IDFC FIRST Bank has launched the ‘Zero-Forex Diamond Reserve Credit Card’, a premium travel and lifestyle product aimed largely at affluent global travelers. It features expedited travel rewards and lifestyle advantages.
The card has a 0% FX markup and does not charge interest on ‘ATM Cash Withdrawal’ globally until the payment due date. The bank will charge Rs. 199 for cash withdrawals. The 'Diamond Reserve Credit Card', priced at Rs. 3000 + GST, offers a charge waiver for annual spends exceeding Rs. 6 lakh.
Cardholders can receive accelerated rewards when using the bank’s app to plan travel. For every Rs. 150 spent, hotel reservations can earn up to 60 reward points, while aircraft reservations can earn 40 reward points. This equates to an effective return of up to 10% on hotel stays and 6.6% on flight reservations.
Note: Each reward point is worth Rs. 0.25.
Up to 10 reward points can be earned for every Rs. 150 spent regularly, providing a return of roughly 1.66%. Additionally, the ‘Diamond Reserve Credit Card’ offers several insurance benefits, such as Rs. 25,000 for trip cancellation, Rs. 1 crore for air accident insurance, Rs. 10 lakh for personal accident coverage, and for delayed flights and lost luggage.
Shirish Bhandari, Head of Credit Cards, FASTag, and Loyalty at IDFC FIRST Bank, in response to the launch, stated, “Diamond Reserve is an ideal choice for customers with significant international travel exposure who want a premium card that works seamlessly both overseas and in India.”
It becomes an ideal partner for international travel and lifestyle, considering its low currency markup and robust travel-led rewards program.