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Mint
4 days ago
- Business
- Mint
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. Reward points that never expire, giving cardholders complete freedom of redemption. Interest-free ATM cash withdrawals for up to 45 days, providing emergency liquidity without extra costs. Personalised APRs based on individual creditworthiness and repayment capacity. A seamless, digitally managed experience through the bank's mobile application, ranked India's number 1 by Forrester. 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. For all personal finance updates, visit here. 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.
Business Upturn
6 days ago
- Business
- Business Upturn
IDFC FIRST Bank Sets a New Benchmark with Credit Cards Offering Interest Rates as Low as 8.5% p.a.
By Business Wire India Published on August 4, 2025, 13:39 IST Business Wire India IDFC FIRST Bank has introduced a new standard in the Indian credit card market by offering interest rates starting from a remarkably low 8.5% per annum (0.71% per month). This customer-centric initiative places the bank at the forefront of affordability in a market where credit card interest rates typically range from 34% to 46.2% p.a. The dynamic Annual Percentage Rates (APRs) are tailored to individual customer credit profiles, ensuring fair and transparent pricing. This pioneering offering is a testament to IDFC FIRST Bank's commitment to providing accessible and value-driven financial solutions. By presenting significantly lower interest rates, the bank aims to ease the financial burden on consumers and encourage responsible credit management. In addition to low interest rates, the Bank offers several customer-friendly features that add meaningful lifestyle enhancements for cardholders. Lifetime-free credit cards for all backgrounds and spending habits: Customers can choose from a wide range of lifetime-free credit cards designed to match different lifestyles. These cards come with no joining or annual fees. For example, the entry-level FIRST Classic and FIRST Millennia Credit Cards offer movie discounts of up to INR 100 every month. For those seeking premium benefits, the FIRST Select and FIRST Wealth Credit Cards include complimentary airport lounge access and low forex markup. The Bank also offers the FIRST WOW! Credit Card, a lifetime-free option backed by a fixed deposit, ideal for first-time credit users with no or low credit scores. Reward Points that never expire: Cardholders can accumulate valuable reward points on their spending without the pressure of a deadline, giving the freedom to redeem them whenever they choose. Interest-free ATM cash withdrawals: IDFC FIRST Bank lets credit cardholders access emergency cash from an ATM without incurring any interest charges for up to 45 days, a feature that provides unparalleled financial flexibility. Dynamic and fair APRs: Interest rates are dynamically assigned based on the customer's credit profile, ensuring a personalized and equitable rate. Globally recognized digital experience: IDFC FIRST Bank Credit Card users can manage every aspect of their card seamlessly through the Bank's mobile app, ranked by Forrester as #1 in India. IDFC FIRST Bank aims to empower its customers with financial products that are not only feature-rich but also transparent and affordable. The introduction of credit cards with interest rates as low as 8.5% p.a. is a significant step in this direction. By building long-term relationships with customers and offering them fair and best-in-class products, the Bank continues to reinforce its 'Customer First' philosophy. This focus on customer value is a core tenet of IDFC FIRST Bank's operations. In line with the Reserve Bank of India's (RBI) guidelines that encourage fair and transparent practices, the bank's clear communication of its dynamic APRs establishes a positive benchmark in the industry. The combination of a highly competitive interest rate and a globally recognized digital platform underscores IDFC FIRST Bank's position as a forward-thinking and customer-focused financial institution. Visit the official website to know more about IDFC FIRST Bank Credit Cards. Disclaimer: The above press release comes to you under an arrangement with Business Wire India. Business Upturn take no editorial responsibility for the same. Ahmedabad Plane Crash Business Wire India, established in 2002, India's premier media distribution company ensures guaranteed media coverage through its network of 30+ cities and top news agencies.
