RBL Bank and Bajaj Finance End Co-Branded Credit Card Partnership; What It Means for Customers?
RBL Bank and Bajaj Finance End Co-Branded Credit Card Partnership; What It Means for Customers?
Existing cardholders remain unaffected as RBL Bank shifts focus to new partnerships
RBL Bank Limited and Bajaj Finance Limited have mutually decided to discontinue issuing new co-branded credit cards under their partnership. The announcement, made on November 29, follows earlier discussions between the two companies. However, the move will not affect existing cardholders, who can continue using their Bajaj Finserv-RBL credit cards under the original terms and conditions. Upon renewal, customers will receive RBL-branded cards. The bank has also assured that it will maintain seamless customer support for its 34 million cardholders.
Key Notes for Customers
• No Immediate Action Required: Existing customers can continue using their cards without changes.
• Future Card Options: Renewed cards will carry the RBL branding.
• Customer Service: RBL Bank remains committed to maintaining high service standards for all cardholders.
Over the past year, RBL Bank has been reducing its reliance on Bajaj Finserv cards, with monthly issuance dropping from 126,000 in September 2023 to 37,000 by September 2024. While these co-branded cards still account for 41% of RBL’s total credit card base and 25–30% of its monthly issuance, the bank sees this strategic shift as an opportunity to diversify its partnerships.
Bikram Yadav, Head of Credit Cards at RBL Bank, explained that the partnership no longer aligns with the bank’s evolving strategy, which now focuses on expanding its credit card business through new co-branded collaborations and enhanced direct issuance capabilities.
This move reflects RBL Bank’s broader objective to minimize dependence on any single partner while maintaining a robust credit card portfolio. Existing cardholders can continue using their cards without changes, while future renewals will transition to RBL-branded options. The bank’s commitment to providing high-quality service remains a priority as it adapts to the evolving market demands.
