Equitas Bank ties up with HDFC Bank to offer co-branded credit cards
PremiumThe new co-branded credit cards aim to provide the Equitas Small Finance Bank customers a better banking ecosystem.
India’s largest private sector bank HDFC Bank and Equitas Small Finance Bank Limited today announced its partnership to launch its new co-branded credit cards.
The credit cards will be available for customers of Equitas Small Finance Bank. The new co-branded credit cards aim to provide the Equitas Small Finance Bank customers a better banking ecosystem. This strategic partnership draws on HDFC Bank's strengths as India’s leading issuer of credit cards and superior customer engagement to extend best-in-class services to Equitas’ customer base.
Here is what you should know
The new credit card can be availed in two categories. The first category is the ‘Excite Credit Card’ which offers a credit limit from ₹25,000/- to ₹2,00,000/- and the second category is the ‘Elegance Credit Card’ which offers credit of over ₹2,00,000/-. The collaboration marks yet another milestone for ESFB. Along with enjoying the benefits of the savings account, this co-branded credit card is a value add to the customers who love spending to get rewarded.
Both the categories offer valuable rewards programs for all customers. The ‘Elegance Credit Card’ rolls out two reward points for every ₹150/- spent, 2X reward points on flight and hotel expenses and 5X reward points on grocery, supermarket and department stores. One can gain 1500 bonus reward points on reaching a monthly milestone greater than ₹50,000/- and collect 10000 bonus reward points for an annual spend greater than ₹5 Lakhs. The card also offers a joining fee waiver if one spends over ₹50,000/- within 90 days.
Similarly, the ‘Excite Credit Card’ offers core rewards program offering 2 reward point for every ₹150/ spent and 3X reward points on fuel and grocery expenses, earning 500 bonus reward points upon spending more than ₹20,000/ a month and 2500 bonus reward points on an annual spending of more than ₹1,80,000/. It has an annual fee waiver upon a spend of over ₹1,00,000/. The card offers a joining fee waiver if one spends over ₹20,000/ within 90 days.
Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking and IT, HDFC Bank said, “as India’s largest card issuing and acquiring bank we are committed to accelerating the adoption of digitisation in the country by engaging with all players in the banking and payments ecosystem. This first-of-its-kind partnership for HDFC Bank will enable us to extend our best-in-class offerings in the cards segment to Equitas Small Finance Bank’s customers and provide them with a highly rewarding credit card experience. We are delighted to partner with a market leader in new-age banking as part of our broader strategy of coming back with a bang.’’
Murali Vaidyanathan, Senior President and Country Head – Branch Banking - Liabilities, Products and Wealth - Equitas Small Finance Bank Limited, said: “as a new-age bank in one of the fastest growing economies, our partnership with HDFC Bank is a testimony to our commitment towards providing our prized customers with bouquet of products and services. Over the last five years, we have witnessed a transformation sweeping the industry. There have been countless success stories of people borrowing small amounts of money while building financial assets and creating a formal financial footprint.
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Our new co-branded credit card proposition has been curated to not just facilitate seamless banking, but also add value and empower all our customers with its exceptional features, minimal cost, spend range and rewards program. Now, whether it is debit or credit card, our customers are empowered with rewards on every swipe! Through this partnership with one of the biggest stalwarts in the banking space, we remain committed more than ever to being a catalyst in the convergence of increasing income, as well as evolving access and affordability of financial services."
HDFC Bank is the leading player in the payments ecosystem with dominant share in both card issuing and acquiring business. HDFC Bank also has over 21 lakh acceptance points, making it among the largest facilitators of cashless payments in the country.
Equitas Bank continues to offer quality banking services to all its customers through innovation, creating countless success stories along the way.
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