IDFC FIRST Bank Launches FIRST WOW! Black with Zero Forex Markup

If you’re a frequent traveller, IDFC First Bank has something for you. On December 8, 2025, the issuer introduced the FIRST WOW! Black credit card for applications. 

The card offers zero foreign exchange (forex) markup on international transactions. It comes in a dual-card format combining a physical Mastercard and a virtual RuPay (for UPI) under a single credit limit and statement.

FIRST WOW! Black Credit Card: At a Glance

• Available from December 8, 2025. 
• Requires FD of ₹20,000. 
• Offers zero forex markup
• Dual physical (Mastercard) + virtual (RuPay/UPI) usage. 
• Key benefits include travel rewards, lounge access, insurance, movie discounts. Joining / annual fee ₹750 + GST (waived on ≥ ₹1.5 lakh annual spend).
• Official Link: https://www.idfcfirst.bank.in/credit-card/wow-black-credit-card  

Everything We Know about the IDFC FIRST WOW! Black Credit Card

IDFC FIRST Bank has positioned this card as an upgrade over its earlier FIRST WOW! variant. The new version adds premium travel and lifestyle benefits at a relatively affordable cost. 

The zero forex markup is a rare perk among entry-level secured credit cards in India. 

Previously, only premium and metal card variants, like IDFC’s own Mayura or Private credit cards, offered such features. This launch lowers the entry barrier to those benefits. 

According to public sources and whatever we found out about the card, here’s what the card offers: 

Application Process for IDFC FIRST WOW! Black Credit Card

• Applicant must be at least 18 years old. 
• Need to open a fixed deposit of at least ₹20,000 with IDFC FIRST Bank during the application process. 
• Process is fully digital: from FD opening to card issuance. 

Who is this Card for? 

IDFC FIRST Bank appears to be targeting aspirational users: young professionals, travellers, first-time cardholders, who demand perks without legacy costs. 

By offering dual network access (Mastercard + RuPay), zero forex markup, and travel benefits while still securing the card with a fixed deposit, the bank shifts risk away from credit history dependence.

For users who travel or make international online purchases, eliminating forex markup can reduce costs typically ranging from 2-4% per transaction. 

This card offers all these benefits without requiring high income or a strong credit history, though it requires a fixed deposit. 

For people new to credit, this may serve both as a means to build credit history and access premium perks. However, the annual fee of ₹750 (if spending thresholds aren’t met) and the fixed deposit requirement mean it won’t be free for all.

FD-backed Cards: Market Situation

Secured credit cards, where a fixed deposit backs the credit limit, are not new in India. They often serve users who lack sufficient credit history or income proof. The existing version of FIRST WOW! already operated on such a model. 

It may prompt other issuers to introduce similar secured zero-markup cards or widen perks on mid-tier offerings.

Should You Apply for IDFC FIRST WOW! Credit Card?

• If you spend internationally or use UPI often, this card eliminates forex fees and offers flexibility with dual networks.
• If you’re building credit or need proof, but can lock ₹20,000 in FD, this card may be a strong entry point.
• Be mindful of annual costs: unless you spend ₹1.5 lakh per year, the fee applies, adding to the FD requirement.
• Compare with other secured zero-markup cards or mid-premium offerings: you may get better perks if you already qualify for higher cards that don't require FD security.