IDFC First Bank has launched a UPI-enabled RuPay credit card called FIRST EA₹N.

The credit card is backed by a fixed deposit and offers cashback on UPI payments, thus making the product rewarding for users.

“What sets it apart is that the fixed deposit creation is seamlessly integrated within the credit card application for all customers. Thus customers get an unmatched opportunity to avail credit on UPI, earn rewards, and simultaneously earn attractive interest rates on fixed deposits,” IDFC First Bank said in a statement.

With every UPI spend, customers earn up to 1% cashback, making every transaction rewarding. It is aimed at first time credit card users.

“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,” said Shirish Bhandari, Head- Credit Cards, FASTag and Loyalty, at IDFC First Bank.

Rajeeth Pillai, Chief of Relationship Managemen at NPCI, said that the UPI-enabled virtual credit card “is designed to make transactions both convenient and highly rewarding for cardholders”. 

Features and Benefits:

·       Seamless UPI Integration: The FIRST EA₹N Credit Card is ready for UPI transactions at more than 60 million UPI QR codes

·       Instant Card Issuance: Virtual credit card issued instantly with seamless UPI integration for immediate use.

·       Maximum availability: This secured credit card requires a fixed deposit and is available to everyone.

·       Cash Back Launch offer: New cardholders on joining get 100% cashback on their first UPI transaction amount upto Rs. 500, within 15 days of card creation. Effectively the first year Fees is paid back as cash back.

·       Cashback Rewards:

o   1% cashback on UPI transactions via the IDFC FIRST Bank app.

o   0.5% cashback on transactions made through other UPI apps, as well as on insurance, utility bills, and e-commerce purchases.

·       Movie offer: 25% discount up to ₹100 on District by zomato movie tickets.

·       Interest on Fixed Deposit: Earn 7.25% p.a. interest on 1 year 1 day FD.

·       Comprehensive Protection:

o   Complimentary roadside assistance worth ₹1,399.

o   Lost card liability cover of ₹25,000.

o   Personal accident cover of ₹2,00,000.

IDFC First Bank customers can apply for the FIRST EA₹N Credit Card through a seamless digital process available on the bank's website.