IDFC First Bank is going to make a big bang in the credit card market soon. The bank will charge only nine percent per annum on its credit card balance. The bank has started it with some of its customers. The bank is preparing to make this credit card available to the general customers since early March.
Not only this, the bank will provide its customers with an interest free cash withdrawal facility for 48 days. The bank’s Chief Operating Officer B Madhivanan said that for the first time in the banking sector, the facility of interest free cash advance is being provided by a bank. This feature is currently being tested, but will soon be extended to customers. The bank has announced this facility to expand its credit card business.
Is there a zero balance in the bank account? So do not withdraw cash from ATM – otherwise money will be deducted from the account, know how SBI and other banks charge
Other banks charge 36 to 40 per interest
Currently, other banks charge between 36 and 40 per cent on the credit card balance. Also, there is a charge of 250 to 450 rupees on cash withdrawal with credit card. At the same time, IDFC First has said that the annual percentage pass will depend on the credit behavior of the customer. That is, if the credit score of the customer is better, then he will get a credit card at a lower interest. The bank is going to launch five types of credit cords, with monthly interest ranging from 0.75 to 2.99 per ie 9 per to 35.88 per year. These cards will be named First Matania Credit Card, First Classic Credit Card, First Select Credit Card, First Wealth Credit Card and Employee Credit Card.