Finance

What Does This Mean HDFC Credit Card Holders?

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HDFC Bank’s earnings and results for the third quarter of FY23, ending on December 31, 2022, had a positive impact on the lender’s share price. In the initial trading hours on the Monday following the results, the bank’s share price rose by nearly 1.5% — from the previous closing price of ₹1,600.85 to ₹1,624.40. This, in turn, took the bank’s market capitalisation up to ₹8.95 Lakh crore. 

What Experts Think

Needless to say, stock market analysts were greatly impressed with HDFC Bank’s market performance following the Q3 results. The unanimous opinion has been to buy or hold the bank’s shares for those interested in its equity. Analysts like LKP Securities, ICICI Direct and Prabhudas Lilladhar have all stamped a ‘BUY’ rating on HDFC Bank’s shares. 

HDFC Bank: Other Key Q3 Metrics

In the quarter ending December 31, 2022, HDFC Bank posted the following figures:

  • A year-on-year growth of 19.9%
  • Consolidated net profits of ₹12,698 crore
  • Net interest income (NII) of ₹22,987.8 Crore (which was effectively a year-on-year growth of 25%) 
  • Drop in gross non-performing asset (NPA) ratio from 1.26% to 1.23% 
  • Decline in NPAs from 0.37% to 0.33%
  • 19.5% YoY increase in total advances to ₹15.07 Lakh Crore
  • 19.9% increase in total deposits to ₹17.33 Lakh Crore from one year ago 
  • Increase in domestic retail loans by 21.4% YoY
  • Increase in commercial and rural banking loans by 30.2% YoY
  • Increase in current account savings accounts (CASA) deposits by 12% YoY 

What Do These Results Mean for HDFC Credit Card Holders?

In all likelihood, these results have no material or direct impact on HDFC Bank’s credit card customers. So, if you own a credit card from this leading private sector bank, you can rest assured that there will be no changes in your credit card limit or credit card charges on account of these announcements. 

You will still continue to enjoy the many benefits of HDFC Bank credit cards, such as extensive offers, nominal credit card charges, HDFC credit card loans, and zero liability in case of fraud. Check out more such advantages below. 

Key Benefits of HDFC Bank Credit Cards

Some of the top benefits of owning a credit card from HDFC Bank include the following:

  • Recurring Automatic Payments

Credit cards from HDFC Bank don’t just make payments more convenient with the ‘buy now pay later’ facility. You can also set up automatic debits for recurring payments like rent, utility bills, EMIs and the like. 

  • Excellent Rewards

All credit cards from HDFC Bank also offer excellent rewards to the card holder on various spends. You can choose from cards that offer cashbacks, air miles, reward points, discounts on lifestyle expenses and so much more. 

  • HDFC Credit Card Loans

You can even borrow money against your credit limit via HDFC credit card loans in case you are in need of some funds to meet an emergency expense. No collateral or paperwork is needed for such loans, and the interest rates on the borrowing is also minimal. 

  • Additional Benefits

HDFC Bank credit cards also offer a wide range of other additional benefits on achieving specific minimum spend limits. They include accidental death insurance cover as wella s fire and burglary protection on goods purchased using the eligible card. You don’t even need to pay any premium for these insurance benefits.

Things to Keep in Mind Before Applying for HDFC Bank Credit Cards

If the above benefits sound like something you want to experience, you’re in luck. HDFC Bank has set a new target of issuing 1 million credit cards a month. Before you apply for a new card from the lender, however, ensure that you keep the following aspects in mind.

  • The Credit Utilisation

It’s important to keep your credit limit utilisation ratio at 30% or lower to ensure your credit score is not adversely affected. 

  • Interest-Free Usage

Paying your bill within the due date allows you to use your card without the burden of any interest.

  • Avoidable Charges

Some credit card charges cannot be avoided (like annual fees and renewal fees), while others (like late payment fees and overlimit charges) can.

  • Rewards Programs for Your Spending Habits

You can earn excellent rewards on your purchases if the card’s reward program aligns with your spending habits.

Conclusion

If you are planning to apply for a credit card, HDFC Bank may be a good issuer to consider. With a card from this bank, you can enjoy many benefits including competitive credit card charges, extensive reward programs, HDFC credit card loans and so much more. The Q3 results or share price fluctuations will have little to no effect on these aspects. On the other hand, if you have invested in the bank’s shares, these numbers are important to watch. 

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Aman

My name is Aman, I am a Professional Blogger and I have 8 years of Experience in Education, Sports, Technology, Lifestyle, Mythology, Games & SEO.

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