Co-branded credit cards have gone beyond the fuel and travel segments into fashion and food delivery. But with reward points and cashbacks a given, the challenge for issuers will be to keep their card the top-of-the-wallet one
Most corporates, in the form of airlines, hotels, online shopping merchants or oil refiners, which have a large customer base, are realising that a co-branded credit card builds customer loyalty and helps them boost their spends
As credit lines for individuals continue to grow and consumer spending activity moves into an uptick in 2023, the issuance and usage of credit cards, particularly the co-branded types, has started to increase. Last month, food delivery platform Swiggy launched its first credit card, co-branded with private sector lender HDFC Bank, on Mastercard’s payment network.
Earlier in June, Kotak Mahindra Bank, in association with Myntra, launched a co-branded digital fashion and lifestyle co-branded card, a first of its type, with customers being boarded onto Myntra’s loyalty programme.