IDFC FIRST Bank has introduced a new service called CreditPro, designed to help credit cardholders manage their dues. This service is available exclusively for selected IDFC FIRST Bank credit card users, providing an opportunity to ease the burden of high credit card payments.
With CreditPro, users can transfer their outstanding dues from other bank credit cards to their IDFC FIRST Bank card. One of the biggest advantages is that there is no joining fee if the balance transfer is completed within 15 days of enabling CreditPro. However, an annual fee of ₹749 will apply starting from the second year.
CreditPro offers a benefit of up to 105 days of interest-free payments on balance transfers. After this interest-free period, the interest rate is set at just 19.99% per annum, which is lower than the industry average of 42% per annum. This feature can lead to considerable savings for users who often find themselves burdened by high-interest credit card dues.
For instance, if a user has an outstanding amount of ₹1 lakh, they could potentially save ₹11,485 in interest charges with 89 interest-free days, based on the industry average.
How Do 105 Interest-Free Days Work?
- Initial Balance Transfer: The process begins with a successful balance transfer, where your existing credit card dues are moved to a new card with interest-free privileges.
- Billing Cycle Breakdown:
- Billing Cycle 1:
- Interest-Free Period: Enjoy up to 45 days of interest-free period.
- Payment Requirement: Pay a minimum of 5% of the transferred dues along with any processing fee (PF) and Goods and Services Tax (GST).
- Remaining Amount: The remaining balance continues to be interest-free.
- Billing Cycle 1:
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- Billing Cycle 2:
- Interest-Free Extension: An Additional 30 days of interest-free period starts.
- Payment Requirement: Again, pay a minimum of 5% of the remaining dues.
- Further Interest-Free Amount: The remaining balance still holds interest-free status.
- Billing Cycle 2:
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- Billing Cycle 3:
- Final 30 Days: Another 30-day interest-free period.
- Options for Payment:
- Full Payment: Pay off the entire remaining amount.
- Minimum Payment: Alternatively, pay a minimum of 5% of the dues and carry forward the remaining balance, which will accrue interest at 1.67% per month.
- Convert to EMI: You also have the option to convert the remaining dues into EMIs with 0% processing fees.
- Billing Cycle 3:
How to Enable CreditPro?
- Visit the Website or App: Go to the IDFC FIRST Bank website or open the mobile app.
- Find CreditPro: Look for the CreditPro section on the website or in the app.
- Click on Enable: Click on the option to enable CreditPro.
- Access Manage Card: Navigate to the “Manage Card” section within the CreditPro feature.
- Enable Balance Transfer: Select the option to enable Balance Transfer.
- Make Your First Transfer: Complete your first Balance Transfer to enjoy the interest-free period.
Fees and Charges
| Categories | Fees |
| Joining Fee | ₹749 + GST |
| Nil (No fee if you make a balance transfer within 15 days of enabling CreditPro) | |
| Renewal Fee | ₹749 + GST |
| Interest Rate | 19.99% |
| Balance Transfer Processing Fee | 2% (minimum ₹499) |
Conclusion
CreditPro from IDFC FIRST Bank helps credit card holders manage their debts better. It offers up to 105 days of interest-free shopping, which can reduce high-interest payments. Users can transfer balances from other bank credit cards to simplify repayment and save money. The service provides payment options, such as low minimum payments and the option to convert dues into EMIs, making it easier for users to manage their finances.