New Delhi: Country’s largest private sector lender HDFC Bank has ‘taken a temporary break’ from its tie-up with Apple, the Business Standard newspaper has reported.
A senior official of the bank has told the BS that the decision has been arrived following a review of the partnership from a cost-to-income perspective.
“We worked with Apple for five years. We built a good brand relationship with Apple. We took a pause because we reviewed the entire nature of the partnership. We monitor cost to income and sometimes the cost-to-income measure does not work out for a particular partnership. We have taken a temporary break,” Parag Rao, group head – Payments, Consumer Finance, Marketing, Liability Product Group – HDFC Bank has told the Business Standard.
Will HDFC Bank Credit Card Holders Not Get Cashback, EMI Benefits On Apple Products? What We Know So Far
HDFC-Apple tie-up included exclusive cashback and EMI benefits to the Bank credit card holders on Apple products. Though the company has not categorically mentioned that the temporary-relationship halt is going to impact the Cashback and EMI Benefits, it is implied that HDFC Bank Credit Card Holders may not get the services
Furthermore, Apple is offering instant cashbacks and no cost EMI facility on American Express, Axis Bank, and ICICI Bank cards, according to the company’s website.