The issuance and use of credit cards have accelerated since Covid-19 hit the country in 2020. In fact, almost every aspect of our daily lives have changed as a result of the pandemic, including consumer spending and shopping patterns.

Reports say the festive season helped credit card spending touch a record high of Rs 1.22 lakh crore in September 2022. With the rise in the number of credit cards, there has been an increase in lifestyle aspirations, demand for credit, and banks introducing newer products and fintech partnerships, giving rise to the now popular co-branded cards.

Access to credit apart, a primary reason for consumers opting for credit cards is the gifts, benefits, discounts, and other deals that come with them. Depending on the credit card, one can use its rewards program to earn points for purchases made in categories, including shopping, dining, bill payments, entertainment and travel. As one spends, one earns points that can be redeemed for a variety of rewards.

Today, co-branded cards have emerged as the new go-to payment method as they appeal to consumers across demographics and have an affinity for certain categories.Numerous banks, merchants and fintech companies have introduced co-branded cards aligned to their target segment’s needs. These credit cards are tailored for individual needs – almost a card for everyone. Along with these customised cards come attractive reward point programmes that encourage different segments to avail of the benefits, making it a smarter approach to managing payments.