Key Takeaways
- IDFC FIRST Bank launched the Business Multiplier Metal Credit Card on 14 May 2026, positioning it as India's first FD-backed business credit card in a metal form factor.
- The card is backed by a Fixed Deposit starting at Rs 50,000, providing 100% credit limit equal to the FD value with no income proof or CIBIL score requirement for the credit limit.
- Key benefits include 0% forex markup on international transactions, up to 10 reward points per Rs 200 on key business categories, and 7.5% value-back on hotel bookings via the IDFC FIRST travel ecosystem.
- 8 complimentary lounge accesses per year for domestic and international travel, subject to a minimum spend of Rs 20,000 in the previous calendar month.
- Joining fee and annual fee: Rs 1,000 each. Annual fee waiver on spending Rs 5 lakh in the anniversary year.
What Has Been Launched
IDFC FIRST Bank announced the Business Multiplier Metal Credit Card on 14 May 2026, describing it as the first-of-its-kind metal business credit card in India that is backed by a Fixed Deposit. The card targets founders, entrepreneurs, and business owners who need a dedicated credit facility for operational expenses but may not have the income documentation or CIBIL profile that standard unsecured business credit cards require.
The launch positions IDFC FIRST Bank directly in the growing segment of FD-backed credit cards for businesses, a space that had previously been limited to consumer-facing secured cards. By issuing a business-specific, metal-format, FD-backed card, IDFC FIRST Bank is addressing a gap in the market for growth-stage companies that have capital held in fixed deposits but limited access to structured business credit.
Shirish Bhandari, Head of Credit Cards, FASTag and Loyalty at IDFC FIRST Bank, said at the launch:
"Many growth-stage businesses still rely on debit or retail cards for operational spending. The FD-backed Business Multiplier Metal Credit Card gives them a purpose-built alternative - flexible access to working capital, zero forex markup for global payments, rewards on everyday business spends, and the confidence of a premium metal form factor as they scale."
Key Features and Benefits
Credit Limit Backed 100% by Fixed Deposit
- The card is available against a Fixed Deposit starting at Rs 50,000.
- Unlike most FD-backed secured cards in India that offer 75% to 90% of the deposit value as the credit limit, the Business Multiplier provides 100% credit limit equal to the FD amount.
- This means a Rs 1,00,000 FD gives a Rs 1,00,000 credit limit.
- The credit limit can be increased at any time by creating and linking an additional Fixed Deposit through the IDFC FIRST Bank mobile app.
Zero Forex Markup on International Transactions
- The card carries 0% forex markup on all international transactions, including international ATM cash withdrawals.
- For businesses making international vendor payments, importing goods or services, or paying for SaaS subscriptions billed in foreign currency, this is a meaningful cost saving.
- On Rs 5 lakh of annual international spend, a standard 3.5% markup would cost Rs 17,500 annually.
- The Business Multiplier eliminates that cost entirely.
Rewards on Business Expense Categories
- The card earns up to 10 reward points for every Rs 200 spent on key business categories, which include office supplies, digital marketing spends, SaaS subscriptions, equipment purchases, inventory procurement, and international vendor payments.
- IDFC FIRST Bank's travel ecosystem offers additional hyper-accelerated rewards: 7.5% value-back on hotel bookings and 4.4% value-back on flight bookings made through the IDFC FIRST platform.
- All points can be used to pay for purchases online via the Pay by Rewards feature.
Lounge Access
- 8 complimentary lounge accesses per year for both domestic and international travel, subject to a minimum spend of Rs 20,000 in the previous calendar month.
- Unlike cards that gate lounge access behind quarterly spend conditions, this card applies a monthly spend threshold - which means cardholders need to spend Rs 20,000 every month to qualify for lounge access in the following month.
Travel Protection
- A dedicated Rs 25,000 trip cancellation cover twice per year, providing a basic travel insurance cushion for business trips that get cancelled.
- The card also supports UPI payments, allowing vendors and suppliers to be paid via UPI using the business credit card rather than a savings account.
Team Spending Controls
- Businesses can issue employee cards with individual spending controls and view all expenses through a single consolidated statement.
- This addresses one of the most common operational pain points for early-stage companies: the absence of centralised expense visibility when team members use personal cards for business expenses.
Fees and Interest Rate
| Feature | Details |
|---|---|
| FD Minimum | Rs 50,000 |
| Credit Limit | 100% of FD value |
| Joining Fee | Rs 1,000 |
| Annual Fee | Rs 1,000 |
| Annual Fee Waiver | Rs 5,00,000 spend in anniversary year |
| Interest Rate (revolving) | 1% per month (12% p.a.) - market-leading low rate |
| Forex Markup | 0% |
| Lounge Access | 8 visits/year (domestic + international, min Rs 20,000/month spend) |
| Travel Insurance | Rs 25,000 trip cancellation cover, 2 times/year |
| Card Material | Metal - business name + cardholder name engraved |
Source: IDFC FIRST Bank press release, 14 May 2026. idfcfirst.bank.in.
What This Means for the Market
The launch is notable for two reasons beyond the individual features. First, the combination of 0% forex and 1% monthly interest on revolving balances makes this one of the lowest-cost credit facilities available to Indian businesses in the sub-Rs 50,000 fee segment.
Second, FD-backed business credit cards have been rare in India - most business cards require GST registration, ITR filings, or bank statement-based income proofs that exclude sole proprietors and early-stage founders. The Business Multiplier removes those barriers.
The direct comparison is with the BOBCARD Cashback credit card and entry-level business cards from HDFC, Axis, and SBI, none of which offer a combination of 0% forex, metal form factor, and FD backing at a Rs 1,000 annual fee. For businesses that hold Fixed Deposits and need a working capital instrument, this card creates a new option that did not exist before.
For Indian founders managing international vendor relationships or paying for global SaaS tools, the zero forex markup alone - saving 3% to 3.5% versus a standard business debit card on every international transaction - can generate meaningful annual savings that easily justify the Rs 1,000 fee.
How to Apply
- Eligible customers can apply through the IDFC FIRST Bank mobile app or at idfcfirst.bank.in/credit-card/business-multiplier-credit-card.
- The application requires creating or linking an existing Fixed Deposit of at least Rs 50,000 with IDFC FIRST Bank.
- Standard KYC documents are required. No income proof, salary slips, or ITR filings are necessary as the FD serves as collateral.
For a broader comparison of FD-backed credit cards in India, including how to use a secured card to build a credit profile, see our FD credit card guide. For business owners deciding between business-specific cards and general lifestyle credit cards, our BOB credit card offers overview covers what BOBCARD offers for business use cases.
