This Article was fact checked and last updated for accuracy on July 2, 2025 by Mani Karthik
When I moved back from USA in 2017, I missed the weight of my Chase Sapphire Reserve in my wallet. That metal card commanded respect at every restaurant and airport.
So when IDFC First Bank launched the Ashva Metal Credit Card in 2024, I was intrigued. Finally, an Indian bank offering a true metal card experience. My wife rolled her eyes. “Another credit card obsession?”
But here’s what I discovered after six months of carrying this 12 gram beast. It looks impressive. Feels premium. But the benefits don’t quite match the metal swagger.
Bottom Line Up Front: This card wins on style points but loses on substance. Great for those wanting metal card bragging rights. Questionable for pure value seekers.
Card Overview: The Indian Metal Revolution 🏛️
The IDFC First Bank Ashva Credit Card draws inspiration from ancient Indian royalty. Ashva means horse in Sanskrit. Horses were symbols of power and prestige in royal courts.
Target Audience:
- Status conscious professionals
- Frequent travelers wanting lounge access
- Movie enthusiasts (excellent cinema benefits)
- People wanting their first metal card experience
- Golf players (spend based benefits)
Physical Specifications: 12 grams of embedded metal. Feels substantial in your wallet.
Fee Structure: The Royal Tax 💰
Cost Breakdown:
- Joining Fee: ₹2,999 + GST
- Annual Fee: ₹2,999 + GST (every year)
- Welcome Benefits: ₹2,000 cashback on first 4 transactions of ₹500+ each within 60 days
The Math: You essentially get ₹2,000 back on a ₹2,999 fee. Net cost in first year is around ₹1,000. Not terrible for a metal card.
Rewards Structure: The Complicated Royal Decree 🎁
Earning Rates:
- Base Rate: 1X reward points on all spends up to ₹20,000 monthly
- Accelerated Rate: 10X reward points on spends above ₹20,000 monthly
- Birthday Bonus: 10X points on birthday month spends
- Annual Milestone: 7,500 points on spending ₹8 lakhs annually
Redemption Value:
- Standard Redemption: 1 point = ₹0.25 (terrible)
- Travel Portal: 1 point = ₹0.40 (better)
- Maximum Monthly Bonus Points: 15,000 points
Reality Check: Even with 10X points, the redemption value caps your returns at 1.66%. That’s mediocre for a ₹3,000 annual fee card.
Comprehensive Comparison: Metal Card Battle 📊
| Feature | IDFC Ashva | American Express Platinum Travel | HDFC Infinia |
|---|---|---|---|
| Annual Fee | ₹2,999 | ₹5,000 | ₹12,500 |
| Material | Metal (12g) | Metal | Metal |
| Base Reward Rate | 1X | 1X per ₹50 | 3.3% |
| Accelerated Rate | 10X (above ₹20K) | 10X dining/intl hotels | 16.5% on SmartBuy |
| Lounge Access | 16 domestic, 8 international | Unlimited domestic + Priority Pass | Unlimited domestic + Priority Pass |
| Forex Markup | 1% + GST | 3.5% | 3.5% |
| Golf Benefits | 2 rounds/month (spend based) | 4 rounds/quarter | 12 rounds/year |
| Movie Benefits | 2 BOGO tickets/month | None | None |
| Railway Lounge | 4 visits/year (spend based) | None | None |
| Insurance Coverage | ₹1 Cr air accident | Comprehensive travel | Comprehensive travel |
Real World Usage: My Family’s Metal Card Journey 🏠
First Month: The Honeymoon Phase
When the metal card arrived, my US born son picked it up and said, “Dad, this feels like your old Chase card!”
He was right. The weight and feel were identical to premium US cards.
Our first month spending:
- Groceries: ₹8,000 (8 points)
- Dining: ₹4,000 (4 points)
- Shopping: ₹12,000 (12 points)
- Total: ₹24,000 spent, earned 44 points (10X on ₹4,000 over threshold)
Month 3: The Reality Check
By month three, the novelty wore off. My wife asked the practical question: “How much value are we actually getting?”
Quarterly analysis:
- Total spend: ₹75,000
- Points earned: ~400 points
- Redemption value: ₹100 at standard rate
- Effective return: 0.13%
Ouch. That’s terrible for any credit card, let alone a premium one.
