IDFC FIRST Bank launches FD-backed Hello Cashback Credit Card for young users

IDFC FIRST Bank on Monday introduced the Hello Cashback Credit Card, a fixed-deposit-backed card targeted at tech-savvy customers, especially young people just stepping into the credit world. This credit card is designed to help customers build a credit history while earning cashback on digital transactions.

The Hello Cashback credit card comes with a tiered cashback system, where customers earn 5% cashback on all online transactions exceeding ₹10,000, 3% on online transactions of up to ₹10,000, and 1% on all other transactions, including in-store, UPI, and essential payments such as utilities, education, insurance, FASTag recharge, and government dues.

An additional 1% cashback is available on travel bookings made through the bank’s mobile application, bringing the total to 6%. The cashback is limited to ₹1,500 per statement cycle.

Furthermore, this credit card is secured by a fixed deposit of at least ₹10,000, with a credit limit equal to 100% of the FD amount. Cardholders can access FD funds through the card through simple ATM withdrawals, interest-free for up to 45 days, for a nominal fee. Additional fixed deposits can be linked to instantly enhance the credit limit.

Joining fee and other details

The card carries a joining fee of ₹1,000 and an annual fee of ₹1,000, with the joining fee waived until March 31, 2026. The annual fee is fully waived for yearly spends of ₹2 lakh or more.

Shirish Bhandari, Head, Credit Cards, FASTag & Loyalty at IDFC FIRST Bank, said the card “is designed for digitally savvy customers, it makes rewarding digital payments accessible from day one” for first-time credit users.

Do keep in mind that the applications for the Hello Cashback Credit Card are open, with a fully digital, instant approval process and for more details, the aspiring applicants can refer to the official website of IDFC FIRST Bank here to check out and apply for this particular credit card. 

Risk factors to take into consideration before applying

It is essential for all aspiring credit card applicants to carefully consider the risks and complications associated with credit cards before choosing a particular card. All credit cards carry inherent risks, including high interest charges, the potential for debt accumulation, late fees and penalties, damage to credit scores, and the serious risks of financial fraud and identity theft.

That is why any decision to apply for a new credit card should only be made after proper due diligence and consultation with a certified financial advisor.

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