Poonawalla Fincorp and IndusInd Bank Launch a New Co-Branded Credit Card

On May 28, 2024, Poonawalla Fincorp Limited informed in a stock exchange filing that the company has collaborated with IndusInd Bank and launched the co-branded ‘IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card’ today. This card is designed to redefine and elevate customers’ banking experience.

The company stated that this co-branded credit card launch marks a substantial milestone in Poonawalla Fincorp’s continuous commitment to offer customised financial solutions to meet the evolving requirements of its valued customers.

Key Features of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Card

• There is no joining fee or annual fee
• Can earn rewards on every ₹100 expense made using the card (except fuel)
• Can earn rewards on UPI transactions, i.e., scan and pay
• Can earn 2.5 times reward points on e-commerce purchases (except fuel, travel and low interchange MCC)
• Can get cash credit for reward points. Can get a maximum of ₹0.40 for each reward
• Can avail of Buy One, Get One movie ticket benefit (max ₹200) through BookMyShow, once a month
• Can get fuel surcharge waiver of 1%
• Can get additional rewards of 3000 reward points on milestone achievement

Commenting on this partnership and significant launch, the Managing Director of Poonawalla Fincorp, Abhay Bhutada, said, “We are excited to launch the ’IndusInd Bank Poonawalla Fincorp eLite RuPay Platinum credit card’, which reflects our commitment to enabling dreams of our customers. By offering this card, we aim to enhance engagement with our existing customers digitally while also extending our reach to new customers.”

In Q4 FY 2024, Poonawalla Fincorp Limited’s Assets Under Management (AUM) stood at ₹25,003 crore, which is up 55% YoY and 14% QoQ. The company reported the highest ever yearly Profit After Tax (PAT) of ₹1,027 crore in FY 2024, which is up by 83% YoY and the highest ever quarterly PAT of ₹332 crore, up 25% QoQ.

About Poonawalla Fincorp Limited

Poonawalla Fincorp Limited provides personal loans, pre-owned car finance, loans to professionals, loans against property, business loans, machinery loans, medical equipment loans, consumer loans and supply chain finance.

About IndusInd Bank Limited 

IndusInd Bank Limited provides a comprehensive range of banking products and financial services to retail and corporate clients and undertakes treasury operations.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.