AU Small Finance Bank has launched a new facility similar to mobile number portability for credit card users. While it is easy for mobile phone users to change their service provider while retaining the same number, AU Bank has launched a facility that will allow users of any credit card to get an upgraded AU Bank credit card instantly.
On Monday (January 23), AU Small Finance Bank announced the launch of a first-of-its-kind ‘SwipeUp’ platform that will allow credit cardholders of any bank to get an upgraded card instantly. In a statement, AU Bank said that SwipeUp platform will allow other bank credit cardholders to compare existing credit cards within 2-3 seconds. Thereafter, they can upgrade to a new card with an enhanced credit limit, cashback and reward points matching their lifestyles within minutes.
AU Bank said that credit cards have been in circulation for over two decades and progressing with a healthy growth rate year-on-year. However, most customers continue to use the same features and offer for many years despite the continuous change in their income and lifestyle. Their credit card continues to be according to their lifestyle at the time of submitting the credit card application.
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While many banks offer to increase the credit limit, the features and benefits tend to remain unchanged. This means customers continue to use credit card features that do not match their current lifestyle. AU Bank identified this customer requirement and decided to fulfil this gap with SwipeUp platform, the statement said.
What is AU Bank’s SwipeUp platform?
SwipeUp platform primarily focuses on customers who hold credit cards from any other bank and can benefit from an upgraded credit card matching their current lifestyle.
The bank said that credit card holders of other banks can provide details of their existing credit cards and check their eligibility for an upgraded range of AU Credit Card within 2-3 seconds. These cards will have a higher credit limit, higher cashback, better reward points, zero membership fees, and various other features that are an upgrade from their existing credit card.
The Credit Cards issued in the SwipeUp platform are different from the current credit cards offered by AU Small Finance Bank. While the new range of cards will offer a high-value proposition to customers, the card is made from biodegradable plastic to contribute towards a better environment.
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“While we are a relatively recent entrant in the credit card industry, our team has always focused on understanding customer pain points and find revolutionary solutions for them through tech innovations. Earlier this year, we launched LIT, a fully customisable credit card to help people curate a card specific to their needs While LIT Credit Card addressed the needs of new AU Credit Card customers, this time with SwipeUp we are giving the freedom of ‘badlaav’ to all other Credit Cardholders,” said Sanjay Agarwal, Managing Director and CEO, AU Small Finance Bank.
“Taking ahead our Credit Card motto of ‘live limitless’ we have built this platform to give customers an opportunity to compare and avail better credit card value prop which matches their current lifestyle. As a customer-focused bank, we will continue to identify customer pain areas and create offerings to provide tech-oriented solutions to add more convenience to their lives,” he added.
(Disclaimer: The above content is for information purposes only, based on a press release by AU Small Finance Bank. Credit Cards come with several hidden costs. Please read the details carefully before applying for any credit card.