Federal Bank partners with NPCI to launch credit card with lowest APR1 min read . Updated: 27 Sep 2021, 08:13 PM IST
- The bank claimed that the card has the lowest Annual Percentage Rate (APR) in the industry starting at just 5.88% per annum
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Federal Bank on Monday said it has partnered with National Payments Council of India (NPCI) to launch a contactless credit card. The bank, in its statement, claimed that the card has the lowest Annual Percentage Rate (APR) in the industry starting at just 5.88% per annum.
APR refers to the annual interest rate accrued on a credit card if the cardholder fails to pay the bill in full. The industry average is 20-35% APR .
The card can be applied for through Federal Bank’s mobile banking application FedMobile. It will be issued and made available for use instantly until the physical card is delivered.
The Federal Bank RuPay Signet Contactless Credit Card promises to give access to a variety of offers and deals across travel, food and dining, shopping, sports, entertainment and lifestyle, among others.
“The offers include Amazon Gift vouchers as welcome benefits, attractive reward points, Buy One Get One (BOGO) free offer at INOX, complimentary membership programs, complimentary Swiggy vouchers, complimentary lounge access at Domestic and International airports and much more," the bank said in its statement.
Further, the bank will offer 3x rewards on spends for electronics and apparels, 2x rewards on entertainment category and 1x rewards for other categories on the card.
“Specially designed for millennial customers, this card offers an interesting 3-2-1 rewards structure personalised for them," the bank statement said.
Praveena Rai, COO, NPCI said, “This card has a significant potential to attract new-age customers as it has a complete package of benefits suiting their lifestyle backed up with an innovative cashback scheme.
Last week, Federal Bank had partnered with fintech company OneCard to launch a mobile-based credit card with an aim to cash in on the consumer credit demand which is expected to peak around the festive season on the back of economic revival.
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