IDFC FIRST Bank launches FD-backed RuPay Credit Card for the first time users

IDFC FIRST Bank, in partnership with RuPay, has announced the launch of the UPI-enabled FD-backed secured credit card. Known as FIRST EARN, it is backed by fixed deposit, thus enabling everyone to avail it. It also offers cashback on UPI payments thus making the product rewarding for users.

Additionally, fixed deposit creation is integrated within the credit card application for applicants. Therefore, customers get a chance to avail credit on UPI, earn rewards, and earn interest on Fixed Deposits at the same time.

The card is also seamlessly integrated with UPI and offers universal access to over 60 million UPI-enabled merchants across India. With every UPI spend, customers earn up to 1 per cent cashback, making every transaction rewarding.

“(This is) specifically designed for first time Credit Card users as a gateway product to the financial services world,” said Shirish Bhandari, Head- Credit Cards, FASTag and Loyalty, at IDFC FIRST Bank.

“This fixed deposit backed credit card is available online and instantly makes every day UPI payments super rewarding with a simple 1 per cent cashback credited automatically to the card account,” he added.

Speaking on the development, Rajeeth Pillai, Chief of Relationship Management, NPCI said, “We are happy to launch FIRST EARN RuPay Credit Card in partnership with IDFC FIRST Bank. This UPI-enabled virtual credit card is designed to make transactions both convenient and highly rewarding for cardholders.”

These are some of the key features:

I. UPI Integration: This credit card enables UPI transactions at more than 60 million UPI QR codes.

II. Instant Card Issuance: This is a virtual credit card and issued instantly with seamless UPI integration for immediate use.

III. Maximum availability: This is a secured credit card backed by a fixed deposit and is available to everyone.

IV. Cashback: The new cardholders get 100 per cent cashback on their first UPI transaction amount up to ₹500, within 15 days of card creation. Effectively the first year Fees is paid back as cash back.

V. Cashback Rewards: It offers 1 per cent cashback on UPI transactions via the IDFC FIRST Bank app, and 0.5 per cent cashback on transactions made through other UPI apps, as well as on insurance, utility bills, and e-commerce purchases.

VI. FD interest: The bank offers 7.25 per cent interest on 1 year 1 day FD.