HDFC Bank and Shoppers Stop Launch Co-Branded Credit Cards for 80 Lakh Customers

Strategic Insights -

HDFC Bank and Shoppers Stop have announced the launch of a new range of co-branded credit cards exclusively for 80 lakh "First Citizen" customers of the retail chain. This move comes as a response to the growing consumer spending and increasing footfalls at Shoppers Stop stores. The co-branded cards, which will be available in two categories, offer exclusive rewards, discounts, and benefits to customers, including redemption of Shoppers Stop points at outlets, fuel surcharge waivers, and access to airport lounges.

Key Takeaways:

  • HDFC Bank and Shoppers Stop have launched a new range of co-branded credit cards exclusively for 80 lakh "First Citizen" customers.
  • The tie-up aims to onboard 10 lakh new cardholders in three years, increasing the bank's customer acquisition through co-branding from 12% to 35% in the same period.
  • The co-branded cards will offer two categories of benefits: Shoppers Stop HDFC Bank Credit Card and Shoppers Stop Black HDFC Bank Credit Card.
  • The first category offers 6 Shoppers Stop points on private-label brands, 2 points on spending on other Shoppers Stop brands, and annual milestone benefits.
  • The Black card offers 20 Shoppers Stop points on private brands, 15 points on premium brands, and premium cardholders will get access to airport lounges, accidental air death cover, lost card liability, and emergency overseas hospitalisation covers.
  • Consumer spending has increased, and Shoppers Stop aims to bring unmatched benefits to its "Citizen First" members through these co-branded cards.

Statistics:

  • 80 lakh "First Citizen" customers of Shoppers Stop will be eligible for the co-branded credit cards.
  • 10 lakh new cardholders are expected to be onboarded in the next three years.
  • HDFC Bank currently acquires 12% of its customers through co-branding, aiming to increase this to 35% in three years.
  • The co-branded cards will be available in two categories, with rewards and benefits tailored to specific customer segments.

Sources:

  • "Shoppers Stop, HDFC Bank launch co-branded credit cards for 80 lakh customers," Times of India, [Source: Timescontent.com]
  • "HDFC Bank, Shoppers Stop Announce Co-Branded Credit Card with Unmatched Benefits," Business Standard, [Source: Business-standard.com]