A zero-forex card at ₹750? IDFC FIRST targets cost-conscious travellers

Can a fixed deposit unlock premium credit cards? IDFC FIRST says yes

For Indian consumers who want the perks of a premium credit card without stretching their budget or credit profile, IDFC FIRST Bank’s new FIRST WOW! Black Credit Card is trying to hit a sweet spot — global spending with zero forex markup, UPI rewards, and travel perks, all backed by a fixed deposit instead of an unsecured credit line.

 

Launched on Monday, the  FIRST WOW! Black is an upgraded version of the bank’s existing FD-backed credit card and is targeted at customers who are new to credit, self-employed, students, frequent travellers looking to cut forex costs, or those who prefer secured products over high-limit unsecured cards.

 

Key highlights of the card are ZERO Fx markup on International Spends, Dual card with Mastercard and RuPay PI, and rewards on UPI Spends. Cardholders get a physical Mastercard plus a UPI-enabled RuPay virtual redit card both seamlessly linked to the same account with a unified credit limit and a single consolidated statement. 

FIRST WOW! Black shifts that paradigm with zero forex markup, domestic lounge access, stronger travel rewards, trip protection and many lifestyle benefits

 

Why zero forex can be a real money-saver

 

Most Indian credit cards charge 3–3.5% forex markup on every international transaction. On a ₹2 lakh foreign trip, that alone can cost ₹6,000–₹7,000 in hidden charges.

 

The FIRST WOW! Black card eliminates this completely with 0% forex markup, making it especially attractive for:

 

• International travellers
• Students paying overseas fees
• Cross-border online shoppers
• Digital nomads and freelancers earning or spending abroad
• Even small ticket international spends on platforms like Netflix, Amazon Global or travel portals can quietly add up on regular cards — something zero-forex users actively avoid. 

One card, two networks: Mastercard + RuPay UPI

 

One standout feature is the dual-card structure:

 

A physical Mastercard for global usage

 

A RuPay virtual credit card linked to UPI for domestic QR payments

 

Both cards share the same credit limit and one unified statement. This means users can:

 

Pay merchants via UPI using a credit card

 

Earn reward points even on select UPI spends

 

Avoid carrying multiple cards for offline and QR-based payments

 

Rewards, travel and lifestyle benefits

 

From a wealth and value standpoint, the reward structure is tuned for high-utility spending:

 

1.3% value back on regular spends

 

1% on eligible UPI payments above ₹2,000

 

Up to 16.7% value back on hotel bookings and 10% on flight tickets via the bank’s app

 

Four domestic airport lounge visits annually

 

Trip cancellation cover worth ₹10,000

 

Movie discounts, fuel surcharge waiver and roadside assistance

 

There is also accidental insurance of ₹2 lakh and lost-card liability cover of ₹25,000, which improves financial protection for everyday users.

 

FD-backed card: Lower risk, easier approval

 

Unlike traditional premium cards that rely heavily on income and credit scores, FIRST WOW! Black is secured against a fixed deposit starting at ₹20,000.  

Pricing and value math

 

The card comes with a joining and annual fee of ₹750 + GST, which is waived from the second year if annual spends cross ₹1.5 lakh.

 

Users also get:

 

Welcome benefits worth over ₹5,000

5% cashback up to ₹1,000 on the first EMI transaction

 

pricing makes sense for users who:

 

Travel abroad at least once a year

Spend actively via UPI

Use flight and hotel bookings regularly

Just saving forex markup alone can recover the annual fee in a single overseas trip.  Shirish Bhandari, Head – Credit Cards, FASTag &  Loyalty, IDFC FIRST Bank, said: “The response to our earlier IRST WOW! variant reinforced one clear insight: customers want simplicity and affordability, but without feeling like they are compromising on experience or benefits. FIRST WOW! Black is our answer an upgrade in very sense, delivering more value, more travel capability, and more everyday utility."