Normally credit cards interest range from 24% to 48%. It is very high interest rate compare to any other loan. To give relax from this high interest rate, IDFC first bank introduces credit card with interest rate starting from 9%. Let us explore the benefits of low interest rate lifetime free credit card and how to get that based on you credit score
Why IDFC credit card is special:
- Low Interest credit cards (9% p.a.)
- Lifetime Free Credit Cards
- No Expiry of reward points
- No Finance charges for cash w/d (Rs.250 w/d fee applicable)
Millennia/Classic Variant: is really good, as it will let you earn 10X rewards as long as you can spend more than 20K. That’s upto nice 2.5% return on spend on entry level card.
Select Variant: is good too as you will enjoy the Visa Signature privileges like Buy1Get1 movie benefit, lounge access.
IDFC First credit card is best credit card in India based on low interest rate and annual fees.
Who is eligible for 9% interest:
All existing IDFC First bank customer with high credit scores are eligible to get 9% interest rate. Everyone with proper documentation can apply for IDFC first credit card. But existing IDFC customer would get high preference. Open account with IDFC First bank. It hardly took me 5 mins to complete the online-only application process via Aadhaar authentication and another 5 mins to setup the mobile app.
Why it offers low interest rate :
Our aim is to build a credit card book of high-quality customers with high credit scores and good repayment track records, said Vaidyanathan.
“For the bank, besides being a great product, it is also a great marketing tool to build a quality customer base. The objective here is to encourage people to spend, as what the bank really needs is transaction volumes. And, if the right set of customers can accrue that spend, then even 9% interest rate will give them income on a product, in which they are a late mover,” he added.
Documents Required for IDFC First Credit Cards:
Identity Proof:- PAN Card, Aadhar Card, Voter I.D. Card, Passport, Driving License. (Any One Document)
Address Proof:- Ration Card, Electricity Bill, Telephone Bill, Driving License, Passport, Voter I.D. Card, Last 2 Months Bank Statement. (Any One Document)
Income Proof:- Form 16, Latest Salary Slips, Income Tax Return Documents, Audited Financial Document, Business Continuity Proof (Any One Document)
Age Proof:- Pass Certificate of 10th Standard, Passport, Birth Certificate, Voter I.D. Card. (Any One Document)
Even if we get credit card with 20%, it is lower than existing lower interest 28%
9% is provided to high credit score and high quality customers. It may increase based on our credit scores and financial record. Even if we get credit card with 20%, it is high profit to us. In the existing market, the lowest credit card interest rate is 28% in SBI credit card and HDFC credit cards. Open account with IDFC First bank to get attractive benefits.
Before you apply for credit cards, understanding the credit card traps.
https://www.idfcfirstbank.com/finfirst-blogs/finance/5-tips-to-get-the-best-out-of-your-credit-card
https://www.idfcfirstbank.com/finfirst-blogs/finance/7-smart-tips-to-increase-your-credit-card-limit
https://www.idfcfirstbank.com/finfirst-blogs/finance/6-tips-for-using-credit-cards-wisely