IDFC FIRST EA₹N Virtual Credit Card: A Detailed Review
IDFC FIRST EA₹N Virtual Credit Card: A Detailed Review
The IDFC FIRST EA₹N Virtual Credit Card presents a compelling proposition for individuals seeking a secure and rewarding online spending experience. Backed by a fixed deposit (FD), this virtual card offers cashback incentives and simplifies online payments via UPI integration. This review delves into its features, benefits, drawbacks, and ideal use cases to help you determine if it's the right fit for your financial needs.
Key Features of the IDFC FIRST EA₹N Credit Card
- Virtual Card: Exists solely as a digital card, enhancing security.
- FD-Backed: Requires a minimum FD of ₹5,000, guaranteeing approval.
- RuPay Network: Seamlessly integrates with UPI apps for online and offline payments via QR codes.
- Cashback Rewards: Offers 1% cashback on UPI transactions via the IDFC FIRST Bank mobile app and 0.5% on other UPI app spends and online transactions.
- Movie Ticket Discount: Provides a 25% discount (up to ₹100) on Paytm movie ticket bookings.
- Insurance Coverage: Includes lost card liability cover and personal accident cover.
- Roadside Assistance: Complimentary roadside assistance is included.
- Credit Limit: Minimum credit limit is 100% of your FD value.
- Joining Fee: ₹499 + GST
- Annual Fee: ₹499 + GST (Second year onward)
Fees and Charges
| Fee/Charge | Amount |
|---|---|
| Joining Fee | ₹499 + GST |
| Annual Fee | ₹499 + GST |
| Foreign Currency Markup | 3.5% |
| Cash Advance Charges | Monthly Rate 0.75% to 3.65% |
Cashback & Rewards: Real-World Use Cases
Let's illustrate the cashback potential with some examples:
| Spending Category | Transaction Amount | Cashback (IDFC FIRST Bank App) | Cashback (Other UPI Apps) |
|---|---|---|---|
| Groceries (IDFC FIRST Bank App) | ₹5,000 | ₹50 | - |
| Utilities (PhonePe) | ₹2,000 | - | ₹10 |
| Online Shopping (Google Pay) | ₹3,000 | - | ₹15 |
| Movie Tickets (Paytm) | ₹400 | - | (25% discount up to ₹100) |
Note: Cashback is capped at ₹500 per statement cycle. EMI and cash transactions do not earn cashback.
Comparison with IDFC FIRST WOW! Credit Card
The IDFC FIRST EA₹N card is often compared to the IDFC FIRST WOW! card, another secured card. Here's a quick comparison:
| Feature | IDFC FIRST EA₹N | IDFC FIRST WOW! |
|---|---|---|
| Card Type | Digital | Physical |
| UPI | Yes | No |
| Minimum FD Amount | ₹5,000 | ₹10,000 |
| Annual Fee | ₹499 + GST | Lifetime Free |
| Reward Type | Cashback | Reward Points |
Pros and Cons
Pros
- Ideal for building credit history.
- Easy UPI integration.
- Attractive cashback rewards.
- Guaranteed approval with FD backing.
- Low minimum FD requirement.
Cons
- No fuel surcharge waiver.
- Relatively low cashback percentage compared to some other cards.
- Annual fee applicable.
The IDFC FIRST EA₹N Virtual Credit Card is a valuable tool for those looking to build credit responsibly and earn cashback on everyday spending. Its user-friendly features, especially UPI integration, make it convenient for digital transactions. However, carefully consider the fees and cashback limitations before applying.
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