HDFC Bank and Shoppers Stop yesterday announced the launch of a new range of co-branded credit cards. The credit cards will be available for over 8 million “First Citizen” customers of Shoppers Stop along with HDFC Bank customers, with an aim to provide an elevated shopping experience in a convenient manner.
HDFC Bank and Shoppers Stop aim to source over 1 million cards in 5 years through this tie-up. The partnership draws on HDFC Bank’s strengths as India’s leading issuer of credit cards and Shoppers Stop position as India’s leading premier retailer of fashion and beauty brands.
The credit cards will be available in two categories, Shoppers Stop HDFC Bank Credit Card and Shoppers Stop BLACK HDFC Bank Credit Card. The first category is the Shoppers Stop HDFC Bank Credit Card which offers 6 Shoppers Stop points (SSP) on private label brands at Shoppers Stop, 2 SSP on spends on other brands of Shoppers Stop and outside (except fuel and wallet) without any cap. Customers can redeem their points at the Shoppers Stop outlets while making purchases. Annual milestone benefits include 2000 SSP on spending Rs 2 Lakh per annum, 1% fuel surcharge waiver at all fuel stations across India up to Rs. 250 per month. Card holders can enjoy accelerated saving and benefits using HDFC Bank platform and portfolio offers via PayZapp and SmartBuy.
Shoppers Stop BLACK HDFC Bank Credit Card members will get complimentary Shoppers Stop Black Membership that will earn them 20 SSP on Private Brands on Shoppers Stop, capped at 2000 SSP per month and 15 SSP on all other brands of Shoppers Stop, including premium brands, capped at 2000 SSP per month. They would also get 5 SSP on other spends (except fuel and wallet), without any cap. Premium card holders will get 1% fuel surcharge waiver at all fuel stations across India up to Rs. 500 per month* and enjoy accelerated saving and benefits using HDFC Bank platform and portfolio offers via PayZapp and SmartBuy.
Premium card holders will also get access to over 1,000 airport lounges across India, for up to four domestic and two international travel per quarter. The card would also provide accidental air death cover worth Rs 3 Crore, loss card liability of up to Rs 9 Lakh, and emergency overseas hospitalization cover up to Rs. 50 Lakh.
The co-branded cards were launched at an event in Mumbai by Parag Rao, Group Head Payments, Consumer Finance and Digital Banking, HDFC Bank, and Venu Nair, Customer Care Associate, MD & CEO, Shoppers Stop Ltd.
Speaking at the launch event, Mr. Parag Rao, Country Head -Payment Business, Consumer Finance, Technology and Digital Banking, HDFC Bank said, “As part of our broader strategy to comeback with a bang, we are keen to partner with multiple players in our eco-system from travel, healthcare, fintechs and retail to provide best-in-class payment solutions. Shoppers Stop has been a household name in India for decades and we are delighted to partner with such a trusted brand. Our partnership will enable their customers to get a highly rewarding shopping experience catering to distinct needs. As India’s leading credit card issuer, we are committed to accelerate the adoption of cards and digital payments across the country, thereby reinforcing our leadership in the segment.”
“Consumer spending has increased and so have footfalls at our stores,” said Mr. Venu Nair, Customer Care Associate, MD & CEO, Shoppers Stop. “Our co-branded cards with HDFC Bank will bring unmatched benefits to our “Citizen First” members. They will be able to avail discounts and offers provided by the bank and redeem points at our stores. This is a win-win-win proposition for customers, Shoppers Stop and HDFC Bank.”