Ever since HDFC Bank got the nod from the Reserve Bank of India to get back into credit-card issuance, they have been making major headlines about the way forward. Some of their credit cards are some of the most generous in the Indian market, and are available lifetime freebies for many customers, even the bank’s customers waiting to get an HDFC Bank credit card if they don’t already have one.
HDFC Bank is India’s largest credit card issuer, with 1.48 crore credit cards issued so far. Mr Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank has now outlined that the bank aims to add five lakh new credit cards to its portfolio every month from February 2022.
The bank is already going aggressive, offering a Lifetime Free Credit Card on its website, along with Amazon vouchers worth INR 1500 (Infinia not included!).
HDFC Bank claims that it already has 20 initiatives in place to hit the market in the next 6-9 months to fuel the growth of the credit card. The most interesting part, in the words of Mr. Rao,
These include launching new co-branded cards with Pharma spread across Corporate India, Travel, FMCG, hospitality, telecommunications and fintech. The bank has also revamped its existing range of cards in the last 9 months and is also ready with strategic partnerships with new companies.
The new and advanced suite of credit card products will have something for everyone from the mass market to the ultra-premium segment. There will be ready-made products for the customers to meet their evolving needs.
There are several things to note here, but the main attraction is that the travel and hospitality co-brand cards will be launched in 2022 and that extended Ultra-premium cards will hit the market. We already know that HDFC Bank collaborated with Emirates to plan a co-branded card, but it was to be launched on the Diners Club platform, I am not sure what to do with this product at the moment .
You can watch a part of the discussion here.
HDFC Bank is clearly set to make news with its credit card products in the coming months, and there will be a lot more to come. In the interest of acquiring new customers, I only hope that HDFC Bank does not forget its old customers who led them here. An important step for them to move rapidly into the new credit card segment would be to allow their customers to issue more than one card, which they do not see as a positive at the moment.
What do you think about HDFC Bank Credit Card plans in the future?
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