IDFC First Bank has launched the Hello Cashback Credit Card, a fixed-deposit-backed credit card aimed at individuals looking to build their credit history.

The card is available against a minimum FD of Rs 10,000. A joining fee of Rs 1,000 and annual fee of Rs 1,000 is charged. But the introductory offer until 31 March waives off the joining fee. 

The annual fee is waived on annual spends of Rs 2,00,000 in the previous year. For spends between Rs 1 lakh and Rs 2 lakh, the annual fee is 50% waived.

The credit limit of the card is equal to the FD value and it offers tiered cashback on various types of spending.

Online spends up to Rs 10,000 per statement cycle receive 3% cashback, while transactions above Rs 10,000 get 5% cashback. 

In-store, contactless and UPI transactions receive 1% cashback, which also extends to essential categories such as utilities, education and insurance.

Cashback on travel bookings made through the bank’s app get an additional 1% bonus, with a monthly cap of Rs 1,500 per statement cycle.

The card allows ATM cash withdrawal limit up to 100% of FD value, interest-free for up to 45 days, with a nominal Rs 199 + GST withdrawal fee.

Other features include insurance coverage, purchase protection, lost card liability, roadside assistance and 1% fuel surcharge waiver.

Shirish Bhandari, Head – Credit Cards, FASTag & Loyalty at IDFC First Bank, said the card is aimed particularly at young adults aged 18+ entering the credit ecosystem with digital and UPI-led spending habits.