Co-branded Credit Cards: Get the best of them this festive season


festive season, festive offers, payment schemes, discounts, boost sales, housing demand, home sales, home buyers, Buy Now Pay Later, BNPL, Credit Cards, Personal Loans, right option, BNPL Vs Credit Cards Vs Personal Loans, late-payment penalties, interest rates, credit limit, millennials, Gen Z, SBI home loan, SBI festive bonanza, home buyers, home loans at 6.70%, SBI festive offers, State Bank of India, bank of baroda, SBI, bob,One can use these accumulated points and can redeem them later for varied discounts and offers.

Dussehra and Diwali are some of the most auspicious festivals in India. This is also an ideal time for people to look out for impulse deals. Many take this opportunity to finally buy those big-budget items they’ve been planning for all year round.

Industry experts say since the beginning of COVID and the lockdown, the consumer sentiment towards the buying of non-essential products has been low. However, merchants, brands in association with banks have been coming up with co-branded card propositions, to boost confidence and encourage sales amongst consumers by making products more affordable.

According to industry data, digital payment methods and co-branded cards have become the new favourite among the Indian audience, especially for people interested in shopping, dining, and travel. Today, co-branded cards are available across sectors such as retail, entertainment, travel, telecom, and so on. These cards are issued based on the partnership between merchants and banks.

Experts say co-branded cards are designed to reward cardholders as they offer attractive merchant-specific benefits which help make shopping more affordable for a consumer with high cash backs, special rewards, discounts, and EMI options, which influence buying choices.

According to industry data, it is generally seen that many credit card owners easily end up spending between Rs 1 lakh and Rs 5 lakh annually, be it on travelling, shopping, or entertainment. However, these transactions are paid for either in cash or through regular credit cards. Spending the same amount through a specialised credit card could get cashback, vouchers and reward points. For bigger purchases, paying through a debit card or cash will not get a cardholder as much value back from those spends as they would if bought using a co-branded credit card.

Other than upfront cash backs and discounts, co-branded cards also reward consumers for their loyalty through various spend based milestone benefits as well as bonus reward points upon card renewal. One can use these accumulated points and can redeem them later for varied discounts and offers.

Industry experts say as digital shopping becomes a consumers’ primary choice this festive season especially with the rise in Covid cases again, one can experience several lucrative cashback deals, exclusive discounts, and other loyalty benefits on various co-branded cards. Hence, other than the primary usage of a credit card – instant credit with an interest-free period of around 45 days, one could use these customised cards to suit their lifestyle needs, and avail a variety of deals, rewards, and discounts.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.


Source link