Financial Daily from THE HINDU group of publications
Thursday, Mar 09, 2006
Money & Banking
Credit Cards & Debit Cards
Industry & Economy - Gender
Marketing - New Products & Services
HDFC Bank eyes 50 pc rise in cards
EXCLUSIVE CARDS: Ms Mandeep Maitra, Country Head-Human Resources, HDFC Bank; Mr Parlay Mondal, Head-Credit Cards; Mr Uttam Nayak, Deputy Country Manager-South Asia, Visa International, at a function in Mumbai on Wednesday. Paul Noronha
Mumbai , March 8
HDFC Bank is targeting 50 per cent incremental growth in its credit card base next year.
The bank currently has about two million credit card customers and hopes to increase this to three million, said Mr Pralay Mondal, Head - Credit Cards.
Focus on smaller cities
The bank is focusing on smaller cities for expanding its card base. Currently, about 20 per cent of the credit cards are issued to customers from C-category cities, Mr Mondal said.
He was speaking at the press conference to launch two new card products, exclusively for women - Woman's Advantage Debit Card and International Women's Gold Visa Credit Card.
The credit card has a one-time cost of Rs 2,000 for non-HDFC Bank customers and Rs 1,500 for the bank customers. The features include five per cent cash back at select department stores, grocery shops and supermarkets, up to 15 per cent discount at select outlets such as Lakme beauty salons, Kaya Skin Clinic, Oyzterbay, Satya Paul, and others.
Cardholders can earn up to five reward points for each Rs 100, if they spend above Rs 5,000 in a month.
The debit card offers four per cent discount on purchase of the bank's gold bars, 50 per cent discount on locker fees for the first year and concierge services. The card also offers medical check up packages and nursing care arrangement in Mumbai, Delhi and Bangalore.
Among other retail products, HDFC Bank is looking at increase its personal loans by 100 per cent in 2006-07, Mr Mondal said.
The bank is also exploring to offer retail silver coins, similar to its retail gold coins product, said an official of the bank.
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