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Our Bureau

Chennai , May 2

HDFC Bank has launched a loyalty rewards programme for its debit and credit cardholders, which bank officials say is superior to what competitors have to offer and will help increase cards usage and average card spend.

Under the scheme, named InstaWonderz, credit and debit cardholders will get five turbo points for every Rs 100 spent in select partner retail outlets as against the normal two reward points at other outlets. These reward points can be instantly redeemed at these select merchant outlets. Cardholders need to accumulate a minimum 250 points for redemption.

Mr Pralay Mondal, Senior Vice-President and Head-Credit Cards, HDFC Bank, said the bank has tied up with about 400 merchant establishments for this scheme, which was being launched in Chennai and Pune.

The scheme would be extended to other cities and towns and the number of merchant establishments would also be increased. This programme, according to bank officials, will create a closed user group between HDFC Bank customers and its merchant partners who have signed up for this programme. While customers can earn and accumulate points, merchant outlets benefit from higher traffic and repeat purchases at the store, according to Mr Ravi Narayanan, Vice President and Head-Merchant Services, HDFC Bank.

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