IDFC FIRST Wealth vs. SBI Card Prime: The All-Rounder Credit Card League

Many credit cards target specific spending categories, such as travel, dining, online shopping, or fuel, and offer higher savings on those particular expenses. However, there are also some versatile credit cards that provide good value-back across multiple lifestyle categories instead of focusing on just a few. Two popular examples of such credit cards are IDFC FIRST Wealth and SBI Card Prime, both of which offer substantial savings on overall expenses.

Despite both being all-rounder rewards credit cards, there are notable differences between the two. IDFC FIRST Bank Wealth credit card does not charge any annual fee, whereas the SBI Prime credit card has an annual fee of Rs. 2,999. Additionally, the eligibility criteria for the Wealth Credit Card appear to be stricter with a high income requirement of Rs. 36 lakh per annum. 

Here’s a detailed comparison of the two credit cards to help you determine which one might be a better fit for your needs.

Annual Fees and Welcome Benefits

The IDFC FIRST Bank Credit Card comes with zero annual charges on card joining and renewal. On the other hand, the SBI Credit Card charges a fee of Rs. 2,999 + taxes every card membership year. However, the renewal fee of SBI Card Prime can be waived off on spending Rs. 3 lakh in a year.

The welcome bonus offered by each of these credit cards is as follows:

When it comes to the annual charges and welcome bonus, IDFC FIRST Bank Wealth Credit Card has a clear win. It does not charge any joining or annual fee and still comes with joining benefits worth up to Rs. 1,500, depending on your spends. Meanwhile, SBI Prime matches the fee it charges with its joining benefit.

Rewards Program

Both credit cards come with accelerated value-back on certain categories in addition to the respective base rewards, as given below:

IDFC FIRST Bank Wealth Credit Card Rewards

• Up to 60 reward points (50 bonus+base rate) per Rs. 150 spent on hotels via IDFC FIRST Bank app
• Up to 30 reward points (20 bonus+base rate) per Rs. 150 spent on flights via IDFC FIRST Bank app
• 10 reward points per Rs. 150 spent on birthday & monthly spends above Rs. 20,000
• 3 reward points per Rs. 150 spent on monthly spends of up to Rs. 20,000, rent, education, govt. payments & wallet loads
• 1 RP per Rs. 150 spent on insurance & utility

Capping: Total bonus reward points (50 and 20 points) are capped at 8,000 reward points per month. Beyond this limit only the applicable base rate will apply.

SBI Prime Credit Card Rewards

• 20 reward points per Rs. 100 spent on birthday
• 10 reward points per Rs. 100 spent on movies, grocery, dining & departmental stores
• 2 reward points per Rs. 100 spent on other spends

Capping: 20 reward points on birthday spends are capped at 2,000 reward points per year. Beyond this limit the base reward rate will apply.

Here, the reward redemption value for both the credit cards is 1 Reward Point = Rs. 0.25. IDFC FIRST Wealth offers up to 10% value-back on travel spends made on IDFC FIRST Bank app, along with 1.66% savings on birthday and monthly spends above Rs. 20,000. Meanwhile, SBI Prime offers 5% back on birthday and 2.5% on select categories. Both cards come with the same base reward rate of 0.5%.

So, this makes IDFC FIRST Wealth Credit Card a good choice for frequent travellers who can maximise their travel savings by spending more than Rs. 20,000 in a month to avail the higher base rate of 10 reward points per Rs. 150 spent, in addition to the bonus travel rewards. On the other hand, if your main focus is on saving well on everyday spends, like grocery and departmental store purchases, with lifestyle categories, like movies and dining, SBI Prime would be a more suitable option to choose.

Complimentary Lounge Access & Forex Mark-up

Given below is the forex mark-up fee that each card charges on international spends, along with the number of complimentary airport and railway lounge visits they offer:

*On spending minimum Rs. 20,000 in a month

IDFC FIRST Wealth stays in tune with its travel-focused stance and offers a lower forex mark-up, along with a decent number of complimentary airport and railway lounge visits. But you must note that the lounge access benefits are only available to the cardholders if they meet the monthly spending condition of Rs. 20,000. Contrarily, SBI Card Prime charges the standard forex mark-up of 3.5%, comes with a lower number of international lounge visits and no railway lounge access. However, unlike IDFC FIRST Wealth, SBI Prime does not come with any minimum spending condition to get access to the lounges.

So, those who make international purchases and can spend at least Rs. 20,000 in a month to maximize their card benefits can opt for the former card option, while those who are not looking for a card with lower forex charges and want to avail lounge access benefits without the hassle of spend-based conditions can opt for the latter.

Milestone Bonus & Other Lifestyle Benefits

In addition to the joining bonus, rewards program and lounge access, IDFC FIRST Bank Wealth Credit Card offers several lifestyle benefits across various categories while SBI Prime Credit Card offers milestone bonus.

IDFC FIRST Wealth Credit Card: Lifestyle Benefits

• Movie Discount: Buy 1, get up to Rs. 250 off on the 2nd ticket on District app, twice a month
• Golf Benefit: 1 golf round/lesson per Rs. 20,000 monthly spend, max. 2 per month
• Travel Booking Cover: Flight/ hotel cancellation cover, up to Rs. 10,000, twice in a policy period
• Roadside Assistance: Up to 4 services of Rs. 1,399 every year
• Cash Withdrawal: Interest-free cash withdrawal
• Network Benefits: Exclusive lifestyle benefits through Visa Infinite network offers

SBI Card Prime: Milestone Bonus

• On Rs 50,000 Quarterly Spends: Pizza-hut gift voucher of Rs. 1,000
• On Rs. 5 lakh Annual Spends: Yatra/ Pantaloons voucher of Rs. 7,000

Which One to Choose: IDFC FIRST Wealth vs. SBI Card Prime?

Even though both credit cards offer the same base reward rate and have the same reward redemption value, their value-back programs have noticeable differences.

Choose IDFC FIRST Bank Wealth Credit Card If:

• You are a high spender and your monthly spends exceed Rs. 20,000
• You travel frequently and want a high value-back on this expense
• You want a lifetime free all-rounder card with good savings potential
• You are looking for a card with lower forex mark-up charges to save on international spends
• Movie, golf and travel spends make a good portion of your monthly budget
• You want a card that rewards spends made towards rent, education, govt., wallet loads, insurance and utility payments

Choose SBI Prime Credit Card If:

• You wish to get accelerated savings on everyday and other lifestyle-related categories, including grocery, departmental stores, dining and movie spends
• You can minimise the card cost by meeting the spend-based fee waiver condition
• You want good returns on shopping spends and can maximise your value-back by availing vouchers as spend-based quarterly and annual milestone bonus
• Your travel cost does not take up a substantial part of your budget