Things to keep in mind before using refer and earn apps

Refer and earn apps have become a lifeline for many Indians seeking additional financial avenues. The IDFC FIRST Bank MyFIRST Partner app exemplifies this trend, providing an opportunity for individuals to earn more than ₹1,00,000 monthly. This program showcases a strategic approach to generating income by simply referring financial products like loans and credit cards to potential customers within one's network.

The MyFIRST Partner Referral Program is characterised by its appealing features. For instance, referral partners are entitled to weekly pay-outs, ensuring a consistent flow of income. One standout feature of IDFC FIRST Bank's program is the adoption of a procedure with no physical documentation for signing up. This frictionless approach streamlines the onboarding process, making it convenient for individuals to become Referral Partners without unnecessary hassles.

Things to keep in mind before using refer and earn apps
 

Before diving into the realm of refer-and-earn apps, it's essential to consider the following factors:

1. Understand the program:

Thoroughly grasp the workings of the refer-and-earn program you're joining. Familiarise yourself with the compensation structure, terms and conditions, and payment schedules. In the case of IDFC FIRST Bank's MyFIRST Partner app, the program offers a direct deposit of 1.5% commission into the Referral Partner's bank account through the app.

2. Choose trusted institutions:

Opt for programs offered by reputable institutions like banks or established financial entities. IDFC FIRST Bank's program, for instance, leverages the trust associated with the bank's name, making it a reliable option.

3. Assess the products:

The products or services must align with your values and benefit your network. IDFC FIRST Bank offers a reliable and popular product to individuals through its referral program - its personal loan. Associating with a trusted product enhances your credibility as a referral partner.

4. Transparency in communication:

Maintain open and honest communication with your referrals. Clearly explain the benefits of the products and any associated terms. Transparency builds trust and encourages positive referrals.

5. Avoid spamming: Avoid spamming 
 

Your contacts with referral links excessively. Spamming can lead to annoyance and a negative impact on your relationships.

6. Resolve your doubts:

You can contact IDFC FIRST Bank’s dedicated relationship manager or the bank’s central helpline to resolve any doubts you have regarding the MyFIRST Partner Referral Program.

7. Stay updated:

Keep yourself informed about changes in the program's terms, products, or compensation rates. This ensures you are always providing accurate information to your referrals.

8. Work on your interpersonal skills:

IDFC FIRST Bank’s MyFIRST Partner program also helps people develop their communication skills. Leverage this side business to improve your communication skills to earn more in the future.]

9. Choose the right refer-and-earn app:

One of the advantages of signing up for a referral program is the benefit of associating with a popular brand. IDFC FIRST Bank’s products are popular across India, and associating with the brand will surely help you professionally.

Who can sign up for IDFC FIRST Bank's referral program?
 

To be eligible for IDFC FIRST Bank's MyFIRST Partner Referral Program, an individual must be an Indian citizen, possess an Indian bank account, and be at least eighteen. These criteria ensure that participants are legally capable of engaging in financial activities and adhering to program guidelines.

Refer-and-earn apps like IDFC FIRST Bank's MyFIRST Partner app offer a remarkable opportunity for individuals to earn additional income. By understanding the program, choosing reliable institutions, maintaining transparency, and following the guidelines, individuals can effectively harness these apps to build a supplementary income stream. You must check all the features of a referral program and assess its mobile app before signing up. 


 

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.