Times Card launched in association with HDFC Bank

BANKING

Times Card launched in

association with HDFC Bank

-Offers widest range of rewards & discounts on dining, and movies-

Mumbai, February 18, 2013: Times Internet, the digital arm of The Times of India Group has partnered with HDFC Bank, India’s second largest private sector bank to launch Times Card, an exclusive, co-branded credit card that provides customers the widest range of discounts and deals on dining, movies and shopping.

This unique credit card has been specifically designed to cater to the lifestyle and entertainment needs of young professionals between the ages of 24 and 38 years and offers exceptional value-for-money in the movies and dining space.

The Times Card comes with a specially crafted rewards program and year-long discounts. This includes 25% off on movie tickets, 20% discount on dining, and best-in-segment deals. Users also have the exclusive option to redeem accumulated points against air miles in addition to the usual catalogue based redemption options. Another first in the credit card space is the presence of the QR code on the Times Card plastic. The QR code can be scanned using any Smart phone to reach www.hdfcbank.timescard.com, where customers can view the latest offers and also apply for the Card.

The collaboration brings together Times Group’s understanding of the youth lifestyle segment and the entertainment space, coupled with HDFC Bank's understanding of the end-users, as the leading player in the credit card segment. 

Times Card will be launched in eight cities, namely Mumbai, Chennai, Delhi, Kolkata, Hyderabad, Bangalore, Pune, and Chandigarh. It will be available in two variants, Platinum and Titanium, which will be offered exclusively on the MasterCard platform, allowing customers to transact at millions of global merchant establishments and giving them access to benefits across the world. The Platinum Times Card is the premium variant and entitles cardholders to higher reward points on their spends as well as exclusive privileges on their card in addition to the wide range of benefits available on the Titanium Times Card.

“As a leader in the digital and print media space we have always carefully chosen our strategic partnerships. The association with HDFC Bank helps us create a unique product in the entertainment space that is in line with our goal to consistently deliver unique products and services to our customers. Aimed at young working professionals, the card provides a slew of benefits and privileges that provide value-for-money. We are sure the co-branded credit card will provide superior customer experience enabling us to deepen our relationship with our wide customer base,” said Ms. Archana Vohra, Vice President and Business Head, Times Internet Limited.

 “As the country's leading credit card issuer, we are constantly offering our customers world class products that are customised to suit their ever-evolving needs. We have always believed in offering every Indian a product designed specifically for him or her. Keeping this goal in mind we have launched credit cards for women, doctors, teachers, and most recently for farmers. We now have a premium product of the highest quality and great customer value for the discerning youth of India and young at heart as they enjoy exclusivity. HDFC Bank's partnership with Times Internet will further enhance our product offering and provide young Indians with an unrivalled entertainment experience,” said Mr. Parag Rao, Senior Executive Vice-president and Business Head, Credit Cards & Merchant Acquiring Services, HDFC Bank.

About Times Internet

Times Internet is the largest Indian digital network in India, with over 30 million unique visitors per month. Founded in 1999, it owns and operates over 30 properties in multiple domains, such as news, entertainment, commerce, local, and mobile. It is the digital subsidiary of The Times of India Group, the largest media company in India, with dominant positions in print, radio, television, out-of-home, magazines, and digital.  You can read more about the company at http://www.timesinternet.in

About HDFC BANK

Promoted in 1995 by Housing Development Finance Corporation (HDFC), India's leading housing finance company, HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its 26 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments.

The bank’s competitive strength clearly lies in the use of technology and the ability to deliver world-class service with rapid response time. Over the last 17 years, the bank has successfully gained market share in its target customer franchises while maintaining healthy profitability and asset quality.

As of December 31, 2012, the Bank had a distribution network with 2,776 branches and 10,490 ATMs in 1,568 cities.

For the quarter ended December 31, 2012, the Bank’s total income was INR 105.06 billion (`10506.51crore) as against INR 86.22 billion (`8622.6 crore) for the quarter ended December 31, 2011. Net revenues (net interest income plus other income) were INR 55.977 billion (`5,597.7 crore) for the quarter ended December 31, 2012, as against INR 45.36 billion (`4,536 crore) for the corresponding quarter of the previous year. Net Profit for the quarter ended December 31, 2012, was INR 18.59 billion (`1,859.1 crore), up by 30% over the corresponding quarter ended December 31, 2011.

The Bank’s total balance sheet size increased by 14.4% to INR 3,837.29 billion (`383,729 crore) as of December 31, 2012. Total deposits were INR 2,841.19 billion (`284,119 crore) as of December 31, 2012. Total income for the year ended March 31, 2012, was INR 325.3004 billion (`32,530.04 crore).Leading Indian and international publications have recognised the bank for its performance and quality.