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Verified May 2026·By Arun, Personal Finance Editor·Cross-checked against issuer MITC & RBI sources·How we research
The IDFC FIRST Ashva (Sanskrit for “horse”) sits at IDFC FIRST Bank’s upper-mid tier — below the FIRST Wealth but above the Select. It’s built for a specific user: someone who values lifestyle perks (concierge, golf, lounge) at a moderate price point. But doesn’t need the absolute peak return rates of an Infinia or Magnus.
Fees and charges
| Joining fee | ₹2,999 + GST |
| Annual fee | ₹2,999 + GST |
| Welcome (joining-fee) benefit | 7,500 reward points worth up to ₹3,000 (issuer-confirmed) |
| Annual fee payment benefit | Worth up to ₹3,000 (renewal-fee benefit, issuer-confirmed) |
| Annual fee waiver | Spend ₹5 lakh / year (verify in current MITC — issuer page shows fee benefit, not explicit waiver threshold) |
| Foreign markup | 1% (issuer-confirmed; among the lowest in the Indian market — older “1.99%” framing was inaccurate) |
| Finance charges | Tiered: 9–42% APR based on credit profile (industry-low at the lower end) |
How rewards work
- Online spend: 10× reward points per ₹100 (~2.5% effective when redeemed for catalog)
- Offline spend: 6× reward points per ₹100 (~1.5% effective)
- Birthday spend: 20× reward points (one day per year)
- Excluded: rent, fuel, EMI conversions, wallet loads, government transactions
- Redemption (issuer-confirmed): Reward redemption value up to ₹0.40 per RP on the Ashva Metal product. Reward points never expire on IDFC FIRST cards.
Lifestyle perks
- Lounge access (issuer-confirmed): 4 domestic + 2 international per calendar quarter (= 16 domestic + 8 international per year). The earlier “4 + 4 per year” framing materially understated the entitlement.
- Trip cancellation protection: Reimbursement for non-refundable flight and hotel cancellations up to ₹25,000, twice a year (issuer-confirmed).
- Railway lounge access: 4 complimentary railway lounge visits per year (issuer-listed).
- Golf: 2 complimentary rounds per quarter at partner courses
- Concierge: 24×7 access for travel/dining/event bookings
- Insurance: air accident cover ₹1 crore, lost-baggage cover, purchase protection
Where IDFC genuinely shines: low interest tier
If you ever revolve a balance, IDFC FIRST’s tiered finance charge model can drop your APR to as low as 9%. Vastly cheaper than the standard 36–42% on most cards. This isn’t something to plan around (you should still pay full each month) but it’s a meaningful safety net.
Spend level where the fee pays off
| Annual fee + GST | ₹3,539 |
| Welcome benefit (year 1, voucher + RP) | ~₹5,000–6,000 |
| Net cost (year 1) | Net positive ~₹1,500 |
| Break-even year 2 (online spend only) | ₹1.41 lakh |
Who this card is for
- Best fit: mid-tier spenders (₹3–7L/year) who value lifestyle perks (golf, concierge) over absolute reward rate
- Best fit: people prioritising low-interest fallback for occasional revolves
- Skip if: you spend >₹10L and want maximum return — Infinia or Magnus are better
- Skip if: your spend is offline-heavy in non-bonus categories
Verdict: A solid “everyday premium” card. The reward-points-never-expire policy is genuinely valuable for slow-redeemers. Lifestyle perks (especially golf) are unusually generous at this fee tier. Not class-leading on rewards alone, but the bundle is well-constructed for the price.
Verify current reward multipliers, lounge caps, and golf partner list on the IDFC FIRST Bank website before applying. Welcome offers refresh quarterly.
This is independent commentary, not financial advice.