 "Fixed deposit-backed RuPay virtual Credit Card for first time users is here")
In a major move to make credit cards accessible to a wider audience, IDFC FIRST Bank, in partnership with RuPay, has unveiled a new UPI-enabled secured credit card, named FIRST EARN. This card is a game-changer for first-time credit card users, as it is backed by a fixed deposit (FD), making it easy for anyone to avail. Additionally, the card rewards users with cashback on UPI payments, enhancing its appeal as a cost-effective financial tool.
Fixed Deposit creation is seamlessly integrated within the credit card application for all customers. "Thus customers get an unmatched opportunity to avail credit on UPI, earn rewards, and simultaneously earn attractive interest rates on Fixed Deposits," IDFC FIRST Bank said in a statement.
With every UPI spend, customers earn upto 1% cashback, making every transaction rewarding.
“We are thrilled to announce the launch of the FIRST EA₹N RuPay Credit Card, specifically designed for first time Credit Card users as a gateway product to the financial services world said Mr. Shirish Bhandari, Head- Credit Cards, FASTag and Loyalty, at IDFC FIRST Bank”.
He further added, “this fixed deposit backed credit card is available online and instantly makes every day UPI payments super rewarding with a simple 1% cashback credited automatically to the card account. It inherently offers efficient money savings and growth with the linked interest-earning Fixed deposit- building credit, investment, and financial health together."
Key Features of the FIRST EARN Credit Card:
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UPI Integration: Customers can use the card for transactions at over 60 million UPI-enabled merchants across India, making it highly convenient for everyday purchases.
Instant Card Issuance: FIRST EARN is a virtual credit card that is issued instantly, with seamless integration into the UPI system for immediate use.
Maximum Availability: Since the card is secured with a fixed deposit, it is available to a broad spectrum of customers, including those who might not traditionally qualify for a regular credit card.
Cashback Rewards: The card offers up to 1% cashback on UPI transactions made via the IDFC FIRST Bank app, and 0.5% cashback on transactions made through other UPI apps or on purchases related to insurance, utility bills, and e-commerce.
Welcome Offer: New cardholders will receive 100% cashback on their first UPI transaction up to Rs 500, effectively covering the first year’s fees.
Attractive FD Interest: Customers who back their credit card with a fixed deposit will earn an interest rate of 7.25% on a 1-year FD, combining the benefits of both credit access and interest income. Joining fees:
Joining fee: ₹499 + GST | Annual fee (2nd year onwards): ₹499 + GST
Interest Rate (APR) Starting from 0.75% per month (9% p.a.)
Surcharge of 1% on payment for Rent and Property Management, subject to a minimum of ₹249 (+GST) per transaction.
What are the eligibility criteria to apply for a FIRST EA₹N Credit Card?
The eligibility criteria for the FIRST EA₹N Credit Card are:
· The applicant must be aged 18 or above
· The applicant must qualify as an Indian resident with a current and permanent residential address in India
· You need to create and maintain a minimum fixed deposit of ₹5,000
Do I require a credit history or income proof to apply for the FIRST EA₹N Credit Card?
No, you do not need any credit history or income proof to apply for the FIRST EA₹N Credit Card.
What will determine my credit limit?
The credit limit for your FIRST EA₹N Credit Card will be minimum 100% of your fixed deposit amount.
What is a virtual credit card?
It's a digital-only credit card that exists exclusively online, without any physical form. It has a unique card number, expiration date, and CVV, which makes online transactions more secure.
You can use the virtual FIRST EA₹N Credit Card anywhere, once you’ve linked it to a UPI app:
· Make online transactions by entering your card details or via UPI
· Pay at offline shops by scanning QR codes with your UPI app
Without a physical card in your wallet, there are lower chances of theft or misuse. All you need is your smartphone, and you’re good to go. With features such as instant issuance, cashback rewards, and fixed deposit interest, the FIRST EARN card positions itself as an accessible and rewarding option for a wide range of customers. The integration of UPI payments ensures users can make secure, cashless transactions while earning benefits, making everyday purchases more rewarding.
However, as with all credit cards, customers should be aware of the risks involved, such as potential interest charges and fees associated with credit usage.