Mumbai: IDFC FIRST Bank has launched a new fixed deposit-backed credit card called the Hello Cashback Credit Card. The card is designed mainly for young adults aged 18 and above and customers who spend more online and through UPI.
The card helps first-time users start building their credit history while earning cashback on daily digital payments.
Simple Cashback Structure
The card offers up to 5 percent cashback on online spending. Customers get 3 percent cashback on online spends up to Rs 10,000 in a statement cycle. For spending above Rs 10,000 online, cashback increases to 5 percent. However, online cashback is capped at Rs 1,000 per cycle.
Customers also get 1 percent cashback on in-store purchases, contactless payments and UPI spends made through the bank’s app. This 1 percent cashback also applies to essential payments like utilities, education fees, insurance, FASTag recharge, railway bookings, government payments, rent, jewellery and wallet loads.
For travel bookings made through the bank’s app, customers get an extra 1 percent bonus. This means total cashback on flights and hotels can go up to 6 percent. The overall monthly cashback cap is Rs 1,500.
Backed by Fixed Deposit
The card is issued against a fixed deposit starting from Rs 10,000. The credit limit is equal to 100 percent of the fixed deposit value.
Customers earn interest on the fixed deposit while also earning cashback on card spends. They can also withdraw cash up to 100 percent of the fixed deposit amount from ATMs, interest-free for up to 45 days, by paying a small withdrawal fee.
Customers can increase their credit limit instantly by linking more fixed deposits.
Fees and Waivers
The joining fee is Rs 1,000 plus GST, but it is waived until March 31, 2026. The annual fee of Rs 1,000 plus GST is fully reversed if yearly spending crosses Rs 2 lakh. If spending is between Rs 1 lakh and Rs 2 lakh, 50 percent of the fee is reversed.
Shirish Bhandari, Head – Credit Cards at IDFC FIRST Bank, said the card makes digital payments rewarding and accessible from day one, especially for young users entering the credit system.
