RBL Bank and Bajaj Finance End Co-Branded Credit Card Partnership

2 Dec 2024 , 01:11 PM

RBL Bank and Bajaj Finance have decided to mutually discontinue issuing new co-branded credit cards after discussions for the past month. Both companies realized that their synergies from the collaboration had altered over time, so they decided to call off the co-branding partnership.

The existing co-branded credit card holders will not be affected by this move and will be able to use their cards as usual. They will be reissued as RBL Bank-branded cards upon renewal and, therefore, will have minimal disruption for the current users.

RBL Bank has seen significant growth in its credit card issuance capabilities over the last 18 months through both direct channels and new co-branding ventures. The number of new cards it issued, relying on Bajaj Finance for its co-branded credit card issues has gone down significantly from the count of 126,000 at end-September 2023 to the number of 37,000 in end-September 2024.

The partner alone accounted for around 3.4 million co-branded credit cards issued, therefore bringing considerable contributions to the entire portfolio of RBL Bank’s credit cards. Despite ending the partnership, RBL Bank will continue to service the existing co-branded cards to maintain customer satisfaction and seamless support for users.