It's common for banks to partner with major brands to create co-branded credit cards. These cards are designed to provide specific benefits and rewards that are attractive to a brand's customer base. The trend you've noticed of multiple banks issuing cards for the same brand is becoming more popular, as it allows for broader reach and competition.
It's no longer just about which card a bank is offering; it's about which card provides the best value for my spending habits.
Here's how this trend influences our decisions:
Co-branded Credit Cards: A Collaborative Approach
Here's a list of co-branded carbon copy credit cards:Partnerships with Multiple Banks
These are examples of brands that have partnered with multiple banks to issue credit cards, offering consumers more choices.- Flipkart: Axis Bank, SBI Card
- Tata Neu: HDFC Bank, SBI Card
- PhonePe: HDFC Bank, SBI Card
- Kiwi: Axis Bank, YES Bank
- SuperMoney: Axis Bank, Utkarsh Small Finance Bank
- Kredit.Pe: SBM Bank, Yes Bank
- OneCard: Federal Bank, South Indian Bank, SBM Bank, CSB Bank, Indian Bank, BOB
Utility and Brand-Specific Cards
These cards are tailored to provide benefits for specific services or brands, with a focus on maximizing rewards for spending within that ecosystem. These are not carbon copies, but same purpose cards.- IRCTC: SBI Card, HDFC Bank
- IndianOil: RBL Bank, Axis Bank, Kotak Mahindra Bank
- HPCL: IDFC FIRST Bank, ICICI Bank, Bank of Baroda
How These Cards Influence Our Decisions
The availability of multiple co-branded cards for the same brand has definitely changed the way we choose a credit card.It's no longer just about which card a bank is offering; it's about which card provides the best value for my spending habits.
Here's how this trend influences our decisions:
- Customized Rewards: We look for cards that align with my lifestyle. For example, if we frequently use an app like Flipkart or Myntra, a co-branded card from one of their partner banks becomes a more attractive option.
- Flexibility and Options: When a brand offers a choice of cards from different banks, it gives me the flexibility to choose based on factors beyond just the brand benefits. We can compare the annual fees, interest rates, and other perks like airport lounge access or welcome bonuses to find the best fit.
- Increased Competition: The competition among banks to partner with popular brands has led to better deals for customers. we can compare the benefits of the HDFC Tata Neu card versus the SBI Tata Neu card, for example, and choose the one with the better reward structure, which might change over time.
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