Equitas SFB Partners with HDFC to Launch Co-branded Credit Cards

HDFC Bank in a press release dated 23rd November 2021, announced its partnership with Equitas Small Finance Bank (SFB) as Equitas SFB announced the launch of two co-branded credit cards with HDFC. It is worth noting that Equitas is India’s second-largest Small Finance Bank, only next to the AU SFB, while HDFC Bank, with over 1.4 crore credit cards, is the largest credit card issuer in the country.

The Credit Cards Announced

Equitas SFB announced the launch of two co-branded credit cards- Excite Credit Card and Elegance Credit Card in collaboration with HDFC. The Excite Credit Card offers a credit limit of Rs. 25,000 to Rs. 2 lacs, while the Elegance Credit Card offers a credit limit of over Rs. 2 lacs.

Equitas SFB Excite Credit Card

As mentioned earlier, Equitas Excite Credit Card offers a credit limit of between Rs. 25,000 and Rs. 2 lacs. Some of the key features of the Excite Credit Card are as under-

• You earn 2 Reward Points per Rs. 150 spent with the Excite SFB Credit Card.
• The card earns you 3X Reward Points on fuel and grocery spends.
• You also earn 500 bonus Reward Points on a monthly expenditure of a minimum of Rs. 20,000 and 2,500 bonus Reward Points on an annual expenditure of Rs. 1.8 lacs.
• The joining fee (the first year’s membership fee) and the annual membership fee (second year onwards) of the Excite Credit Card is Rs. 500 per annum.
• The joining fee (first year’s membership fee) of the card is waived off on a minimum expenditure of Rs. 20,000 in the first 90 days of the card issuance and the card’s annual fee (second year onwards) is waived off on a minimum annual expenditure of Rs. 1 lac with the card.

Equitas SFB Elegance Credit Card

The base monthly credit limit for the Elegance Credit Card is Rs. 2 lacs.  Following are some of the salient features of the Elegance Credit Card-

• You earn 2 Reward Points per Rs. 150 spent with the Elegance Credit Card.
• You earn 2X Reward Points on Reward Points on hotel and flight spends and 5X Reward Points on spends on grocery, supermarkets and departmental stores.
• The card entitles you to 1,500 bonus Reward Points on the monthly expenditure of a minimum of Rs. 50,000 and 10,000 bonus Reward Points on an annual expenditure of a minimum of Rs. 5 lacs.
• The joining fee and the annual membership fee of the Elegance Credit Card is Rs. 1,000 (plus GST) per annum.
• The joining fee (first year’s membership fee) of the card is waived off on a minimum expenditure of Rs. 50,000 in the first 90 days of the card issuance.
• The annual membership fee (second year onwards) is waived off on spending a minimum of Rs. 2.5 lacs in the preceding year.

Bottom Line

It is a one of its kind partnership between the Equitas Small Finance Bank and HDFC Bank as with the launch of these two credit cards, Equitas Bank plans to leverage HDFC’s popularity in the credit card market space. It will be interesting to see how these two credit cards perform in the coming days.