FIRST SWYP works differently from a regular revolving credit card. There is no interest rate on this card and you cannot carry a balance forward. You either pay the statement in full or convert eligible transactions above Rs 2,500, or the eligible statement balance, into EMIs for a flat monthly conversion fee plus GST, with tenures chosen at conversion. Merchant EMIs taken at the point of sale are separate and carry the merchant interest rate and a one time processing fee.
Rewards come as monthly milestones rather than points on every swipe, so the value depends on crossing Rs 15,000 or Rs 30,000 of eligible spends in a billing cycle. Add year round partner discounts, 25 percent off movie tickets, a 1 percent fuel surcharge waiver up to Rs 200 per month, 4 railway lounge visits per quarter and zero forex markup, and the card suits planned, EMI led spending more than everyday small swipes.
Annual Fee (+ 18% GST)₹499 (₹589 incl. GST)
Fee WaiverNo spend based annual fee waiver is stated by the issuer. The issuer FAQ says the joining fee is waived on the first successful referral, and the annual fee is offset in value by 2,000 reward points worth Rs 500 on spends of Rs 5,000 within 45 days of the annual fee levy
Joining PerkGift voucher worth Rs 500 on spends of Rs 5,000 and above within 30 days of joining fee payment, plus reward points worth Rs 250 on the first EMI transaction within 30 days, MakeMyTrip discount coupons and a complimentary Lenskart Gold Max membership for 1 year as listed on the issuer page
Primary RewardMonthly milestone reward points, not per transaction points: 200 points on eligible spends of Rs 5,000 or more, 500 points in total at Rs 10,000 or more, 1,000 points in total at Rs 15,000 or more, 2,000 points in total at Rs 30,000 or more and 4,000 points in total at Rs 60,000 or more per billing cycle. 1 reward point equals Rs 0.25, so the top milestone is worth Rs 1,000. Points never expire as per the issuer FAQ
Airport Lounge Access4 complimentary railway lounge visits per quarter. No regular airport lounge access is included; 4 complimentary domestic airport lounge visits are listed only as a referral benefit after 10 successful referrals
Forex MarkupZero forex markup, confirmed in the issuer FAQ for this card and in the issuer banner stating all IDFC FIRST Bank credit cards now come with zero forex markup
RuPay UPINo
Best ForYoung spenders who make one or two large purchases a year and want to split them into EMIs for a flat monthly fee instead of interest, and who can hit a monthly milestone of Rs 15,000 or more
What We Like
No interest on converted dues, only a flat monthly EMI conversion fee plus GST, and no revolving of balances
Zero forex markup on international spends, in India and abroad
Milestone points never expire and the top milestone gives 4,000 points worth Rs 1,000 in a month
4 complimentary railway lounge visits per quarter, 25 percent off movie tickets and 1 percent fuel surcharge waiver up to Rs 200 per month
Watch Out
No spend based annual fee waiver for the Rs 499 plus GST annual fee
Milestone rewards are not incremental and exclude fuel, utility, rental, cash withdrawal and UPI spends, so low or uneven monthly spending earns little
UPI payments need a separate paid FIRST Digital RuPay card linked to SWYP, and reward redemption costs Rs 99 plus taxes per transaction
MITC & Hidden Charges
MITC lists joining fee Rs 499 and annual fee Rs 499 for FIRST SWYP, with no add on card fee shown as NA. Reward redemption attracts Rs 99 plus taxes per redemption transaction as per the card FAQ and MITC schedule. Cash advance fee is Rs 199 plus GST per transaction with a maximum cash withdrawal of Rs 10,000 per transaction as per the issuer FAQ. Card replacement fee is Rs 199 for most cards under the MITC schedule. Eligible spends for milestones exclude education, fuel, FASTag recharges, railways, cash withdrawals and UPI spends, with a separate 400 points on education, FASTag and railway spends of Rs 20,000 or more per billing cycle. UPI use needs a separate FIRST Digital RuPay Credit Card linked to SWYP, charged at Rs 199 plus GST joining and Rs 199 plus GST annual fee, earning 100 points per Rs 5,000 of UPI spends.
Is there any interest on the FIRST SWYP Credit Card?
No. The issuer states there is no interest rate on this card. If you do not pay in full, you convert the eligible balance into EMIs and pay a flat monthly EMI conversion fee plus GST. Carrying a balance forward without conversion is not possible and late payment charges apply if the total payable is not paid by the due date.
What is the joining and annual fee on FIRST SWYP?
Both are Rs 499 plus GST. On paying the joining fee and spending Rs 5,000 or more within 30 days you get a gift voucher worth Rs 500, and from the second year you get 2,000 reward points worth Rs 500 on spending Rs 5,000 within 45 days of the annual fee levy.
How do I use FIRST SWYP for UPI payments?
The main SWYP card is not a RuPay UPI card. The issuer asks you to activate a FIRST Digital UPI Credit Card linked to SWYP, which carries its own joining fee of Rs 199 plus GST and annual fee of Rs 199 plus GST, and earns 100 reward points per Rs 5,000 of UPI spends per statement month, excluding fuel and rental UPI transactions.
Alternatives to Consider
IDFC FIRST Millennia Credit Card
IDFC FIRST Bank
Lifetime free rewards for daily and lifestyle spends
82/100✓ MITC verified
Annual Fee₹0 LTF
Reward10X Reward Points on dining, travel and international spends, 3X Reward Points on everyday spends
LoungeNo complimentary airport lounge access. 4 railway lounge visits per quarter, subject to ₹20,000 spend in the previous calendar month
The dependable Lifetime Free starter card with non-expiring reward points.
80/100✓ MITC verified
Annual Fee₹0 LTF
Reward10X reward points on dining, travel, international and birthday spends (1.25% return: 10 points per ₹200 at ₹0.25 per point), 3X on other eligible spends
LoungeNo airport lounge access. 4 complimentary railway lounge visits per quarter, on ₹20,000 spends in the previous calendar month