HDFC Bank has launched PIXEL credit cards which are India's first virtual card. Virtual cards are those that are billed as complete digital offerings. PIXEL comes in two versions ‘PIXEL Play’ and ‘PIXEL Go’.
So far, banks have allowed electronic versions of physical credit cards enabling UPI and digital transactions.
Through HDFC Bank’s PayZapp App, the customer will be onboarded for the digital credit cards. After this, the customer will receive a card instantly. Customers can also manage the credit card using the same app and can access features such as card controls, rewards, EMI dashboard, statements and notifications among others.
The ‘PIXEL Play’ card is available for salaried persons between 21 years and 60 years of age with a monthly income of Rs 25000. For the self-employed, the card is available for those between 21 years and 65 years of age with an annual taxable income of Rs 6 lakh.
The PIXEL GO card can also be availed by salaried persons with an income of ₹8000 per month while the rest of the rules are the same.
“PIXEL represents a pivotal shift in our approach to banking solutions, crafted to resonate with digital natives. We are excited to introduce this digital-first credit card that offers flexibility and customization," said Parag Rao, Country Head - Payments, Liability Products, Consumer Finance & Marketing, HDFC Bank
The bank will give a physical card only if the customer insists on one.
As per Mint, unlike the traditional credit cards, which come with fixed offers and rewards, this virtual card allows customers to tailor rewards to suit one’s lifestyle and requirements. Customers also have the flexibility of choosing the merchants who offer the highest cashback (up to 5%).
“The bank gives the power of customisation and choice to customers, by enabling them to select their preferred categories and favourite merchants/platforms," HDFC said.
Customer can customise cards by choosing the card design hat reflects one’s personality and also decide the preferred payment cycle. Along with this customers are also at the liberty of changing the chosen merchant every three months though the PayZapp app without any additional cost.
It is also to be noted that the interest-free period is 50 days from the date of purchase, much like the physical cards. Customers will also be not able to withdraw cash using digital cards.
Also watch: Credit card issuance breaches 100 million mark in February: RBI