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Summary: Generating multiple sources of income can help you meet your expenses and financial goals without any financial hassles. Today, a credit card referral program is an effective way of earning a passive income online.
With inflation on the rise, it is very important to have more than one source of income for your daily expenses and save for the future. However, a busy work schedule and personal responsibility may not allow you to have time to work for multiple income streams. However, there are several passive income sources such as referral programs that do not require your full-time efforts and have the potential to generate a significant income. One such method that has gained popularity in recent years is through credit card referral programs. These programs allow you to earn extra cash by referring friends and family to apply for credit cards. Since the referral process works online, you can work for a few hours without stepping out of your home.
Generating passive income through referrals is relatively straightforward. Companies and businesses offer referral programs that pay you for successfully referring their products and services. These rewards can come in the form of cash, points, or other incentives, depending on the specific program. Some referral programs do not have a referral limit and can even help you earn more than your regular salary, thus proving to be a lucrative passive income source.
You can generate passive income through credit card referrals. Many credit card companies have referral programs in place that allow individuals to earn rewards for successfully referring new customers. These rewards can be substantial, making it a viable option for those looking to earn extra cash.
Let’s take the IDFC FIRST Bank FIRST SWYP Credit Card for example. On referring this credit card to your peers, you get exclusive benefits worth over ₹11,000, including the subscription fee waiver, added reward points, EMI fee waiver, movie ticket vouchers, complimentary domestic airport lounge access, and much more.
In addition to the referral program, you enjoy several benefits on shopping and lifestyle expenses at various brands such as Dominos, EaseMyTrip, SUGAR Cosmetics, TATA CLiQ, and Zomato, along with attractive reward points that can be redeemed for additional discounts and offers. This card can help you rack up benefits worth over ₹30,000 and more every year, saving a significant amount on your daily expenses. You can also earn 2000 reward points worth ₹500 upon spending ₹5000 or more within the first 30 days of your card being issued. The FIRST SWYP Credit Card also offers 100 reward points for every UPI spend of ₹5000 or more per statement month.
Signing up for the IDFC FIRST Bank FIRST SWYP Credit Card referral program can get you access to exclusive rewards and cashback deals on each referral.
The amount of money you can make by referring credit cards varies depending on the specific program. Some programs offer a flat fee for each successful referral, while others offer a percentage of the new cardholder's spending. Additionally, some programs offer bonuses for referring multiple new customers within a certain timeframe.
The FIRST SWYP Credit Card from IDFC FIRST Bank offers you numerous rewards depending on the number of referrals you make. Here is a general breakdown of your earnings with the FIRST SWYP Credit Card.
If you make one successful referral, your annual subscription fee of ₹499 is waived off.
On successfully referring 3 individuals, you earn 4000 reward points that you can redeem anytime to avail additional discounts from top shopping brands across the country.
With 5 successful referrals, you enjoy an EMI fee waiver worth ₹1500, saving you extra money on converting your large purchases into monthly instalments.
With 7 successful referrals, you earn free movie ticket vouchers worth ₹2000.
On referring 9 individuals, you straightaway get a cashback of ₹2500. You can use this cashback for any future purchases.
When you make 10 successful referrals, you get 4 complimentary airport lounge access passes to unwind yourself from hectic flights without paying anything from your savings.
Note: To be eligible for the benefits in the FIRST SWYP referral program, an active cardholder can only refer customers for the FIRST SWYP Credit Card (not other IDFC FIRST Bank Credit card variants).
Before you start referring, make sure you understand the terms and conditions of the credit card referral program.
Tailor your referral efforts to your target audience to increase your chances of success.
Leverage social media platforms to reach a wider audience and increase your chances of successful referrals.
Offer incentives to your referrals, such as cashback offers or points to encourage them to apply for the credit card.
Be transparent about the benefits of the credit card and the referral program to your audience.
Follow up with your referrals to remind them of the benefits of the credit card and the referral program.
Keep track of your referrals and the rewards you earn to ensure that you are maximising your earnings.
Make sure you are following all the rules and regulations of the credit card referral program to avoid any issues.
Anyone can refer a credit card and earn money through referral programs, but it's especially beneficial for those who have a large network of friends and family. Additionally, those who are active on social media platforms and have a strong online presence can also benefit from credit card referral programs. Individuals like working professionals, housewives, freelancers, real estate agents, financial agents, etc. can benefit from referring credit cards among their network and earn a passive income without hassles.
With online credit card referral programs like that of the IDFC FIRST SWYP Credit Card, referring is a lot more lucrative. Those with a large friend or family circle can easily refer the FIRST SWYP Credit Card to maximise the benefits of the card. So why wait, apply now!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.