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FIRST EARN Credit Card: IDFC FIRST Bank has launched a new UPI-enabled credit card in collaboration with RuPay. It has been named FIRST EARN. This is a game changer for first-time credit card users as it is issued on Fixed Deposit (FD) basis. Along with this, there is also the benefit of cashback on every UPI payment through the card.
IDFC FIRST Bank issued a statement saying, “There is an option for fixed deposit creation for all customers in the credit card application. This card gives an opportunity to get rewards along with credit on UPI payments and add unmatched interest on fixed deposits. 1% cashback will be available on every UPI payment from FIRST EARN Credit Card.
Speaking to Business Standard, Shirish Bhandari, Head – Credit Cards, FASTag and Loyalty, IDFC First Bank, said, “We are pleased to announce the launch of FIRST EA₹N RuPay Credit Card. It is specially designed for first-time credit card users, which is a gateway product to the world of financial services. He further said, “It is a fixed deposit backed credit card, which makes UPI payments super easy every day.” Creates Rewarding, whereby 1% cashback is automatically credited to your card account. Apart from this, being linked to fixed deposits, this card promotes savings and growth, thereby improving credit, investment and financial health simultaneously.
Features of FIRST EARN Credit Card
Welcome Offer- New card holders will get 100% cashback up to Rs 500 on their first UPI transaction.
Attractive interest on FD- Customers depositing fixed deposits through credit cards will get 7.25 percent interest on one year FD.
Cashback Reward- This card offers up to 1% cashback on UPI transactions through IDFC FIRST Bank app and 0.5% cashback on transactions made through any other UPI app or on insurance, utility bills and e-commerce related payments.
UPI integration- This card can be used on more than 60 million UPI QR codes, making everyday purchases at stores easier.
Ease of immediate access- It is a virtual credit card, which is issued instantly, then linked to UPI and can be used immediately.
Movie Ticket Discount- On booking movie tickets through Zomato using the card, you will get 25% discount up to Rs 100.
Accident cover- Personal accident cover of Rs 2 lakh will also be available with FIRST EA₹N Credit Card. Additionally, lost card liability cover up to Rs 25,000 is also available. There is also a facility of complimentary roadside assistance up to Rs 1399.
fees
The joining fee of the card is Rs 499 plus GST. After this, the same annual fee will be charged every second year. The monthly interest rate on this starts from 0.75 percent to 9 percent annually. Additionally, there is a 1% surcharge (minimum of Rs 249 plus GST) on rent and property management.
Eligibility for FIRST EA₹N Credit Card
Any person above 18 years of age can apply for this. The current and permanent address of the applicant should be in India. It is necessary to create and maintain a fixed deposit of at least Rs 5,000.
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