IDFC First wow seems to be a secured credit card. If you deposit say X amount as FD for 366 days @ 6.5% FD, they will give you a credit limit of X amount. So, a very secured way of lending and it will be issued to anyone without checking credit profile in minutes.
This strategy has it’s pros and cons.
I don’t think IDFCFB will get good quality customers with this strategy. It is attractive to only people with no CIBIL score or low CIBIL scores.
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