New Delhi: The country’s largest private sector lender HDFC Bank has “taken a temporary break” from its tie-up with Apple, the Business Standard newspaper reported.
A senior bank official told BS that the decision was taken after a review of the partnership from a cost-income perspective.
“We have been working with Apple for five years and have built a good brand relationship with Apple. We took a pause because we reviewed the entire nature of the partnership. We monitor the cost-income ratio and sometimes the cost-income measurement does not work for a particular partnership. We have taken a temporary pause,” Parag Rao, Group Head, Payments, Consumer Finance, Marketing and Liability Products, HDFC Bank, told Business Standard.
HDFC Bank credit cardholders will not get cashback or monthly installment benefits on Apple products? What we know so far
The tie-up between HDFC and Apple included exclusive cashback benefits and monthly installments for the Bank’s credit cardholders on Apple products. While the company has not categorically mentioned that the temporary discontinuation of the relationship will affect the cashback benefits and monthly installments, it is implied that HDFC Bank credit cardholders might not receive the services.
Additionally, Apple is offering instant cashback and no-cost EMI facilities on American Express, Axis Bank and ICICI Bank cards, according to the company’s website.
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