A recent press report said that HDFC bank had planned to bring back Diner’s Club, the oldest card in India. The premier charge card was sold by Citi to in the year 2008, will soon. The card is expected to be relaunched by an affiliation with HDFC Bank. HDFC bank will be a franchise for Diner’s Club in India and has also planned to obtain Citi’s Diner’s Card portfolio.
Reports said that Diner’s Club is a payments company similar to Visa and MasterCard. Internationally it is positioned as a card for the affluent with benefits in the travel and entertainment segment.
Reports also said that HDFC Bank has held back issuing cards in the mass segment, after launching cards in the travel segment it has recently launched the Infina card for the super rich. The bank is expected to start issuing Diners Club cards in five to six months. HDFC has planned to provide for the Diners Club which will increase its acceptance opportunities.
According to reports the bank has around 55 lakh credit cards and is issuing new cards at the rate of 40-50,000 cards every month. Mr. Rajive Chadha, President of Diners Club International said that the company’s strategic partnership with HDFC Bank has demonstrated its continued commitment of expanding their brand in India. The Bank also has a wide array of retail loan products including Auto Loans, Loans against marketable securities, Personal Loans and Loans for Two-wheelers.