The two card versions are Tata Neu Plus HDFC Bank Credit Card and Tata Neu Infinity HDFC Bank Credit Card, and customers can apply for both via the Tata Neu app. According to company representatives cited by business-standard.com, both versions of the card will allow customers to earn rewards on purchases in the form of NeuCoins.
More specifically, the Tata Neu Plus HDFC Bank Credit Card allows customers to earn 2% NeuCoins while Tata Neu Infinity HDFC Bank Credit Card offers a 5% NeuCoins cashback on all purchases on partner Tata brands, both online and in-store. When it comes to domestic and international purchases outside of partner Tata brands, customers will earn 1% and 1.5% NeuCoins on their respective card versions.
These rewards compound with existing 5% rewards for customers on every purchase made through Tata Neu. For example, a customer can now earn a total of 7% or 10% of the value of their expenses on the app depending on the card variant.
HDFC Bank officials cited by business-standard.com emphasised that clients will be able to earn rewards against a host of products, including travel, grocery, electronics, fashion, health, and wellness.
According to entrackr.com, Tata Neu is looking to introduce a stock broking service that would put it in direct competition with Zerodha, Upstox and Groww. The same source indicates that Tata Fintech, a backend entity for the stock broking service, has sought approval from the market regulator Securities and Exchange Board of India in June 2022.
Launched in April 2022, Tata Neu provides groceries, luxury goods, travel, health diagnosis and medicine delivery services. However, it also offers financial products such as UPI, bill payments, loans, and insurance. The addition of a stock broking service could increase the app’s popularity and reach as long as it manages to overcome challenges related to user experience and competition.
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