When you link your credit card to UPI, you can enjoy more than just faster transactions. Read on to know all the benefits of linking credit cards to UPI and why you should consider making credit card-linked UPI payments when you shop online.
How credit cards on UPI are changing online shopping
The Reserve Bank of India (RBI) recently announced that consumers will be able to link their credit cards to UPI (Unified Payments Interface) apps. This is a game-changer for digital savvy consumers, as it will enable users to spend on credit effortlessly with the convenience and security that UPI offers.
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Let's explore how linking your credit card to UPI can enhance your online shopping experience. Credit cards on UPI: changing the way you shop online
Linking a credit card to UPI has several advantages for online shoppers. The ability to link credit cards to UPI allows you to make both large and small payments conveniently. As a bonus, you earn reward points, which were never an option with standard savings-account linked UPI transactions.
Let’s look at some other ways in which credit card UPI payments will transform online shopping.
- Easy payments
Make way for quick payments by linking your credit card to UPI. With UPI-linked credit cards, users do not have to remember complex passwords or enter multiple details for each transaction. All they have to do is enter their UPI ID and validate the payment on the UPI app with the PIN. This makes the process of online shopping smoother and quicker.
- Added layer of security
The most important benefit of linking a credit card to UPI is the added layer of security. As the payment is processed through the UPI system, users don’t have to worry about their card details being compromised. This added layer of security helps to protect users from fraudsters and cybercriminals. Additionally, it allows users to keep track of their spending more easily as all payments are recorded and can be tracked through UPI.
- Earn rewards
Credit cards offer several rewards and benefits with every use. With the ability to link credit cards to UPI, you will be able to earn credit card reward points, with the convenience of UPI.
For example – with RuPay-based IDFC FIRST Power and FIRST Power+ Credit Cards you get:
- Up to 24X reward points on HPCL fuel & LPG
- Up to 30X points on grocery and utility payments and IDFC FASTag recharges
- Up to 3X Reward Points on other retail transactions
- Plus, the rewards you earn by making credit card payments through UPI never expire
- EMI conversion
UPI-linked credit card payments are eligible for EMIs so you can repay large purchases affordably. IDFC FIRST Bank Credit Card customers can convert any UPI purchases worth Rs 2,500 or more into EMIs and pay them without burning a hole in their pockets.
- Discounts and offers
Credit cards offer several discounts and offers all year round to help you save on everyday purchases. UPI platforms also generally provide generous cashback and discounts on your transactions. With your credit card on UPI, you can now enjoy the best of both worlds.
How to link your credit card to UPI
Currently only RuPay credit cards can be linked to UPI platforms. However, if you own any of these IDFC FIRST Bank Credit Cards you can opt for the FIRST Digital Credit Card for UPI i.e. a virtual RuPay version of your credit card:
- FIRST WOW!
- FIRST Millennia
- FIRST Select
- FIRST Wealth
- FIRST Private
The linking process is very easy. While the specifics may vary across UPI apps, in most cases, you need to:
- Open your UPI app
- Click on account and select the 'Add RuPay Credit Card' option
- Select the credit card issuing bank
- Enter your card details, including card number, CVV number, and expiry date
- You will receive an OTP on your registered mobile number. Enter the OTP for verification
- Once verified, you will need to set a PIN to validate each payment request
Wrapping up
Linking credit cards to UPI clearly has several benefits and will make way for smoother online shopping. It provides users with added security, convenience, and rewards, making it a great way to make payments online.
IDFC FIRST Bank Credit Card customers can take full advantage of UPI with the launch of the FIRST Digital Credit Card. Being a supplementary digital RuPay credit card, it shares the credit limit of your existing non-RuPay IDFC FIRST Bank Credit Card. Customers can obtain the FIRST Digital Credit Card instantly by paying an annual fee of Rs. 199. The process is simple and requires no documentation whatsoever.
So go ahead and make the most of this exciting new feature with your IDFC FIRST Bank Credit Card.
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