IDFC FIRST Bank launches upgraded version of its FD-backed credit card

IDFC FIRST Bank announced the relaunch of its enhanced “FIRST WOW! Credit Card,” secured against fixed deposits (FDs), on Monday.

The private bank confirmed in a release that the card requires a minimum FD commitment of ₹20,000 and is accessible to all applicants aged 18 or older. Key features include zero foreign exchange markup fees on international transactions, dual-card access (Mastercard and RuPay UPI), rewards on UPI payments, travel insurance benefits, and more.

Cardholders receive both a physical Mastercard and a virtual RuPay UPI credit card, connected to a shared account with combined credit limits and consolidated billing statements.

As of September 2025, the bank reported 4 million active credit cards in circulation, carrying an outstanding balance of ₹8,638 crore (representing 3% of its total loan portfolio).

In its Q2 investor presentation, the bank highlighted reducing its credit card cost-to-income ratio from 240% (FY22) to 96% (first half of FY26) over four years, projecting further improvement to 75% by FY27 through operational scaling.

Published on December 8, 2025