Synopsis: SBM Novio and IDFC First EARN are both fixed deposit-backed RuPay credit cards built for first-time cardholders. SBM Novio offers a 90% FD-linked limit with category-based rewards, while IDFC First EARN offers a 100% FD-linked limit with UPI-focused cashback.
FD-backed credit cards let you get approved instantly by securing the card against your own deposit, making them ideal for students, freelancers, or anyone building a credit history. SBM Novio and IDFC First EARN are two such RuPay options, each with a different fee and reward approach and here’s a side-by-side breakdown.
SBM Novio Credit Card
- Joining Fee: Nil
- Annual Fee: Nil
- Fee Waiver Criteria: Not applicable as the card is lifetime free
- Minimum FD Amount: ₹2,000 for virtual card and ₹10,000 for physical card
- Credit Limit: 90% of FD value
- FD Interest: Up to 7% p.a.
- Reward Structure: 10% novio coins on fuel spends, 5% novio coins on UPI spends, 5% novio coins on offline store spends, and up to 20% instant brand discounts including, Amazon, Zepto, Swiggy, BookMyShow, and other eligible brands
To apply for the card, please visit the Official Website
IDFC First EARN Credit Card
- Joining Fee: ₹499 + GST (currently ₹0 for a limited period)
- Annual Fee: ₹499 + GST
- Fee Waiver Criteria: Waived if annual spends cross ₹1 lakh
- Minimum FD Amount: ₹5,000
- Credit Limit: 100% of FD value
- FD Interest: As per prevailing IDFC First Bank FD rates
- Reward Structure: 1% cashback on UPI via the IDFC First Bank app, 0.5% cashback on UPI via other apps, online spends, and utility or insurance or wallet loads, capped at ₹500 per statement cycle
To apply for the card, please visit the Official Website
Also Read: 3 Best IndusInd Lifetime-Free Credit Cards Compared: Is the IndusInd Tiger the Best Pick?
Example: FD of ₹50,000 on Both Cards
Assume you place a ₹50,000 FD on each card and spend close to your full available credit limit every month, spread across common spend categories. Note, 5 novio coins = ₹1.
All in All
On paper, SBM Novio’s higher, category-based rewards make it more lucrative for regular fuel and UPI spenders, while IDFC First EARN offers a simpler, capped cashback model with added travel bonuses and insurance-style perks. The right choice ultimately depends on your spending habits and whether you prefer a physical card option.
