IDFC First Bank has launched a new UPI-enabled credit card, the FIRST EA₹N RuPay Credit Card, in collaboration with RuPay. This card is designed to provide customers with a convenient and rewarding option, especially for those who are new to using credit cards. One of its unique features is that it is secured by a fixed deposit (FD), making it easily accessible to anyone. The card is also linked to the customer’s FD, with a lien placed on the entire value of the FD to establish the credit limit.
The card offers several benefits, including a 7.25% yearly interest rate on fixed deposits with a duration of 1 year and 1 day. Cardholders can also earn cashback rewards on UPI transactions, including 1% cashback on transactions made through the IDFC First Bank app and 5% cashback on transactions made through other UPI apps, as well as on insurance, utility bills, and e-commerce purchases. Additionally, new cardholders receive a special launch offer, including 100% cashback on their first UPI transaction amount, up to Rs 500, within 15 days of card activation.
The card also comes with several additional perks, including a complimentary roadside assistance package, lost card liability cover of Rs 25,000, and personal accident insurance of Rs 2,00,000. The annual fee for the first year is Rs 499 (plus GST), and Rs 499 (plus GST) onwards. Overall, the FIRST EA₹N RuPay Credit Card offers a range of benefits and rewards for customers, making it an attractive option for those looking for a convenient and cost-effective financial solution.