IDFC FIRST Bank Launches UPI-Linked FIRST EA₹N RuPay Card

IDFC FIRST Bank Unveils UPI-Enabled FIRST EA₹N RuPay Credit Card

IDFC FIRST Bank, in partnership with RuPay, has launched a new product designed to make using credit cards and digital payments easier. The FIRST EA₹N RuPay Credit Card is a special type of credit card that works with UPI (Unified Payments Interface), offering both rewards and a fixed deposit (FD) as collateral. This card helps users access credit, earn cashback on UPI transactions, and better manage their finances.

In this post, we’ll look at the features, benefits, and advantages of the FIRST EA₹N RuPay Credit Card and explain how it’s making digital payments more rewarding and accessible for everyone.

What is the FIRST EA₹N RuPay Credit Card?

The FIRST EA₹N RuPay Credit Card is a virtual, fixed deposit-backed credit card designed to provide instant access to credit for first-time users and people without a traditional credit history. It is enabled for UPI (Unified Payments Interface), making it a powerful tool for conducting transactions at over 60 million UPI-enabled merchants across India.

What makes this product stand out is the integration of an FD, which serves as collateral, ensuring that anyone can instantly apply for and obtain this card, regardless of their credit score. This unique feature also allows users to earn attractive interest rates on the fixed deposit linked to their credit card.

Key Features of the FIRST EA₹N RuPay Credit Card

• Seamless UPI Integration: The FIRST EA₹N Credit Card integrates directly with UPI, enabling users to perform UPI transactions using their credit limit. Whether you’re paying bills, shopping online, or transferring money, you can now use your credit card for UPI payments at millions of merchants.
• Instant Virtual Credit Card Issuance: As a virtual card, it can be issued instantly and used immediately after linking it with any UPI-enabled app such as Google Pay, PhonePe, or Paytm. This means you don’t have to wait for a physical card to arrive to start using it.
• Cashback on UPI Transactions: The FIRST EA₹N card rewards users with 1% cashback on UPI transactions made through the IDFC FIRST Bank app. Additionally, users can earn 0.5% cashback on UPI transactions made through other UPI apps, including payments for utility bills, insurance, and e-commerce purchases.
• Launch Offer - 100% Cashback: As part of the card’s launch offer, new cardholders can enjoy 100% cashback on their first UPI transaction (up to Rs. 500) within 15 days of card creation. Essentially, this means the first year’s fees are effectively waived as cashback.
• Fixed Deposit Link for Credit Access: The credit card is backed by a fixed deposit, which is integrated seamlessly into the application process. This approach ensures that users, regardless of their credit history, can access credit while simultaneously earning interest on their FD at an attractive rate of 7.25% p.a..
• Additional Benefits:
  1. Movie Discount: Get a 25% discount on District by Zomato movie tickets, up to ₹100.
  2. Comprehensive Protection: Enjoy complimentary roadside assistance (₹1,399), lost card liability cover (₹25,000), and personal accident cover (₹2,00,000).
  3. Interest on Fixed Deposit: Earn 7.25% annual interest on the FD linked to the card.
• Exclusive Access to 60 Million UPI Merchants: With UPI-enabled transactions, users gain access to over 60 million UPI QR codes across India, allowing for easy and seamless payments across various categories.

Benefits of the FIRST EA₹N RuPay Credit Card

Instant Access to Credit

The FIRST EA₹N card provides instant credit access, which is made possible by the FD backing. Users can apply for the card online and receive it virtually, enabling immediate use for all UPI transactions. This opens up credit access to a larger audience, including first-time users and people without a formal credit history.

Earning Rewards and Cashback

The 1% cashback on UPI transactions via the IDFC FIRST Bank app is a significant perk, as it allows users to earn rewards on everyday payments. This feature makes routine transactions, like paying utility bills or making online purchases, more rewarding. The 0.5% cashback on other UPI apps and transactions adds further value.

Financial Growth with Fixed Deposit

Unlike traditional credit cards, the FIRST EA₹N RuPay Credit Card provides an opportunity for users to earn interest on their fixed deposit while still utilizing it as collateral for their credit line. This combination of earning interest and enjoying credit access gives users a two-fold financial benefit.

Enhanced Security and Protection

The card provides robust protection benefits, including complimentary roadside assistance, lost card liability cover, and personal accident insurance. These added layers of security make it a safer option for consumers using credit for their day-to-day transactions.

Convenience of UPI Transactions

UPI is one of the most convenient and widely used payment systems in India, and integrating it with a credit card brings even more convenience. Whether you're paying for groceries, booking movie tickets, or making a donation, UPI through the FIRST EA₹N card makes every payment smooth and hassle-free.

Inclusivity and Accessibility

Since the card is backed by a fixed deposit, it is available to everyone, including those who may not have a credit history. This product democratizes access to credit by ensuring that everyone can apply and qualify for a credit card, regardless of their credit score.

How to Apply for the FIRST EA₹N RuPay Credit Card?

Applying for the FIRST EA₹N RuPay Credit Card is simple and entirely digital. Here’s how you can apply:

1. Visit the IDFC FIRST Bank Website: Start the application process by visiting the official website of IDFC FIRST Bank.
2. Submit Details: Provide the necessary details and link your fixed deposit.
3. Instant Virtual Card Issuance: Once your application is processed, you’ll receive an instant virtual card that’s ready to use for UPI transactions.

Why is this Launch Important?

The FIRST EA₹N RuPay Credit Card solves two main problems in India’s financial system: getting access to credit and rewarding everyday digital payments. By using a fixed deposit as security, anyone can get this card, even if they don’t qualify for a regular credit card. Plus, it works smoothly with UPI, making digital payments easier and more rewarding.

This move shows IDFC FIRST Bank's focus on creating products that help customers. It’s a great option for people getting their first credit card and looking to build or improve their credit history.

Conclusion

The FIRST EA₹N RuPay Credit Card is a special card that combines credit, savings, and rewards all in one. It gives you instant access to credit, cashback on UPI payments, and helps your savings grow through fixed deposit interest. This card offers more than just a way to pay—it’s a full financial tool. With support from IDFC FIRST Bank and RuPay, it could change the way people use credit in India.

If you want an easy way to get credit, earn rewards, and grow your savings at the same time, the FIRST EA₹N RuPay Credit Card might be the right choice for you.

Keep an eye out for more exciting innovations as IDFC FIRST Bank continues to create products that help customers in the digital world.