Mumbai: IDFC FIRST Bank, in collaboration with RuPay, has launched the transformative UPI-enabled RuPay Credit Card named ‘FIRST EA₹N’. This innovative product is a Fixed Deposit (FD)–backed virtual credit card designed to democratize credit access while offering rewarding benefits for users.
What sets FIRST EA₹N RuPay Credit Card apart?
The FIRST EA₹N RuPay Credit Card enables customers to seamlessly access credit via UPI, a feature that stands out in the financial services industry. Backed by an FD, the card ensures universal eligibility, eliminating barriers for those who might face difficulties obtaining traditional credit cards. Customers can apply online and instantly access the card, enabling convenient and rewarding transactions.
Key Features and Benefits of the Card:
- Seamless UPI Integration: Cardholders can use the card for UPI transactions at over 60 million UPI-enabled merchants across India.
- Instant Card Issuance: The virtual credit card is issued instantly, allowing immediate use with UPI integration.
- Inclusive Access: The FD-backed model ensures availability for all customers, providing credit access to individuals new to credit products.
- Rewarding Transactions: Users earn up to 1% cashback on UPI transactions made through the IDFC FIRST Bank app and 0.5% cashback on transactions through other UPI apps, as well as on insurance, utility bills, and e-commerce purchases.
- Exclusive Launch Offer: New cardholders receive 100% cashback (up to ₹500) on their first UPI transaction within 15 days of card activation, effectively covering the first year’s fees.
- Fixed Deposit Benefits: Customers earn an attractive 7.25% annual interest rate on a one-year FD linked to the card.
Comprehensive Protection and Additional Benefits:
- Complimentary roadside assistance worth ₹1,399.
- Lost card liability covers up to ₹25,000.
- Personal accident insurance cover of ₹2,00,000.
Citizen-centric approach
Shirish Bhandari, Head of Credit Cards, FASTag, and Loyalty at IDFC FIRST Bank, emphasized the product’s customer-centric approach. “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. This fixed deposit-backed credit card is available online and instantly makes everyday 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. It continues our philosophy of customer centricity in product conception and design – #getmorefromyourbank.”
The FIRST EA₹N RuPay Credit Card marks a significant step forward in the Indian financial ecosystem, blending credit accessibility, digital convenience, and rewarding benefits. By leveraging the robust UPI network and RuPay’s global card payment infrastructure, the initiative is anticipated to redefine the way credit cards are used in India.
