Many times, getting a credit card against your savings account involves hefty paperwork, overwhelming eligibility requirements, numerous additional charges and long approval periods. IDFC Bank, being one of the top 10 private limited banks in India, has successfully eliminated these hassles by introducing the IDFC FD Credit Card.
In this blog, we will walk you through the salient features of the FD credit card offered by IDFC Bank and other relevant details that you need to know. Before we dive into more details, let’s take a quick look at its features.
| Credit Card Types | Premium Credit Card and Secured Credit Card |
| Annual Fee | NIL |
| Joining Fee | NIL |
| Minimum FD Amount | ₹2,000 |
| Finance Charges | 0.75% to 3.5% (in case of monthly charges) and 9% to 42% (in case of annual charges) |
To unlock the plethora of benefits that this IDFC credit card against FD offers, all you will have to do is move to the official website and apply for it. In just a few easy steps, you can get access to lifetime advantages associated with it.
How to Apply for an IDFC FD Credit Card?
You can follow the steps below to apply online for this IDFC fixed deposit credit card:
- Step 1: Navigate to the official web page of First WOW! Credit Card.
- Step 2: Check the eligibility criteria and list of documents required.
- Step 3: Click on the “Apply Now” button to move to the application form.
- Step 4: Enter your personal, financial, and employment details accurately.
- Step 5: Select the FD amount that you want to link with the card.
- Step 6: Check the details and click on the “Submit” button.
Once done, you will receive a confirmation message on your registered mobile number. After receiving approval for your credit card application, you will have to open an FD account with the specified limit in the application form.
Fees and Charges of IDFC FD Credit Card
Know about the fees and charges associated with IDFC fixed deposit credit card:
| Fees and Charges | Amount |
| Annual Fee | NIL |
| Joining Fee | NIL |
| Finance Charges | 0.75% to 3.5% (Monthly Rate) and 9% to 42% (Annual Rate) |
| Add-on Card Fee | NIL |
| Overdue Interest (Non-payment of Minimum Amount Due (MAD) by the payment due date) | 3.99% per month or 47.88% per annum |
| Cheque/Cash processing fee | NIL |
| Card Replacement Fee | No limit specified |
| Transaction Fees on Cash Advances | ₹199 per cash withdrawal |
| Reward Redemption Fee | ₹99 per redemption transaction |
| Charge Slip Request | NIL |
| Late Payment Charges | 15% of the total outstanding amount (subject to a minimum of ₹100 and a maximum of ₹1,250) |
| Markup Charges on Foreign Currency Transactions | NIL |
| Foreign Currency Transactions Mark-Up Fee | No limit specified |
| EMI Processing Fees | 1% of the transaction value, that is, minimum ₹99 |
| Rent Pay Transactions Fee | 1% + GST fee of the transaction amount |
| Goods and Service Tax (GST) | 18% is applicable on all fees, interest and other charges |
| Duplicate Statement Request | NIL |
| Over-limit Charges | NIL |
| Return of Cheque/Auto Debit/Payment Return | ₹250 per returned cheque/auto debit/payment return |
Besides the affordable fees and charges, there are several other salient features of this IDFC fixed deposit credit card, offering numerous benefits.
Features of IDFC Credit Card Against FD
Here are some exclusive features and benefits that you can avail by holding an IDFC credit card against fixed deposit.
- The maximum limit of this credit card ranges up to 100% of the amount present on the fixed deposit account.
- Individuals holding this type of credit card can increase their credit card limit, by opening two more fixed deposit accounts and linking them to the card.
- You will not have to pay any interest for withdrawing from an ATM using a credit card for up to 48 hours.
- 5% cashback up to ₹1,000 is available on your first EMI purchase within 30 days of issuing the card.
- By choosing IDFC first bank fixed deposit credit card, you can enjoy exclusive discounts of up to 20% across 1,500 fine-dining restaurants.
- More than 50 in-app online discounts and over 300 merchant offers are associated with this credit card.
- Moreover, you can avail up to 15% discounts in more than 3,000 health and wellness outlets
- No income-proof documents are needed to apply for this type of credit card.
To reap benefits from these exclusive features of IDFC credit cards, you need to fulfil the eligibility criteria required to apply for this card.
Eligibility Criteria for IDFC Credit Card Against FD
The following are the eligibility criteria associated with IDFC fixed deposit credit card that you need to fulfil to avail one:
- Applicants should have a minimum of 18 years of age.
- Applicants must deposit a minimum of ₹2,000 in their FD accounts.
- The individual applying for the credit card should be a citizen of India and have a permanent residential address.
- Applicants must reside in the city where IDFC allows the use of this credit card type.
- The Fixed Deposit account linked should be in auto-renewal mode and reinvestment.
Now that you are aware of the eligibility criteria, you should also keep the documents ready so you can complete the online application process without any hassle.
Documents Required for IDFC FD Credit Card
The process of applying for an IDFC FD Credit Card requires zero documentation from applicants in most cases. However, the bank might ask for a few KYC documents from an individual.
The following are some of the documents that you might need to submit when applying for an IDFC bank credit card against FD.
- PAN Card
- Aadhaar Card
- Voter Card
- Driving Licence
You should note that representatives might ask for additional documents when processing your credit card request.
Insurance Benefits of IDFC Credit Card Against FD
In addition to other advantages, you can also get various insurance benefits on your IDFC credit card on FD. These include:
- Personal accident cover of up to ₹2,00,000.
- Lost card liability cover of up to ₹25,000.
- Card shield cover
- Purchase protection cover
Final Word
IDFC fixed deposit credit card offers you the ultimate convenience and comfort, offering you the freedom to access funds anytime and anywhere. Also, the offers and discounts associated with it ensure that you can save substantially on all your transactions.
FAQs
People without income proof, first-time credit card applicants, self-employed persons, retired individuals and others can apply for an IDFC fixed deposit credit card.
You can directly redeem the points earned onthe IDFC First WOW! credit card while shopping at a store or going for online purchases. Just choose the ‘Pay with points’ option while making a transaction.
Yes, you can convert your credit card transactions into simple EMIs and conveniently make payments, if the transaction amount is more than ₹2,500.
Yes, even students above 18 years of age can apply for an IDFC bank FD credit card. The card enables them to manage their expenses as well as earn benefits from the reward points.
Some of the advantages of an IDFC First WOW! credit card that NRIs can get include ease of making payments in different currencies, free international transactions, attractive offers, global acceptance, customer support and more.
