IDFC First Bank Credit Card Against FD

What is an IDFC Bank Credit Card Against FD?

IDFC FIRST Bank offers two secured credit cards against FD: the 'FIRST EA₹N Virtual RuPay Credit Card' and the 'FIRST WOW! Credit Card'. Both are designed for easy approval, making them an excellent choice for young professionals and individuals new to credit who don't have a credit score. The fixed deposit serves as collateral for the card and continues to earn high FD interest rates, depending on the deposit amount, tenure, and category.

IDFC FD Credit Card Features

The following are some key features of the IDFC FIRST FD backed credit card:

• 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 FD backed credit card 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 FD Backed Credit Card

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

Application Process for IDFC Credit Card Against FD

Applying for an IDFC FD credit card 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 FD credit card 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, the net banking portal, the customer care helpline, or the nearest IDFC FIRST Bank branch.
• FD Lien Removal: Once the FD-backed 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 run to maturity or withdraw it as per your requirements.

Who Should Consider an IDFC Bank Credit Card Against FD?

The IDFC FD backed credit card 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 FD backed credit card is ideal for individuals without income proof or a credit score. It offers all the essential features of a standard credit card, including seamless online shopping, bill payments, and reward points, while your fixed deposit remains secure and continues to accrue interest. IDFC secured credit card offers a credit limit of up to 100% of your FD value, with no credit history or income documents required. It's a practical way to access credit and build a strong credit profile over time.