Can you tell me about the new credit cards that IDFC First Bank is launching in India?

Let me quickly brief on what is it that IDFC Bank plans to do in a unique sense in the credit cards business, apart from the fact that their rates would be much lower.

· To begin with, IDFC First Bank launched 4 different cards catering to unique customer segments. The segregation is based on age, income and lifestyle.

· The rate of interest on these cards only start at 9% but they could go all the way to36%. There will be a premium on timely payment, including on cash withdrawal.

· All cards will be free for life and offer much higher reward points on customer spends over Rs.20,000 on a periodic basis.

· To begin with, these cards will only be offered to existing customer relationships and new customers will be encouraged only post April 2021.

· First Millennia will be an entry-level card targeted at consumers in the age group of 21 to 35 years, who are digitally savvy and earning up to Rs.12 lakh annually.

· FIRST Classic will target those who use credit cards for household purchase and bill payments. These people would be over 35 and earning above Rs.12 lakhs per annum.

· At the premium level, the bank will offer two cards viz. FIRST Select and FIRST Wealth both with higher limits and higher income eligibility

· FIRST Select will be targeted at middle and senior level executives earning Rs.15 lakh to Rs.35 lakh. These will have complimentary tickets and lounge access at airports.

· The extremely premium segment of FIRST Wealth card customers will get 4 complimentary domestic and international airport lounge and spa visits and a host of other benefits and sweeteners thrown in. This will be targeted at income over Rs.35 lakhs.

All the cards will also come with an insurance cover. What is unique is that these cards will not only identify but also target products at specific segments only.