IDFC First Bank has introduced the Hello Cashback Credit Card, a fixed deposit (FD)-linked card designed for people who want to build their credit history.
The credit limit on this card is equal to the amount kept in the fixed deposit. The bank also provides cashback on payments made using this card.
Contents
Cashback Benefits on Transactions
With the Hello Cashback Credit Card, users get:
3% cashback on online transactions up to ₹10,000 per statement cycle
5% cashback on online transactions above ₹10,000
1% cashback on in-store contactless and UPI payments
This cashback also applies to payments for utilities, education, and insurance premiums.
If a user books travel through the IDFC First Bank app, they get an extra 1% cashback bonus, with a monthly limit of ₹1,500.
Minimum Fixed Deposit Requirement
To get this credit card, users must open a fixed deposit of at least ₹10,000. If they want to increase the card limit later, they can do so by increasing the FD amount.
Joining Fee and Annual Charges
The card has a joining fee of ₹1,000 and an annual fee of ₹1,000.
However:
No joining fee will be charged if the card is issued by March 31, 2026
The annual fee may be waived based on the user’s spending in the previous year
The annual fee is fully waived for yearly spending up to ₹2 lakh
Partial fee waiver is available for spending between ₹1 lakh and ₹2 lakh
ATM Withdrawal and Other Benefits
The Hello Cashback Credit Card allows users to withdraw money from their linked fixed deposit through ATMs. A 45-day interest-free period is available on such withdrawals by paying a small fee.
Other benefits include:
Insurance coverage
Purchase protection
Lost card liability cover
Roadside assistance
1% fuel surcharge waiver