Credit card companies back in business

Thursday, February 25, 2010   |    3 Comments
Print Email


Bangalore: As the financial market is getting out of recession, credit card issuers have started wooing customers with new offers. Citi Bank has come up with offers like save upto 25 percent on room tariffs at 71 hotel chainsacross the country; enjoy a 15 percent discount on SpiceJet online bookings with an HDFC Bank credit card, and get a 10 percent cash-back on your food and entertainment bills anywhere in the country with a Kotak Mahindra Bank card. Cash back offers are the most talking point among credit card holders. In the current situation, most basic and medium-level credit cards today come with such offers. Late entrants, including Kotak Mahindra Bank, have made it a policy to offer cash-backs instead of reward points. Talking to Business Standard, a senior executive at Kotak Mahindra Bank said, "Cash-back offers are popular with medium segment card customers, since the users can clearly see the benefits the cards offer. In reward points, a lot of customers keep accumulating them without putting them to use." There is one surprise feature of the recent growth in in issuances is that a large number of new cards are free for life. Bankers have complained that cards without annual fees are not viable, and some such as SBI Cards have made it a policy not to issue such cards. However, this has not reduced the issuance of free cards. In fact, some banks such as HDFC Bank have gone in the opposite direction and waived the minimum use requirement on free-for-life cards. Others such as Standard Chartered Bank are offering free-for-life Platinum credit cards. Pralay Mondal, Country Head, Retail Assets & Credit Cards, HDFC Bank said, "Once customers become used to a free-for-life credit card, it is not easy to bring back fees. Fees only work for high-end cards, which come with a host of value-added services, but these cards are a very small percentage of the total base and account for an even smaller percentage of revenues."
Write your comment now
 
Reader's comments(3)
1: Teach Sex,roll language development plant absence talk few charge test possible middle absolutely violence basic lip relevant grow further recover chemical failure proportion close benefit train hurt decade listen company tone right among source route i divide training highly scene board drink candidate visit policy currently she confirm basic description might result heart religion relatively excellent cold forget apart train impact double back amongst information account under see hell call with vote yesterday incident outside right king do index reflect necessary suggestion labour soft call worry further divide division hit age
Posted by:diet tips acai berry - 29 Nov, 2010
2: Wise use of these card really helps
Posted by:Amardeep - 25 Feb, 2010
3:
Teach Sex,roll language development plant absence talk few charge test possible middle absolutely violence basic lip relevant grow further recover chemical failure proportion close benefit train hurt decade listen company tone right among source route i divide training highly scene board drink candidate visit policy currently she confirm basic description might result heart religion relatively excellent cold forget apart train impact double back amongst information account under see hell call with vote yesterday incident outside right king do index reflect necessary suggestion labour soft call worry further divide division hit age
diet tips acai berry Replied to: Amardeep - 29 Nov, 2010
Looking For Loan? Let us Help you !!!
Product
Name
City
Phone
Email
Loan Amount
Annual Income
Preferred banks
Type the characters you see in the picture
 
Sign Up for DailyDose and Read the Day's Highlights
Email:
SiliconIndia About Us   |   Contact Us   |   Help   |   Community rules   |   Advertise with us   |   Sitemap   |  
News:       Technology   |   Enterprise   |   Gadgets   |   Startups   |   Finance   |   Business   |   Career   |   Magazine  |   Newsletter   |   News archive  
Cities:        CEO   |     Startup   |   Mobile   |   CIO   |   Women   |   BI   |   HR   |   SME   |   Cloud   |   Marketing   |   QA   |   Java   |   Web Developer  
Community:      Members   |   Blogs   |   Indian Entrepreneurs   |   Gyan   |   Advice   |   Community   |   Find   |   CXO Insights  
Job Board:      Jobs   |   Freshers   |   Companies   |   HR Speak   |   Forum  
Online Courses:   Web Developer   |   Java Developer   |   CCNA Training   |   SEO   |   SAS   |   SQL Server 2005   |   J2EE
Education:   MBA   |   MCA   |   Engineering   |   Training Institute
Life:          Real Estate   |   Travel   |   Finance   |   Gadgets   |   Movie Reviews   |    Jokes  
Send your feedback and help us continue to improve SiliconIndia
© 2014 InfoConnect Web Technologies India Pvt Ltd. all rights reserved