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Most of us know about credit cards and attendant multiple offers. But how many of us know about co-branded credit cards? Many banks are coming with co-branded credit cards ahead of the festive season to offer more and more facilities, cash back and attractive offers to the customers. Money9 gives you a brief description of these cards.
What are these
Co-branded credit cards are nothing but a regular credit card but jointly offered by banks and some digital platforms or some retail merchants such as Flipkart, Amazon, Tata Croma. But they come with some extra features such as customers getting extra reward points or cash back from the co-brand if they buy something from that specific platform with the card.
Advantages
To tap the festival spending many private banks are coming with these types of co-branded credit cards to lure customers.
Co-branded cards are designed to offer high rewards and attractive merchant-specific benefits which help make shopping more affordable with high cash backs, special rewards, discounts, and EMI options. In many cases these influence buying choices.
Co-branded cards also reward consumers for their loyalty through various expenditure-based milestone benefits as well as bonus reward points upon card renewal.
Diwali offers
Largest lender SBI along with Bharat Petroleum is also offer co-branded RuPay Contactless Credit Card. Users of these credit card will get 13X reward points on every Rs 100 spent on fuel purchases at BPCL petrol pumps and 1% fuel surcharge waiver on every transaction.
Cardholders will also get 5X reward points on every Rs 100 spent at multiple categories such as groceries, departmental stores, movies, and dining. This card offers 1 reward point for every Rs 100 spent on non-fuel retail purchases as well.
Private lender YES BANK also launched a co-branded credit card FinBooster in partnership with BankBazaar.com. The card offers never expiring rewards points with no capping on accrual. Customers can earn accelerated rewards points on online dining, grocery and apparel purchases.