IDFC FIRST Bank raises the bar with credit cards offering interest as low as 8.5% p.a.
IDFC FIRST Bank has disrupted the Indian credit card market by offering interest rates starting as low as 8.5% per annum (0.71% per annum), this figure is significantly below the industry average of 34-46%. The move is aimed at making credit more attractive and accessible with dynamic Annual Percentage Rates (APRs) tailored to each customer’s credit profile, ensuring fairness and transparency as reported by PTI.
Following its ‘Customer First’ philosophy, the bank is also providing lifetime-free credit cards designed to suit a variety of spending patterns and income levels. For example, FIRST Classic and FIRST Millennia cards provide movie discounts of up to ₹100 per month, while premium cards like FIRST Select and FIRST Wealth provide benefits such as complimentary airport lounge access and low forex markup.
Hence, for new-to-credit users, the FIRST WOW! A credit card, backed by a fixed deposit, provides an easy and secure entry point into the world of credit.
Therefore, the bank’s efforts align with the RBI’s guidelines promoting fair and transparent lending. Hence, with this move, IDFC FIRST Bank not only eases financial pressure on consumers but also focuses on redefining what responsible and customer-oriented credit should be. For more details and to explore the full range of offerings, visit the official IDFC FIRST Bank website.
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Disclaimer: Mint has a tie-up with fintechs for providing credit; you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards, and credit scores. Mint does not promote or encourage taking credit, as it comes with a set of risks, such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
