The credit card space is seeing robust growth, says Joshi
DBS Bank India announced the launch of its first-ever credit card in India in partnership with Bajaj Finance Limited, co-branded as ‘Bajaj Finserv DBS Bank SuperCard’, powered by Visa.
Designed to de-clutter customers’ wallets, the SuperCard eliminates the need for having multiple credit cards, said the Mumbai-headquartered bank of Singapore’s DBS, a leading financial services group in Asia with 18 markets.
“The launch of our first credit card is a milestone for DBS Bank in India. We have designed an end-to-end digital experience for a mobile-first digital-native audience, staying true to our strengths,” Prashant Joshi, Head – Consumer Banking Group, DBS Bank India, said on 6 June 2022.
“The SuperCard is a transformative credit card experience curated to eliminate friction in the payments journey and transparency in billing so that customers can ‘Live More and Bank Less’.
“The credit card space is seeing robust growth. We are confident that the SuperCard developed in partnership with Bajaj Finance will help eliminate the need for multiple cards, widen the access to credit and offer compelling rewards and benefits to our customers, thanks to the BFL franchise network.
“Our vision is to leverage the strengths of both organisations and offer an end product which guarantees rich rewards and best-in-class customer experience.”
Anup Saha, Deputy CEO, Bajaj Finance Limited, said, “It is our constant endeavour to transform how financial services are rendered while keeping our customers at its core.
“Our partnership with DBS bank for this co-branded credit card further strengthens our position to deliver a seamless customer experience. Our digital onboarding journey enables the customer to avail the SuperCard in a frictionless manner across all our digital properties and start using it instantly!
“The Bajaj Finserv DBS Bank SuperCard, as the name suggests, not only provides various industry-first benefits across lifestyle, travel and subscription categories but also provides exclusive Bajaj Finserv EMI network benefits like cashbacks on ‘No-cost-EMI’ loan down-payments & redemption of cash points against the same.
“It also has Bajaj Finserv Health benefits bundled into it. Bundling all this together, this card is a clear contender to become the most preferred card in our customers’ wallets.”
Sandeep Ghosh, Group Country Manager, India and South Asia, Visa, elaborated, “As more consumers turn to credit cards for their daily and discretionary needs, they actively seek easier access to credit alongside curated benefits and privileges.
“The Bajaj Finserv DBS Bank SuperCard has been designed to offer the best of both worlds. We are excited to partner DBS Bank as they launch their first credit card in India and are confident that the card’s unique value proposition will appeal to a large segment of Indian consumers.”
Both the regular and co-branded credit cards are popular in the market, with customers choosing them for specific benefits. While regular credit cards provide offers and rewards across categories, co-branded cards offer additional benefits on the partners’ products or services as well.
The SuperCard, as a one-of-its-kind offering, will provide its customers with benefits and rewards across different product categories and exclusive benefits on the Bajaj Finserv’s range of products and services available across the country.
Some of the benefits are further enumerated below:
The SuperCard will be available in six variants, offering welcome bonus of up to 20,000 Cash Points. It also multiplies customer’s cash points up to 10x every month on achieving monthly milestone spends. The customers can also enjoy up to 20X accelerated cash points on spending via DBS Card+ and Bajaj Finserv app. To illustrate, if a customer spends Rs.25,000 in a month on our Bajaj Finserv DBS Bank 10X Credit card, he or she can earn 5,000 reward points in that month.
Customers can apply for the card from the comfort of their homes through all the digital channels of Bajaj Finance Limited and get their paperless KYC completed on the same day, allowing them to start using their Card instantly.
The SuperCard also allows customers to receive up to 5% cashback (up to Rs.500 per transaction) on the down payment of durable consumer loans at Bajaj Finance EMI network stores.
The SuperCard allows customers to subscribe to various memberships like Disney Hotstar, Zomato Pro via DBS Card+ App and get up to 40% cash back in form of cash points.
Other card benefits include special health plan on Bajaj Finserv Health which offers deep discounted tele-consultations from physicians across India, airport lounge access, interest-free cash withdrawal for up to 50 days, fuel surcharge waiver, and ease to convert spending up to INR 2500 in EMIs.
Customers would get access to DBS Delights, an exclusive platform where they can redeem Cash Points and avail of curated offers across top brands in the shopping, dining, travel, and healthcare segment.
Through this partnership, DBS Bank India and Bajaj Finance aims to create an end-to-end digital experience and proposition for customers while catering to a large customer franchise across the geographic distribution of Bajaj Finance Limited.
Pune-headquartered Bajaj Finance Limited, the lending arm of Bajaj Finserv Limited, is one of the most diversified NBFCs in the Indian market, catering to more than 50 million customers across the country.
DBS Bank has been present in India for 28 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading global bank. fiinews.com