Travel Benefits: The Royal Treatment 🌍
Airport Lounge Access:
- Domestic: 16 complimentary visits annually
- International: 8 complimentary visits annually
- Condition: Spend ₹20,000 in previous month to activate next month’s benefit
Railway Lounge Access:
- Benefit: 4 complimentary visits annually to select railway lounges
- Condition: Spend ₹20,000 in previous month (revised Feb 2025)
- Locations: Chennai Central, Mumbai stations, and more
International Benefits:
- Forex Markup: Only 1% + GST (excellent)
- Travel Insurance: ₹1 Crore air accident cover
- Cancel for Any Reason: Up to ₹25,000 reimbursement twice yearly
Movie Benefits: The Unexpected Hero 🎬
This is where the Ashva card actually shines.
Cinema Offers:
- District by Zomato: Buy 1 Get 1 free, up to ₹400 discount per ticket
- Frequency: Twice monthly
- Annual Value: Up to ₹9,600 savings
Personal Story: Last month, we took the kids to watch a Marvel movie. Four tickets at PVR cost ₹2,000. Used the BOGO offer and paid only ₹1,200. Saved ₹800 in one transaction.
My younger son said, “Dad, this card paid for itself with just movies!”
He wasn’t wrong. For movie loving families, this benefit alone justifies the annual fee.
Golf Benefits: For the Elite Few 🏌️
Golf Privileges:
- Basic: 1 complimentary lesson/round per month on ₹20,000 spend
- Premium: 2 complimentary lessons/rounds per month on ₹40,000 spend
- Availability: Select courses across India
Reality Check: ₹40,000 monthly spend (₹4.8L annually) just for golf benefits seems excessive for most people.
The Good, Bad, and Heavy 🔥
The Good ✅
- Premium metal feel: Genuine 12 gram metal construction
- Excellent movie benefits: ₹9,600 annual value possible
- Low forex markup: 1% is excellent for international travel
- Never expiring points: Flexibility in redemption timing
- Railway lounge access: Unique benefit in Indian market
- Decent insurance coverage: ₹1 Cr air accident cover
The Bad ❌
- Poor redemption rates: 1 point = ₹0.25 is terrible
- High spend thresholds: ₹20,000+ needed for most benefits
- Limited reward categories: No accelerated rates on specific merchants
- Spend based benefits: Too many conditions to track
- High annual fee: ₹3,000 for limited value
The Heavy 🚫
- Complex benefit structure: Too many conditions and thresholds
- Poor customer education: Even bank staff confused about benefits
- Limited merchant acceptance: Some places still don’t take it
- Opportunity cost: Better cards available at similar or lower fees
Who Should Get This Card? 🎯
Perfect For:
- Movie enthusiasts who watch 4+ films monthly
- International travelers wanting low forex markup
- Metal card collectors prioritizing feel over function
- Status conscious professionals wanting conversation starters
- Railway travelers using premium lounges regularly
Not Suitable For:
- Value maximizers wanting highest returns
- Simple spenders preferring straightforward benefits
- Low spenders unable to meet ₹20,000 monthly thresholds
- Golf non-players (benefits become irrelevant)
NRI Perspective: The American Comparison 🇺🇸
What I Expected (Based on US Experience):
- Premium customer service ❌
- Rich reward ecosystem ❌
- Excellent travel benefits ⚠️
- Status recognition ✅
- Metal card feel ✅
For NRI Families:
Pros:
- Low forex markup helps international spending
- Metal card familiar from US premium card experience
- Movie benefits great for family entertainment
- Railway lounges useful for domestic travel
Cons:
- Reward rates much lower than US premium cards
- Complex benefit structure unlike straightforward US cards
- Poor redemption value compared to US points systems
- High thresholds relative to Indian spending patterns
My recommendation: Get it for the metal experience and movie benefits. Don’t expect US level rewards or service.
Personal Anecdote: The Restaurant Reality Check 🍽️
Last weekend, we went to a high end restaurant in UB City Mall, Bangalore. The kind of place where presentation matters.
I confidently handed over my metal Ashva card. The waiter examined it like a rare artifact. “Sir, very nice card. Very heavy!”
