IDFC FIRST Bank, in collaboration with Mastercard, has launched the “FIRST SWYP” Credit Card, targeting the Millennial and Gen Z demographics. This card marks an extension of IDFC FIRST Bank’s credit card offerings, building on the success of their FIRST Millennia Credit Cards. The FIRST SWYP Credit Card is designed to cater to the lifestyle and financial needs of younger generations, offering a blend of exciting lifestyle-related offers, flexible payment options, and a host of referral benefits.
Key Features of the FIRST SWYP Credit Card:
- Joining Benefits: New customers receive a complimentary Lenskart Gold Membership, Times Prime Annual Membership on spending Rs.30,000, and 1,000 Reward Points on their first EMI conversion.
- Year-Long Discounts: The card offers up to 20% off on partner brands across various sectors like dining, shopping, and travel.
- EMI Options: Users can convert purchases over Rs. 2,500 into EMIs at a flat monthly conversion fee starting from Rs. 49 + GST.
- Milestone Rewards Program: Cardholders can unlock up to 1,400 reward points every billing cycle, with specific rewards for different spending thresholds.
IDFC FIRST Bank’s overall strategy focuses on customer-centric products, powered by technology and ethical practices. The bank has seen significant growth in customer deposits and an increase in the number of branches and ATMs. It recorded a Profit After Tax (PAT) of Rs. 1,516 crore (~US$ 185 million) in H1-FY24 and maintains strong asset quality with low Gross and Net Non-Performing Assets (NPAs).
Mastercard, the global technology company in the payments industry, emphasizes creating inclusive, secure, and accessible digital transactions. This collaboration with IDFC FIRST Bank for the FIRST SWYP Credit Card aligns with Mastercard’s mission to cater to the individual needs of the younger generation, reflecting their lifestyle and preferences.