IDFC FIRST Bank launches FD-backed metal credit card for biz owners

IDFC FIRST Bank on Friday launched a Fixed Deposit-backed Business Multiplier Metal Credit Card for founders, entrepreneurs and business owners.

With a dedicated credit limit for business expenses, the credit card, which displays both the business name and the cardholder’s name, can help keep business and personal spends separate, per a bank statement.

The card helps businesses manage cash flow more efficiently, improve expense tracking, and build a stronger credit profile over time, it added.

Available against a Fixed Deposit starting from ₹50,000, the credit card, which has a full credit limit equal to the FD value, has a joining fee of ₹1,000 and an annual fee of ₹1,000, the Bank said. The annual fee is waived upon annual spends of ₹5 lakh.

Shirish Bhandari, Head – Credit Cards, FASTag & Loyalty, IDFC FIRST Bank, said, “Many growth-stage businesses still rely on debit or retail cards for operational spending. Our Metal Credit Card gives them a purpose-built alternative - flexible access to working capital, zero forex markup for global payments, and rewards on everyday business spends.”