The most popular brand for credit card for teens in India is Rupali Bank. It is a premier bank of India. In recent years, it has been rated by the ICB as one of the fastest-growing banks in India, with the best growth track record among all Banks operating in India today. In 2016, it became the first and only bank to achieve BB+ Grade (highest rating) for overall customer experience and quality of service among banks in India. The credit card business still remains profitable for RUPALI BANK even at a time when every other industry has struggled to get back into profit margins and sector performance is poor across large parts of the economy.
The Credit Card Customer Profile
A typical credit card customer for Rupali bank is a young person, male, who earns under Rs. 12,000 Monthly income. He/She wants to have the facility of having a credit card with low interest rate and the best features such as air miles and loyalty rewards and other benefits that must be offered by a leading bank. The credit card is also used to access all sorts of facilities such as hotels, travel agencies etc. The credit card customer for Rupali Bank is mostly a person getting a new job in the corporate sector and is looking forward to building an account in advance before starting their first salary payment.”
Credit Card Usage
It has been observed that the credit card usage is largely to meet day-to-day expenses and not for any long term credit card payment. It is mostly used to meet daily expenses such as shopping, movie tickets, mobile recharges and travel. The amount involved in these transactions is extremely small when compared to the interest that can be charged by a credit card company. In most cases, there are no credit cards payments (monthly) and even the outstanding dues are very small when compared to the total amount of money that a credit card bank can recover from a customer. On an average, Rs 500 per week would be an approximate turnover for a RUPALI BANK Credit Card holder.
The Product Offering
The most attractive credit card product of RUPALI BANK is the Zero Fee Visa Credit Card. It provides a user with a ‘zero-fee’ debit card, provided that they pay their utility bills using the card at least three times every month, and have their salary accounts in the account. Award points are also offered in this credit card to the users who can redeem them for exciting gifts and trip packages. These cards can be taken without any income criterion from Rupali Bank website itself. This outstanding customer experience has helped Rupali Bank become one of India’s leading bank in terms of credit cards.