IDFC FIRST Financial institution, in partnership with RuPay, has introduced the launch of the UPI-enabled FD-backed secured credit card. Often called FIRST EARN, it’s backed by fixed deposit, thus enabling everybody to avail it. It additionally presents cashback on UPI funds thus making the product rewarding for customers.
Moreover, mounted deposit creation is built-in inside the bank card utility for candidates. Due to this fact, clients get an opportunity to avail credit score on UPI, earn rewards, and earn curiosity on Fastened Deposits on the identical time.
The cardboard can also be seamlessly built-in with UPI and presents common entry to over 60 million UPI-enabled retailers throughout India. With each UPI spend, clients earn as much as 1 per cent cashback, making each transaction rewarding.
“(That is) particularly designed for first time Credit score Card customers as a gateway product to the monetary providers world,” stated Shirish Bhandari, Head- Credit score Playing cards, FASTag and Loyalty, at IDFC FIRST Financial institution.
“This mounted deposit backed bank card is accessible on-line and immediately makes each day UPI funds tremendous rewarding with a easy 1 per cent cashback credited robotically to the cardboard account,” he added.
Talking on the event, Rajeeth Pillai, Chief of Relationship Administration, NPCI stated, “We’re pleased to launch FIRST EARN RuPay Credit score Card in partnership with IDFC FIRST Financial institution. This UPI-enabled digital bank card is designed to make transactions each handy and extremely rewarding for cardholders.”
These are a few of the key options:
I. UPI Integration: This bank card allows UPI transactions at greater than 60 million UPI QR codes.
II. On the spot Card Issuance: It is a digital bank card and issued immediately with seamless UPI integration for rapid use.
III. Most availability: It is a secured bank card backed by a set deposit and is accessible to everybody.
IV. Cashback: The brand new cardholders get 100 per cent cashback on their first UPI transaction quantity as much as ₹500, inside 15 days of card creation. Successfully the primary yr Charges is paid again as money again.
V. Cashback Rewards: It presents 1 per cent cashback on UPI transactions through the IDFC FIRST Financial institution app, and 0.5 per cent cashback on transactions made by different UPI apps, in addition to on insurance coverage, utility payments, and e-commerce purchases.
VI. FD curiosity: The financial institution presents 7.25 per cent curiosity on 1 yr 1 day FD.
