After 8 months of ban on HDFC BANK, RBI finally gave a nod to resume the card issuance. RBI says that it’s a partial ban on HDFC where the ban on new launches of business generating activities planned under Digital 2.0 remains.
Here’s what HDFC said in its media statement:
So now as HDFC Bank is back in game, here’s what we could expect in coming months:
Lifetime free cards
By now HDFC Bank would already be ready with pre approved list of customers to whom HDFC will likely send lifetime free credit card offers. Super premium cards may see First year Free or even LTF with some spend linked condition just like they had so before the ban. These are going to sell like anything – no doubt about that.
The LTF offer is already up as we speak, along with nice Rs.1500 amazon voucher.
New credit cards
In the coming months, we will aggressively go to the market, with not just our existing suite of credit cards but also new offerings in the form of co-brands and partnerships – Sashidhar Jagdishan – CEO, HDFC Bank
Given that “Diners Black” can’t be issued right now as diners ban is still in place, and also because it’s been too long since they launched the super premium products, I’m pretty sure we’ll see a super premium product within next few months.
As co-brand cards business too is dull as Indigo cards are affected by mastercard ban, we may likely see more co-brand cards, like the emirates card as discussed in the upcoming credit cards in India for 2020 & 2021 – get ready for some surprises.
HDFC Bank is already known for its aggressive credit card offers and it’s no wonder that we would see even more of these, perhaps aggressive promotions for such offers.
If I assume right, this Diwali HDFC would be preparing a sketch to capture the maximum possible pre-festive & festive spends in the country. While last two years their Diwali promos were not exciting enough, I’m sure they’ll do something “phenomenal” this time.
I wish they bring back those happy hours promo and some serious direct cash-back/voucher promos. Let’s see how it goes.
Overall HDFC is expected to be back with a “bang” just as they mentioned in the media statement. But how they’re about to execute it is what we’re gonna wait and watch.
HDFC will leave no stones unturned to pull back the market state that it lost in part few months. Your ability to stay within your regular spends in the presence of such offers will be tested. 😀
What we need to know out of all these is that next ~1 year or maybe even longer is going to be one of the best years for beginners getting new credit cards because with HDFC running LTF offers other banks too will follow the path.