IDFC First Bank Credit Card Against FD

What is an IDFC Bank Credit Card Against FD?

The IDFC FIRST Bank Credit Card Against FD is available in two variants: the ‘FIRST EA₹N Virtual RuPay Credit Card’ and the ‘FIRST WOW! Credit Card’, each offering essential benefits and easy approval. These cards are well-suited for young professionals who are just beginning their careers and may not have an existing credit score. The fixed deposit remains under a lien but continues to earn interest at the applicable IDFC FIRST Bank FD rates, which can go up to 7.25% per annum, depending on the deposit amount and tenure.

IDFC Bank Credit Card Against FD Features

The following are some key features of the IDFC FIRST Bank Credit Card Against FD:

• Credit Limit: For both the FIRST WOW! Credit Card and the FIRST EA₹N Credit Card, IDFC FIRST Bank offers a credit limit of up to 100% of the fixed deposit amount.
• Joining and Annual Fees: The FIRST WOW! Credit Card has no joining or annual fees, while the FIRST EA₹N Credit Card carries a joining fee of ₹499 + GST and an annual fee of ₹499 + GST from the second year onwards.
• Zero Documentation Required: The IDFC FIRST Bank credit card against FD does not require any income proof or credit score. The fixed deposit itself is sufficient for eligibility, making the application process quick and hassle-free.
• Rewards and Benefits: The IDFC FIRST Bank credit card against FD offers up to 4X reward points on the FIRST WOW! Credit Card and up to 1% cashback, along with a welcome offer and movie discounts on the FIRST Ea₹N Credit Card.

Pros and Cons of IDFC Credit Card Against FD

The table below highlights some key pros and cons of IDFC Bank credit card against FD to help you make an informed decision:

Application Process for IDFC Credit Card Against FD

Applying for an IDFC Bank Credit Card Against FD is simple and fully digital. The process varies slightly depending on the card variant:

1. FIRST WOW! Credit Card

   • Open a Fixed Deposit: Start an FD of at least ₹20,000 with IDFC FIRST Bank.
   • Apply Online: Visit the official IDFC FIRST Bank website or use the mobile banking app to apply for the card.
   • Link FD to the Credit Card: During the application, choose to link your FD as collateral. No income or credit documents are required.
   • Card Issuance: Upon successful verification, a physical credit card will be issued and delivered to your address.

2. FIRST EA₹N Credit Card (Virtual RuPay)

   • Start a Fixed Deposit: Begin with a fixed deposit of ₹5,000 or more through the bank's website or app.
   • Apply Digitally: Choose the EA₹N Virtual Credit Card option and complete the online application.
   • Instant Card Activation: Once your FD is booked and linked, the virtual card is issued instantly for online and UPI transactions.

Closure Process of IDFC Credit Card Against FD

Closing your IDFC Bank Credit Card Against FD is a straightforward process. Here's how it works:

• Clear Outstanding Dues: Ensure that all your credit card dues, including outstanding bills, EMIs, or charges, are fully paid. The bank will not process closure requests if any amount is pending.
• Raise Closure Request: You can request to close your credit card through various convenient methods, such as the IDFC FIRST Bank mobile app, net banking portal, by contacting the customer care helpline, or by visiting the nearest IDFC FIRST Bank branch.
• FD Lien Removal: Once the credit card is closed and all dues are cleared, the bank will remove the lien on your fixed deposit that was linked to the card.
• Access Your Fixed Deposit: After the lien is removed, your fixed deposit becomes fully accessible. You can choose to let the FD continue until maturity or withdraw it as per your requirement.

Who Should Consider an IDFC Bank Credit Card Against FD?

The IDFC Bank credit card against FD is ideal for individuals at different stages of their financial journey. Here’s who should consider applying:

• Young Professionals: Those who have just begun working and don’t yet have a credit history can benefit from this card. It provides access to credit without income proof and helps build a solid credit profile.
• First-Time Credit Card Users: Students, freelancers, and homemakers looking to get their first credit card can consider this option. It’s easy to get with a small FD and does not require documentation.
• Individuals with Low or No Credit Score: If your credit score is low or you don’t have one yet, this card is a reliable way to start building or improving it over time.

Key Takeaways 

The IDFC FIRST Bank Credit Card Against FD is offered against a fixed deposit and is ideal for individuals without income proof or a credit score. It includes standard credit card features such as online shopping, bill payments, and rewards. The fixed deposit remains active and continues to earn returns at the applicable FD interest rate. With a credit limit of up to 100% of the FD value and no need for credit history or income documents, it’s a practical way to access credit and build a strong credit profile over time.