The Federal Bank announced on Monday that it has partnered with the National Payments Council of India (NPCI) to launch a contactless credit card. The bank, in its statement, claimed the card had the lowest annual percentage rate (APR) in the industry, starting at just 5.88% per year.
The APR refers to the annual interest rate accrued on a credit card if the cardholder does not pay the bill in full. The industry average is 20-35% APR.
The card can be applied for through the Federal Bank’s FedMobile mobile banking app. It will be issued and made available for instant use until the physical card is delivered.
Federal Bank RuPay Signet contactless credit card promises to provide access to a variety of deals and offers in travel, dining, shopping, sports, entertainment and lifestyle, among others .
“Offers include Amazon gift vouchers as welcome benefits, attractive reward points, a free Buy One Get One (BOGO) offer at INOX, free membership programs, free Swiggy vouchers, free lounge access at domestic and international airports and much more, “the bank said in its statement.
In addition, the bank will offer 3x rewards on spending on electronics and clothing, 2x rewards on the entertainment category and 1x rewards for other categories on the card.
“Specifically designed for millennial customers, this card offers an attractive 3-2-1 rewards structure personalized for them,” the bank statement reads.
Praveena Rai, COO, NPCI said: “This card has great potential to attract new generation customers as it offers a full set of benefits tailored to their lifestyle, supported by an innovative reimbursement system.
Last week, the Federal Bank teamed up with financial technology firm OneCard to launch a mobile credit card in a bid to take advantage of consumer credit demand expected to peak around the holiday season. against the backdrop of economic recovery.
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