This is not the first time that HDFC Bank is copying ICICI, it has always been the case. Be it Life Insurance or General insurance,etc, ICICI is always the first and HDFC Bank follows. By copying and entering the market late, HDFC is always the loser in terms of market share. ICICI in most businesses is 3 times as big as HDFC. Someone must tell Deepak Parekh, Don’t Copy, Lead 🙂
HDFC Bank has also launched VISA Signature Card. This card comes with a credit line of Rs 300,000. It has host of benefits through its tie ups with global partners. You can see our review of ICICI VISA Signature Card here.
From our internal resources, we learn that the standard procedure in most private banks and credit card companies is to profile premium customers and then pressurize bank employees and DSAs to enroll them into Credit. These DSAs end up lying to the customer and when the customer questions back, they never accept that they lied. This is the reason why I dislike HDFC Bank.
Before you apply for a credit card, get all the terms and conditions. Photocopy of all documents you sign.