 3-4%.
Another notable financial benefit is that the card charges 0% interest on ATM cash withdrawals made anywhere in the world until the payment due date. It is important to note, however, that a fee of ₹199 per cash withdrawal will still be applied. The card's interest rates begin at a competitive 8.5% per annum.
Accelerated Rewards and Lifestyle Perks
The reward structure of the Diamond Reserve Card is tailored to maximise benefits on travel and daily spends. Cardholders can earn up to 60 Reward Points for every ₹150 spent on hotel bookings made through the bank's app. With each point valued at ₹0.25, this translates to ₹15 back on a ₹150 spend, an effective 10% return.
For flight bookings via the app, users earn up to 40 Reward Points per ₹150 spent, giving ₹10 back (a 6.6% value). On all other monthly expenditures, the earning rate is up to 10 Reward Points per ₹150, offering a 1.66% return. The bank emphasises that there are no caps or limits on reward point accrual, and these points have lifetime validity with no expiry. Redemption is flexible, allowing points to be used across any e-commerce platform or online purchase.
Comprehensive Travel and Insurance Benefits
Beyond rewards, the card packs a powerful punch with its ancillary benefits. Cardholders receive access to two domestic and two international airport lounge visits per quarter. For golf enthusiasts, there are up to two complimentary golf rounds or lessons each month.
The lifestyle perks include a Buy-One-Get-One free movie ticket offer every month and a 'Book two nights, get the third night free' deal with ITC Hotels. On reaching an annual international spend of $1000, users get one complimentary 'Meet and Greet' airport service.
A robust insurance package is also part of the offering, covering:
- Lost baggage
- Flight delays
- Air accident cover of ₹1 crore
- Personal accident cover of ₹10 lakh
- A ₹25,000 trip cancellation cover
Additional benefits include a fuel surcharge waiver at select stations and the potential to earn up to 10X reward points on credit card spends above ₹20,000 in a billing cycle.
Positioned for the Global Indian Traveller
Commenting on the launch, Shirish Bhandari, Head – Credit Cards, FASTag and Loyalty at IDFC FIRST Bank, stated that the Diamond Reserve card is an ideal choice for customers with significant international travel exposure who desire a premium card that functions seamlessly both overseas and within India.
The launch signifies the bank's strategic push to capture a share of the premium banking segment in India, specifically targeting high-net-worth individuals (HNIs) and frequent travellers who seek value, convenience, and status from their financial products. By eliminating the forex markup and offering high reward rates on travel spends, IDFC FIRST Bank is directly addressing a key pain point for this demographic.
