The FIRST WOW! Black Credit Card is a secured card issued against a fixed deposit and aimed at cardholders who want premium travel perks and easy access to credit backed by their savings. Its selling points include bonus reward points, higher redemption value for travel bookings, zero forex markup and airport lounge access. Below is a clear breakdown of how the card works, who benefits most, and smart ways to maximize its value.
How the card works
This card is a secured or collateralised credit card. You place a fixed deposit with the issuing bank, and that deposit acts as security for the credit limit on the card. The deposit typically determines the credit limit and remains with the bank until you close the account. In many cases, secured cards like this are easier to get approved for and can help build or improve your credit history when payments are made on time.
Key benefits explained
- Bonus reward points — The card offers bonus points as incentives. These could be welcome points, accelerated points for specific categories, or periodic bonus credits. Points can be redeemed for rewards, helping to lower travel and purchase costs.
- Higher redemption value on travel bookings — When you redeem points for travel (flights, hotels, packages), the redemption value can be better than standard rates. That means each point could cover more of the travel cost when used through the card’s travel portal or partner channels.
- Zero forex markup — The card does not charge foreign exchange markup on international transactions. This can save frequent travelers or people who shop from overseas merchants a meaningful amount compared with cards that add a percentage fee on top of conversion rates.
- Airport lounge access — Complimentary lounge access at airports is included, making travel more comfortable. Lounge access is a valuable perk for regular travelers who want a quieter space, refreshments, and Wi‑Fi before flights.
Why higher redemption value matters
Not all reward points are equal. A higher redemption value for travel bookings means you get more benefit from each point when you use them for trips rather than cash or merchandise. If you travel frequently, redeeming through the designated travel channel can lead to substantial savings, effectively lowering the cash you need to spend on flights and hotels.
Who should consider this card
- Frequent travelers who want to avoid forex fees and enjoy lounge access.
- People who prefer a secured credit option backed by a fixed deposit.
- Customers aiming to build or repair credit history with a relatively lower approval barrier.
- Anyone who can make use of elevated travel redemptions to get more value from reward points.
Tips to get the most from the card
- Book travel through the card’s portal to take advantage of better redemption rates.
- Use the card for international purchases to save on forex markup charges, but always monitor exchange rates and merchant currency settings.
- Combine lounge visits with travel plans to improve the overall travel experience and offset any fees.
- Keep payments timely so you build credit history and avoid interest and penalties that could erase the value of the rewards.
- Review the reward terms regularly — point expiry, redemption rules and partner inventory can change over time.
What to check before applying
- How much deposit is required and whether the fixed deposit earns interest while acting as collateral.
- Any annual or joining fees, and how many lounge visits are included.
- Exact rules for reward earning and redemption, including blackout dates or restrictions for travel bookings.
- Procedures for getting the deposit back if you close the card, and any lock-in period.
- Interest rates on unpaid balances and any other charges that could apply.
Final thoughts
The FIRST WOW! Black Credit Card blends the security of a fixed‑deposit backed limit with travel-focused perks like bonus points, higher redemption value for travel, zero forex markup and lounge access. For frequent travelers and those who want a secured route to building credit, it can be a practical choice. As with any financial product, compare the full terms and fees to your spending patterns to decide if the benefits outweigh the costs.