HDFC Bank has issued 4 lakh credit cards since RBI lifted restrictions; three credit cards relaunched
One of the biggest players and one of the most loved ones in Indian credit cards is in a hurry to get back in pole position after RBI’s ban on issuance of new credit cards.
In a conversation aptly titled, how are we playing our cards, HDFC Bank’s Country Head of Payments Business, Consumer Finance, Digital Banking and Marketing spoke to us about how the bank is progressing well with its goal of coming back to the top of the issuer charts. For HDFC Bank, the main target right now is to achieve 5 lakh card issuance rate per month,
In conversation, HDFC Bank announced that they have already issued 4 lakh credit cards since the ban was lifted and till September 21, 2021 (a shadow of over a month). In earlier conversations, he had indicated that more than 20 partnerships are coming, and he has released details of only one of them. So, there is much more to come in the coming months. Additionally, the bank is working on a strategy where they will rediscover existing products apart from creating new ones, and existing card members will also benefit from new updates to the products.
To emphasize this strategy, Mr. Parag Rao remarked that,
As a leader in the card space, we promised, we’d be back with a bang. We are now striving not only to acquire new customers but also to enhance the offerings of our existing cards.
Our strategy of re-inventing, creating and co-creating is designed based on the analysis of customers’ buying behaviour, the categories they spend and spending patterns. The months we have spent preparing and sharpening our strategy are now paying off. We are all set to bring our customers best in class offers and experiences during the festive season.
The bank has revamped three credit cards from its portfolio and has taken three credit cards for an initial revamp. These include the Millennia, Freedom and MoneyBack+ cards. The new card variants will be available to customers in October 2021. for existing freedoms and Millennia Credit Card Holders, they will also be moved to the new product structure.
- Freedom Credit Card: Freedom Card is primarily aimed at those who are just starting their career. It will also cater to the segments which are in high need of credit, enabling them to access credit for their large expenditures in a very economical yet highly beneficial manner. Get 5X Cashpoint on EMI spend at merchant locations.
- MoneyBack+ Credit Card: The MoneyBack+ credit card is aimed at people who want value on their daily expenses. You get 10X Cashpoints at 5 leading merchants: Amazon, BigBasket, Flipkart, Reliance Smart Superstore and Swiggy, and 5X Cashpoints on EMI spend across merchant locations.
- Millennia: The new avatar of the card will cover all areas that millennials are likely to spend, such as shopping, dining, entertainment and travel. You get 5% cashback across 10 merchants – Amazon, BookMyShow, Cult.fit, Flipkart, Myntra, Sony LIV, Swiggy, Tata CLiQ, Uber and Zomato, and 1 on other expenses including EMI spend and wallet load (excluding fuel) Get % cashback. . The maximum limit for cashback per cycle is INR 1,000. For old customers, the validity of Cashpoint has been increased to two years from the earlier one year. Also, the minimum marks required to redeem has been reduced to 500 instead of 2000.
There is at least one credit card, though HDFC Bank opted out of the announcement today. And when I tried to ask when will HDFC Bank reveal the details of the steps they are taking in the premium/super-premium segment, they said wait as they have got more information from us. It may be a step up to HDFC Bank’s Infinite credit card, but looks very similar to the Chase Sapphire, a metal card issued in the United States, and was probably the first metal card there. The thing to know right now is that this will be on the Visa Infinite platform.
HDFC Bank is going to be aggressive on credit card launches and re-launches in the coming months, and will also launch significant new promotions under the Festive Treats banner as they gear up to capture market share. The fact that they are talking about it openly indicates in itself that they will be aggressive as market share is not usually discussed openly as such. They have already relaunched three cards, and have promised to deliver more in the coming days.
What do you think of the HDFC Bank Credit Card strategy going forward?
Liked our articles and our efforts? Please pay the amount you are comfortable with; The fair value of the content you consume is the amount you believe in. Please enter an amount in the box below and click on the button to make payment; You can use NetBanking, Debit/Credit Card, UPI, QR Code or any Wallet to make the payment. Each contribution helps cover the cost of materials generated for your benefit.
(Necessary: To confirm your transaction and receive details, please enter a valid email address in the pop-up form that will appear after you click on the ‘Pay Now’ button. For international transactions, use PayPal to process the transaction.)
We are not putting our articles behind any paywall where you are asked to pay before this You read an article. we are asking you to pay after If you are satisfied with the quality and our efforts then you have read the article.
Other Live From A Lounge Cinematography Movies – TV Shows