Equitas Small Finance Bank Limited today announced its partnership with HDFC Bank, for the launch of its new co-branded credit cards.
The credit cards will be available for Equitas Small Finance Bank’s customers, with an aim to provide them with the facilities of the banking ecosystem.
The credit card can be availed in two categories. The first category is the ‘Excite Credit Card’ which offers a credit limit from Rs 25,000 to Rs 2,00,000 and the second category is the ‘Elegance Credit Card’ which offers credit of over Rs 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 immensely valuable rewards programs for all customers. The ‘Elegance Credit Card’ rolls out two reward points for every Rs 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 Rs 50,000 and collect 10,000 bonus reward points for an annual spend greater than Rs 5 Lakhs. The card also offers a joining fee waiver if one spends over Rs 50,000 within 90 days.
The ‘Excite Credit Card’ also has a host of great benefits, with its core rewards program offering 2 reward point for every Rs 150 spent and 3X reward points on fuel and grocery expenses. One can earn 500 bonus reward points upon spending more than Rs 20,000 a month and 2,500 bonus reward points on an annual spending of more than Rs 1,80,000. It also has an annual fee waiver upon a spend of over Rs 1,00,000. The card also offers a joining fee waiver if one spends over Rs 20,000 within 90 days.
Parag Rao, Group Head – Payments, Consumer Finance, Digital Banking & IT, HDFC Bank said, “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.’’
Murali Vaidyanathan, Senior President and Country Head – Branch Banking - Liabilities, Products & Wealth - Equitas Small Finance Bank Limited, said: “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!”