My wife whispered, “At least someone appreciates your card obsession.”
But here’s the thing. While the card impressed the waiter, it didn’t earn any bonus points for dining. Just the base 1X rate.
Lesson learned: Style points don’t always translate to reward points.
Recent Changes: February 2025 Updates 📅
IDFC First Bank revised several terms effective February 20, 2025:
What Changed:
- Fuel surcharge waiver: Reduced from ₹400 to ₹300 per cycle
- Railway lounge access: Now requires ₹20,000 monthly spend
- Add on card fees: ₹499 + taxes for new add on cards
- Interest rates: Range now 8.5% to 46.2% (revised from 9% to 43.8%)
Impact:
Minor devaluations that don’t significantly affect the card’s value proposition. The movie and travel benefits remain unchanged.
Alternative Cards to Consider 🔄
| If You Want | Consider Instead |
|---|---|
| Better reward rates | HDFC Infinia |
| Lower annual fee | HDFC Regalia |
| Simpler benefits | Amazon Pay ICICI |
| Travel focused | Amex Platinum Travel |
| Cashback over points | SBI Cashback Card |
Calculation Example: Movie Lover’s Math 🎭
Heavy Movie User Scenario:
- Monthly movies: 4 visits using BOGO offers
- Annual savings: ₹9,600
- Annual fee: ₹2,999
- Net benefit: ₹6,601
- Plus: Metal card prestige
Light Movie User Scenario:
- Monthly movies: 1 visit occasionally
- Annual savings: ₹2,400
- Annual fee: ₹2,999
- Net loss: ₹599
- Plus: Metal card feel (if that matters to you)
The February 2025 Devaluation Impact 📉
The recent changes reduced the card’s value slightly:
Before February 2025:
- Fuel surcharge waiver: ₹400/month = ₹4,800/year
- Railway lounge: No spend requirement
After February 2025:
- Fuel surcharge waiver: ₹300/month = ₹3,600/year
- Railway lounge: ₹20,000 spend requirement
Net impact: ₹1,200 annual value reduction. Not massive, but moving in wrong direction.
Final Verdict: The Metal That’s Style Over Substance 🏆
Rating: 6/10
This card succeeds as a lifestyle accessory but fails as a financial tool.
My recommendation:
- Get it if you love movies and want metal card prestige
- Get it if you travel internationally frequently
- Get it if you can easily spend ₹20,000+ monthly
- Skip it if you want maximum reward rates
- Skip it if you prefer simple, straightforward benefits
Best Use Case Scenario:
Movie loving family, travels internationally 2-3 times yearly, household income ₹15L+, appreciates metal card status, comfortable with complex benefit tracking.
Expected annual value: ₹6,000-8,000 for active users, primarily from movie savings.
The Bigger Picture: Indian Metal Card Evolution 📈
The Ashva represents India’s growing premium card market. Banks are finally offering metal cards at reasonable fees.
What this means:
- More competition will improve benefits
- Metal cards becoming mainstream in India
- Premium customers getting more options
- International standard experiences coming to India
For consumers: This is just the beginning. Better metal cards are coming.
Quick Action Items ✅
If you’re considering this card:
- Calculate your movie spending to see if BOGO benefits justify fee
- Assess your monthly spending against ₹20,000 thresholds
- Compare redemption values with your current cards
- Factor in metal card prestige value (subjective but real)
- Wait for welcome offer periods for maximum initial value
Sources & References 📚
Data Sources:
- IDFC First Bank Official Ashva Page
- Paisabazaar IDFC Ashva Analysis
- CardInsider IDFC Ashva Review
- BankBazaar Card Features
- IDFC First Bank Fee Changes February 2025
Additional Resources:
- IDFC Ashva Card Benefits Guide
- CardExpert Ashva Launch Analysis
- IDFC Metal Cards Privileges
- IDFC Credit Card Platform
Last Updated: July 2025
Next Review: October 2025
Connect with me:
For more insights on building your premium lifestyle after moving back to India, and navigating the Indian financial system, visit BackToIndia.com
Disclaimer: This review is based on personal experience and publicly available information as of July 2025. Card features and benefits may change. Always verify current terms with IDFC First Bank before applying. The author currently holds this card and has received no compensation from IDFC First Bank for this review.