How choosing virtual Credit Cards can save you from scams

In the digital era, online transactions are becoming increasingly common, leading to a surge in banking frauds. As per an RBI report, credit and debit card frauds amounted to ₹276 crores in 2022-23, a significant increase from ₹155 crore in 2021-22. To combat these challenges, IDFC FIRST Bank offers a virtual version of your physical Credit Card, providing a secure and convenient solution for online transactions.

What is a Virtual RuPay Credit Card

A virtual RuPay Credit Card is a digital counterpart of a traditional Credit Card. It exists solely in digital form and can be used for online transactions just like a physical card. This card can be used for offline UPI transactions by scanning merchant QR codes.

IDFC FIRST Bank’s Virtual RuPay Credit Card

IDFC FIRST Bank offers a Virtual RuPay Credit Card that provides immense security and convenience, reducing the risk of fraud and making digital transactions safer. The bank’s RuPay Credit Cards can be linked to any UPI app and used to pay at over 60 million merchants across the country using QR code.

Customers can activate UPI with Virtual RuPay Credit Cards on existing and new cards including FIRST Classic, FIRST Millennia, FIRST WOW!, FIRST Select, FIRST Wealth, FIRST Private, FIRST SWYP

The IDFC FIRST Bank’s FIRST Digital RuPay Credit Card revolutionizes the way we use UPI by integrating it with the convenience of a Credit Card. Here’s a summary of its features:

• Convenience:

The card offers the ease of UPI payments directly from your credit card account, making transactions fast, easy, and flexible.

• Digital-First:

It’s a digital-only card, meaning no physical card is issued, supporting a plastic-free initiative. It’s linked to your existing credit limit and can be used to scan QR codes at over 60 million merchants.

• Rewards:

You can earn 3X rewards on UPI spends above ₹2,000 and 1X reward on spends below ₹2,000. For insurance and utility bill payments, you’ll earn 1X reward points. Additionally, for FIRST Digital UPI Cards linked to the FIRST SWYP Credit Card, you can earn 100 Reward Points on UPI spends of ₹5,000 or more every statement month.

• EMI Conversion:

The card allows you to convert your UPI spends into easy EMIs, making larger purchases more manageable.

• Introductory Offer:

As a welcome bonus, there’s a 100% cashback offer of up to ₹200, divided into up to ₹50 each on your first four UPI transactions.

• This card is ideal for those who value the simplicity and rewards of digital payments, offering a seamless blend of UPI’s flexibility with the benefits of a credit card.

How Virtual RuPay Credit Cards Can Reduce Fraud

Virtual RuPay Credit Cards offer several features that help reduce fraud:

• Limited spending:

Customers can set up a pre-defined spending limit on these cards, reducing the risk of large-scale fraud.

• Two-factor authentication:

This adds an extra layer of security, making it more difficult for fraudsters to use stolen card details.

• Transaction alerts:

Customers receive alerts on their phone or email whenever a transaction is made, allowing them to quickly identify and report any unauthorized transactions.

• Fraud monitoring:

Banks like IDFC FIRST Bank have sophisticated digital banking fraud monitoring systems in place to detect and prevent fraudulent transactions.

• Secure encryption:

These cards use secure encryption technology to protect customer data.

• No physical card:

As these cards exist only in digital form, there is no risk of the card being stolen or lost.

Keeping Your Virtual RuPay Credit Card Secure

• To ensure the security of your virtual card, follow these steps:
• Use secure networks and avoid public Wi-Fi.
• Regularly update your operating system and security software.
• Be cautious with links in emails or messages.
• Regularly monitor your virtual card account for any unauthorized transactions.
• Never share your virtual card details with anyone.

Benefits of IDFC FIRST Bank Virtual RuPay Credit Card

IDFC FIRST Bank Virtual RuPay Credit Cards offer a range of benefits that includes:

• Instant issuance:

Virtual RuPay Credit Cards can be issued instantly, allowing customers to start using them immediately.

• Reward points:

You can earn up to 3X rewards through Virtual RuPay Credit Card on UPI transactions, which can be redeemed for a variety of rewards.

• Convert UPI transactions to EMI:

Easily convert your large purchases into EMIs online and repay your dues without any hassles.

• 24/7 customer support:

IDFC FIRST Bank offers 24/7 customer support to assist customers with any issues or queries they may have.

In conclusion
 

The IDFC FIRST Bank’s FIRST Digital RuPay Credit Card seamlessly combines the convenience of UPI with the benefits of a credit card. As a digital-only card, it allows you to make UPI payments directly from your credit card account, eliminating the need for a physical card. With attractive rewards, EMI conversion options, and an enticing introductory offer, this card caters to tech-savvy users who value simplicity, rewards, and eco-friendly solutions. Whether you’re scanning QR codes at merchants or managing your expenses, the FIRST Digital RuPay Credit Card offers a smart and efficient way to transact in the digital age.

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.