IDFC Business Max Credit Card
- Joining fee
Lifetime Free
- Annual fee
Lifetime Free
- Best suited for
Business Expenses
- Reward type
Reward Points
Rewards
- Rewards rate
6 RPs/₹200 on Domestic Online Purchases, 4 RPs/₹200 on Domestic Offline Purchases, Up to 3 RPs/₹200 on UPI Transactions Above ₹2,000, 1 RPs/₹200 on UPI Transactions Below ₹2,000, and Insurance and Utility Payments
- Reward redemption
1 RP = ₹0.25
Benefits
- Travel
30% Reward Points on Hotel Booking and 20% Reward Points on Flight Booking Via the IDFC First Mobile Banking app
- Insurance
Roadside Assistance Up to ₹1,399 Four Times a Year
Fees & charges
- Foreign currency markup
1.5%
- Interest rates
1% Monthly (12% Per Annum)
- Fuel surcharge waiver
Fuel Surcharge Waived Up to ₹200 per month
- Cash advance charges
₹199 + GST
Product highlights
- The credit card does not have any joining or annual fees.
- This credit card is a secured credit card, so one should have a minimum fixed deposit of ₹10,000.
- Earn reward points on online and offline purchases, hotel bookings, and flight bookings made using the IDFC First Mobile Banking app.
- The credit card offers a low interest rate, which is 1% per month (12% per annum), which is comparatively low compared to other credit cards.
- The credit card charges a low forex markup while doing international transactions, which is 1.5%.
Pros & cons
Pros
- The IDFC Business Max Credit Card is a lifetime free credit card, so it is a great option for new users who don’t want to spend extra money on joining and an annual fee.
- It has a low interest rate of 1% Monthly (12% Per Annum) and a low forex markup of 1.5%, which is low when compared to other credit cards.
Cons
- The card provides a low reward value of 1 RP for ₹0.25. This is considered low because users need to gather many points to earn even a small cash benefit.
- The credit card does not offer any domestic or international lounge, which can be a con for users who travel a lot.
FAQs
Is the IDFC Business Max Credit Card free, or does it have any joining fees?
There are no joining or annual fees on the IDFC Business Max Credit Card; it is absolutely free.
Is a GST number required to apply for the Business Max Credit Card?
Yes, an active GST number is required to apply for the Business Max Credit Card. Applicants who do not have a registered and active GST number will not be eligible for this card.
What is the interest rate on the Business Max Credit Card?
The interest rate on the credit card is 1% per month and 12% per annum, which is comparatively low.
How much is the forex markup fee on international transactions?
The Business Max Credit Card has a low forex markup of only 1.5% on international transactions.
What are the exclusions for Reward Points?
Reward Points are not applicable on Fuel, Insurance, EMI transactions & Cash withdrawals, Rental and Property Management transactions, Utility Spends.
What is the value of one Reward Point?
The value of 1 RP = ₹0.25.
Do I need a credit history or proof of income to apply?
No, you do not need a credit history or proof of income to apply for the Business Max Credit Card.