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IDFC First Bank’s low interest credit card: Nothing attractive for a prudent user

IDFC First Bank introduces credit cards with annual interest rates as low as 9 percent. But not all customers will enjoy this rate

January 29, 2021 / 10:09 AM IST

The latest entrant in the credit card market, IDFC First Bank, has offered the lowest interest among all credit cards: as low as 9 percent! In a recent interaction with Moneycontrol (before the bank’s silent period began due to its impending financial results), the bank’s managing director and chief executive officer, V. Vaidyanathan said that IDFC First Bank is the first bank in India to introduce the dynamic interest rate system for its credit card customers. “The main thing is that we are keen to expand the market. For 30 years, revolver rates have been near 40 percent. By having fair rates, we think customers will appreciate us. Feature for feature, we’ve put out the best offer, on rewards, interest rates, fees, or design,” he said.

Put simply, the interest rates charged on your credit card will change over time, depending on your credit behavior. The interest rate will also differ from customer to customer.

Here is everything you need to know on how the dynamic interest rates would work on the IDFC First Credit Card.

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