Equitas Small Finance Bank partners with HDFC Bank to launch credit cards

Equitas Small Finance Bank announced its partnership with HDFC Bank for the launch of its new co-branded credit cards, to provide the company 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. This co-branded credit card is a value add to the customers who want 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 1,500 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 lakh. The card also offers a joining fee waiver if one spends over Rs 50,000 within 90 days.

Similarly, 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.

Equitas Small Finance Bank's standalone net profit tanked 60% to Rs 41.19 crore on a 16.4% rise in total income to Rs 991.40 crore in Q2 FY22 over Q2 FY21.

Equitas Small Finance Bank is one of the largest small finance banks in India in terms of number of banking outlets and the second largest SFB in India in terms of assets under management and total deposits in FY2019.

Shares of Equitas Small Finance Bank rose 0.08% to Rs 62.60 while HDFC Bank gained 0.06% to Rs 1,516.10 on BSE.

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