HDFC launches co-branded credit card with Marriott Bonvoy

economictimes.indiatimes.com:

HDFC has launched its first co-branded credit card with Mariott Bonvoy, on Thursday. The bank has launched it to cash in on the consumer sentiments of ‘Revenge spending’ post the pandemic and since both domestic and international trips, and spending on those trips had grown post the pandemic.

Diners Club International is the network partner for the card.
The card aims to enhance their customers’ experiences by “ offering exclusive benefits, rewards, and seamless access to Marriott International’s award-winning travel program,” said Parag Rao, country head of payment business, consumer finance, technology and digital banking at HDFC Bank.
This is their second co-branded card this fiscal year. Earlier in July, HDFC had also launched a co-branded credit card with delivery platform Swiggy.

Launch of co-branded credit cards from SBI, ICICI, Yes Bank, HDFC, Axis Bank etc has gained momentum after the pandemic in India.
HDFC has launched several co-branded since the lifting of the RBI ban on the bank on launching new credit cards and digital payments products, which had come in December 2020. Notable among them, besides Swiggy, are cards launched in partnership with IRCTC, Shoppers stop, Tata Neu among others.

Since then, HDFC has regained its market share in the credit card space and is currently number one with over 17 million users. Average monthly spending through credit cards has doubled in three years from Rs 60,000 crore a month in FY'19-20 to Rs 1.2 lakh crore a month in FY'22-23, the Reserve Bank of India data indicates.

The value of transactions touched a record Rs 1.4 lakh crore in June this year. Credit card usage has surged to a record, but what is driving it is not consumption, but the reward points and freebies